Quote:
Originally Posted by LIforrelaxin
This is a most unfortunately situation.
The bottom line however is that the Marina will live on, even once the dust settles.... Now could it go from being privately owned to something else? Possibly dependent on how the court cases go, the family may have to sell at least part of the entity to investors to raise capitol, or they could elect to sell the entire thing.
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But at the end of the day, they have a facility on a lake that has a shortage of slips as it is.... They aren't going to be my first choice for gas or service, but if they are the only option open to me, I would prefer to be boating.......
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This seems to me to be a reasonable assessment.
Other have been saying the Marina could be "gone" but it seems to me that if there is a judgement against the assets of the marina, the LLC could finance or sell to get the funds. If outright sold, it is possible that the new owner could decide to close the marina and build something more valuable, like condos with water access. I have NO IDEA of what is feasible or would be most profitable but one option for a new owner would be to continue to operate the marina and put a new management team in place.
We have no idea what responsibility and what penalty will be assessed to the LLC. The legal process, by calling out the assets of the LLC, has stated that those assets MAY BE encumbered and therefore the LLC needs to keep the victims informed of their status. That's a reasonable and common thing to do.