North Carolina Business Court Judge James Gale has appointed Ronald Glass the temporary receiver for Baja Marine, Donzi Marine, Fountain Powerboats and ProLine Boats, according to a press release. Glass is the principal of GlassRatner Advisory & Capital Group in Atlanta.
According to the release, “efforts are underway to resume operations” of the four brands. All boats currently in production will be completed and all existing warranties will be honored. Glass said that another one of his team’s primary goals is getting prepared for the 2012 Miami International Boat Show.
“The thrust of our current effort is to get the company back on track and prepare for major displays and new product launches at the Miami International Boat Show in February,” he said. “My team from GlassRatner is working closely with the management of the companies—including Craig Barrie for Donzi and Baja, Alden Thornton for Fountain, and Nat Rich for ProLine—to ensure their ongoing operation and the continued support of the dealer network.”
The $61 million lawsuit filed by First Capital (FCC LLC) against American Marine Holding, Liberty Acquisitions and several other defendants is still pending.
First Capital Sues American Marine Holdings and Liberty Acquisitions for $61 Million