I am interested in thoughts as to this matter. Nobody seems to comment on the issue – (Ranger, Stratos and Champion Boats all affected)
Irwin Jacobs also is involved in FLW Outdoors and the Tournament trails that are supported.
Anyone care?
Dog
Not that I don’t care…but they call it bankrupcy & all it usually means is, restructuring, dumping alot of debt (bad decisions) and starting over. Yeah, the sponsorships will suffer, what can a person do ???
big G
Depending on the Chapter under which they are filing, it may be a restructure or it could be a liquidation.
Chapter 11… I copied this from a story on ESPN…
FLW Outdoors, the tournament organization that conducts freshwater and saltwater events, was not included in the filing. And the bedrock companies such as Ranger say the ripple effect won’t capsize their efforts to maintain market share.
“To us, it’s a lot like the GM announcement,” Ranger president Randy Hopper said. They’re in bankruptcy, but that doesn’t mean divisions such as Corvette and Cadillac are going out of business. Ranger is the marquee name at Genmar, and there also are several other very strong brand names in the group.
“Obviously, it’s not pleasant when your parent company goes through something like this, but it happened to us in the early 90s when Miramar was our parent company. We’ve got a state-of-the-art manufacturing facility in Flippin [Ark.], the strongest brand in the boating industry and a very committed work force. We’re in it for the long haul.”
big G 
I know in the past few years Genmar has consolidated/closed some of their plants like Wellcraft. I just can’t see Ranger going anywhere. I think that they are at 60 percent of last years sales. I have to imagine that is pretty good for the current economy and especially good considering the price point of many of their boats.
JMO,
FDR
Big G –
Your comments are great and I don’t mean any offense by saying it is this lack of understanding/caring, on behalf of all of us, that is the problem.
Somebody is not getting paid back on promises made.
Who is going to be the next “sucker” to loan these guys money to try and sell $60k boats to guys that can’t afford them?
Seems like they will continue to fail
Dog
I know my attitude has been softened as of late… seems everybody is going broke…. 
5 years ago, this would have been a shocker…. now, not so much. I dread the day, they start shipping Glass and Aluminum boats from China or Japan to the USA… it’s coming….
big G
There is another post here that explains what to do.
Facts are most owners warrantys will be invalid unless they file to protect them. Majority of the cause of the Bankruptcy was Genmar failing to reimburse cost of warranty repairs to individual dealers, and Genmar was being sued, the bankruptcy stop all that. I’m sure the bad sales was too, It appears it was a combination and the easiest way out of the suits. Lot of dealers have post on the net about it.
The bankruptcy has temp. ruled on the funds for the tournaments and winnings. Granted some. Capped it pretty low, found that on a google search.
Want to know the real cause of this look up genmar on Ripoffreport.com. SOME SERIOUS horror stories by customers.
The dealers through the mmra are trying to consolidate as a group to fight genmar. Genmar and Ranger both are filing to get out of all the debt to dealers and customers, warranty, defects etc.
They claim dealer monies and warranty payments are their biggest debt. Crazy.
IF YOU HAVE A GENMAR PRODUCT YOU HAVE TO FILE A CLAIM IN THE BANKRUPTCY TO PRTECT ANY FUTHER WARRANTY WORK SO IT IS COVERED.
other post has the links.
Good information.
Nice to see that Ranger is standing firmly behind their customer service pitch that they use to justify the high cost of thier boats. I guess they are not so well made? The cost of standing behind warranting a POS killed them? What a joke. Take it in the rear – Ranger Owners Group.
What ever happened to the business model – Good product, fair price, excellent customer service = success.
Today….Cut cost + over promise + under deliver and if it does not work out, file Chap 11 and tell all creditors if they don’t take pennies on the dollar, they will get nothing. 
Nice.
Dog.
Oh well.
I personally take offense to this:
Quote:
Good information.
Nice to see that Ranger is standing firmly behind their customer service pitch that they use to justify the high cost of thier boats. I guess they are not so well made? The cost of standing behind warranting a POS killed them? What a joke. Take it in the rear – Ranger Owners Group.
What ever happened to the business model – Good product, fair price, excellent customer service = success.Today….Cut cost + over promise + under deliver and if it does not work out, file Chap 11 and tell all creditors if they don’t take pennies on the dollar, they will get nothing.
Nice.
Dog.
Oh well.
This is more than a bit unwarranted slam 
Yes Genmar has filed bankruptcy
Yes Ranger is a part of Genmar, thus in bankruptcy
What is unknown who and at what levels at Ranger or more than likely Genmar authorized payments or the lack of here.
Have you read the filing – specifically Ranger’s portion? I have and it helped me understand a few things.
Do I like the fact the Genmar’s owner (and FLW’s owner) bought many of Gemar’s brands for pennies, built them up, sold many, filed bankruptcy and now is proposing to buy them again – absolutely not – it doesn’t pass my smell test. However, until he breaks a law, running his buisness like this in America apparently is legal. Again I think it’s BS and not how I would do business…
Apparently you have a rub with Ranger – ever toured the factory and seen how the boat were made? Met with the workers and see the pride in the product they produce. Toured the Forrest Wood’s museum on the history of Ranger?
Am I biased – yes I was sponsored for many years by Ranger and took my own $$ and bought another Ranger this spring without any alignment with the company – just a private party purchasing a Ranger for personal use without any promotional attachment. It’s a boat I plan to utilize for 15 plus years.
Is your rub that you don’t own a Ranger? the price they choose to charge for their product? How Genmar (Ranger is only a division) does business? What gives???
-ted merdan
Good post, Ted. Couldn’t agree more.
The bankruptcy has more to do with poor management and a bad economy rather than putting out a bad product!
-J.
When are people going to have to pay the “real” price for making bad decisions? If I make bad decisions I pay the price. I could lose my boat, my house, my … This really irritates me 
Here is a copy/paste from another site:
Quote:
——————————————————————————–
From BassFan
A Marriage In Separation
Jacobs Out At Genmar, FLW Seeks Engines From Ranger
Tuesday, November 10, 2009
Several actions in the Genmar bankruptcy developed last night that should give pause to anyone involved in the sport of pro bass fishing.
First, Irwin Jacobs is no longer directing Genmar Holdings, Inc. He resigned, or was asked to step down, as chairman and CEO of the boat-building conglomerate.
In a separate action, Operation BASS (doing business as FLW Outdoors), which is owned and operated by Jacobs, filed a motion with the court asking for return of more than 200 motors currently in the possession of Genmar companies Ranger and Stratos. The motion was granted.
Conflict of Interest
Genmar filed for bankruptcy protection in June of this year. Since that time, the company pursued two strategies to exit bankruptcy. One was a reorganization through the infusion of lending, the other was a sale of assets.
Genmar retained Houlihan Lokey Howard & Zukin Capital, Inc. to identify and track entities interested in purchasing the Genmar businesses.
After a lengthy period, Genmar announced 2 weeks ago that it would abandon the reorganization strategy and proceed with a sale of the company (or companies).
An unidentified party emerged as the “stalking horse” – i.e. the one company best able and most likely to purchase the Genmar assets – and the court granted Genmar’s request to deal exclusively with that stalking horse and entertain no other offers. At the same time, Jacobs was given the right, as a private citizen, to match or better the stalking-horse offer.
Late last week, Jacobs stated publicly that he planned to be the high bidder in the sale and raise his stake in Genmar from 40% to 80%.
Following those comments, Jacobs resigned (or was asked to resign) from Genmar yesterday.
Manchester Companies, Inc., which serves as Genmar’s restructuring firm, announced the news in a press release.
Manchester chairman and CEO Mark Sheffert said in the release: “Given the circumstances surrounding Genmar as it moves forward in the sale of the company’s businesses and non-core assets in the bankruptcy process and in light of Mr. Jacobs’ public comments regarding his desire to participate as the ‘highest bidder’ in the auction process, this decision was made in the best interest of all constituents. The separation will allow for Mr. Jacobs to pursue objectives he may have relative to Genmar’s asset sale process in an effective and independent manner and eliminates potential conflicts of interest. Genmar intends to continue the auction process that is normal for these types of bankruptcy cases and that is being overseen by the bankruptcy court.”
Genmar president Roger Cloutier communicated the news to Genmar dealers in a note that read, in part, “Since June 1, 2009, as I am sure most of you know, Genmar has been operating under the direction of (Manchester), a firm that was engaged as the chief restructuring officer (CRO) as required under the company’s senior secured DIP financing agreement. At that time the CRO was given the full authority generally vested in the chief executive officer role. An Office of the President also was established which included two representatives of Genmar and two representatives of Manchester. This organizational structure will continue going forward.”
Cloutier’s note also said: “It has always been the intent of Genmar’s management to protect and promote the boat businesses, the brands, the employees, its dealers and loyal retail customers. These objectives will not change as Genmar moves forward. Please understand that Genmar management, Manchester, our investment bankers and other professionals are very diligently focused on completing the asset sale process as prudently as possible. In the meantime, we continue to build boats based on a good backlog of orders and to support our dealers as best as possible.”
Pro fishing thus finds several of its major boat companies (Ranger, Stratos, Champion), and one of its major leagues (FLW Outdoors) somewhat in limbo.
Jacobs started the FLW Tour and later acquired Operation BASS in order to boost sales of his Genmar boat brands (primarily Ranger, then later Stratos and Champion, which were acquired during the OMC bankruptcy).
With Jacobs effectively out of Genmar, at least for the time being, Jacobs currently operates FLW Outdoors to boost sales for a company in which he no longer participates directly.
Most in the industry expect Jacobs to regain ownership and control of Genmar, although ultimately that is up to the bankruptcy court. Still, FLW Outdoors is currently in negotiations with sponsors for the 2010 season and beyond. Jacobs, presumably, spearheads those negotiations, and likely must convince sponsors that FLW Outdoors, and its primary reason for existence (Ranger Boats), can still be connected.
Additionally, the Minneapolis Star-Tribune late yesterday reported that “a source close to the process” had identified Beverly Hills-based Platinum Equity as the stalking horse. Some in the industry felt the stalking horse could be an associate of Jacobs, which would buffer Jacobs against the looming sales deadline. If the Star-Tribune is correct, that means Jacobs does in fact have a competitive bid in the sale process.
FLW Engines
Also yesterday, FLW Outdoors filed an expedited motion with the bankruptcy court for emergency relief from stay. FLW Outdoors is a creditor in the bankruptcy, initially owed $3.26 million at the time of filing.
The motion asked for Ranger to transfer possession of 42 Evinrude and four Yamaha motors to FLW Outdoors. The motion specifically requested “an order temporarily restraining the debtors (Ranger) from transferring these engines or taking any other action that could affect FLW Outdoors’ ownership interest in them.”
Ranger, Evinrude and Yamaha were sponsors of FLW Outdoors this year, and FLW Outdoors tournament prizes regularly include fully-rigged Ranger boats. Although FLW Outdoors owns the manufacturer’s statement of origin (MSO) on the engines via the Evinrude and Yamaha sponsorships, the engines were housed at Ranger headquarters to be rigged on the prize boats. However, according to the motion, those engines still reside at Ranger.
The Evinrude engines were part of a 2009 sponsorship contract signed in 2008 that specified the motors for payment of the sponsorship in lieu of cash. The four Yamaha engines were part of 16 total presented to FLW Outdoors for partial payment of 2009 sponsor fees.
Value on the outstanding Evinrude engines is listed as $421,911.50. Value on the outstanding Yamaha engines is listed as $39,846.80.
Again, according to the motion, FLW Outdoors owned title to the engines and the engines were not listed as assets in the bankruptcy.
It’s curious then that the motion states: “Prior to filing this motion, FLW Outdoors demanded that Ranger and Stratos turn over possession of the 42 FLW Evinrude engines and the 4 FLW Yamaha engines that FLW Outdoors owns, but the debtors have refused. FLW Outdoors has possession of the original MSO for each of the FLW engines, and each MSO is titled in the name of FLW Outdoors as owner of the FLW engines.”
The motion also states: “FLW Outdoors seeks emergency, expedited relief because, upon information and belief, Ranger and/or Stratos has purported to sell or may attempt to sell one or more of the FLW engines in direct violation of their prior agreement with FLW Outdoors. Upon information and belief, one or more of the FLW engines have been installed on boats and/or transferred to third parties without the prior permission of FLW Outdoors and in direct contravention of FLW Outdoors’ ownership interest in them. In lieu of expedited relief, FLW Outdoors seeks an order temporarily restraining the debtors from transferring any of the FLW engines or taking any other action that could affect FLW Outdoors’ ownership interest in them pending a final hearing on the motion.”
U.S. bankruptcy judge Dennis O’Brien granted FLW Outdoors the expedited relief it sought and gave permission for FLW Outdoors to acquire possession of the motors. Additionally, O’Brien restrained Ranger and Stratos from “transferring the FLW engines or taking any other action that could affect FLW Outdoors’ ownership interest in them.”
The Larger Picture
The FLW Outdoors motion and subsequent court order are telling on many fronts.
First, it may indicate some unrest between Ranger/Stratos and FLW Outdoors management. Until yesterday, when Jacobs resigned, both FLW Outdoors and Genmar operated through the IDS Tower in Minneapolis, Minn., where FLW Outdoors chairman Jacobs and FLW Outdoors COO and CFO David Mahler hold office. (FLW Outdoors president and CEO Charlie Evans is based in Benton, Ky.)
The motion was submitted to the court on the same day that Jacobs stepped down from Genmar, which perhaps gave FLW Outdoors the leeway to proceed against Ranger.
Jacobs is mentioned nowhere in the FLW Outdoors motion.
Likewise, the motion clearly shows what the FLW Outdoors sponsorship cost Evinrude and its parent company Bombardier. Sponsor-contract terms are typically kept from the public, but it appears that Evinrude’s 2009 sponsorship of FLW Outdoors cost the company 234 motors. To use even a conservative figure of $8,000 per motor, Evinrude’s sponsor commitment was in the neighborhood of at least $2 million.
Since the Yamaha motors were used as “partial payment” of sponsor fees, a total figure can’t be extrapolated for the Yamaha contract.
It should be noted that in August of this year, FLW Outdoors filed suit against Evinrude. FLW Outdoors claimed in the suit that Evinrude failed “to pay its agreed upon sponsorship fees for the entire 2009 FLW Outdoors tournament season,” and FLW Outdoors paid nearly $100,000 of Evinrude contingency bonuses to competitors without recompense.
At the time, it was difficult to discern whether that suit was limited to the $100,000 in contingency fees, or whether Evinrude failed to pay fees under the larger sponsorship contract. Because yesterday’s motion clearly states that Evinrude did transfer 234 engines to FLW Outdoors, it would appear that the suit relates to only the contingency bonuses. If so, that would mean FLW Outdoors sued Evinrude over non-payment of roughly 5% of agreed sponsor fees or less.
At the same time, Genmar (a separate company from FLW Outdoors, although previously related via Jacobs), is listed as owing Evinrude $560,000 in the bankruptcy.
And the sum owed by Ranger and Stratos to FLW Outdoors, listed as $3.26 million total in the original bankruptcy filing, is a much larger figure (although Genmar was subsequently cleared to pay nearly $800,000 of that debt).
The interplay of the separate entities certainly paints a confused landscape.
When Jacobs first entered the sport in the mid-1990s, he convinced Fortune 500 companies to embrace his vision of a boat company married to a major tournament trail. The result was a revolution that involved skyrocketing purses, lucrative sponsorships for pro anglers, newfound national visibility and even a fantasy-fishing game that awards millions of dollars in prizes.
With that marriage, at least temporarily, in separation, all eyes in the sport are currently on Jacobs. Apparent conflict between his tournament trail and former boat companies and sponsors, as well as uncertainty over who will emerge with control of Ranger Boats, has created un unsettled atmosphere in an already beleaguered and fractured sport beset by increasing costs, devolving participation and dissolving sponsor support.
Very interesting read, JLDII.
Read that on bassfan last night also – it will be interesting to watch how this soap opera/drama continues to unfold.
I personally think it would be great to see Ranger back on their own as a stand alone entity. Maybe some of the sr managment and Mr. Wood himself will buy it back and have the opportunity to run the company as it was in the beginning without having to answer to someone in a corporate office detached from the factory only watching the bottom line…
I know we haven’t seen the end of this – hopefully there’s a good outcome for the company and current and future owners.
-ted
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