Hope your end to a great weekend was not tarnished by the news of Genmar’s Chapter 11 bankruptcy filing. This latest filing is, I believe, the harbinger in the recreational marine industry of a period of crisis management by means of Ch.11 Reorganization and Protection from Creditors. You would do your readers and the industry a service by running a series on the nature of Chapter 11 Bankruptcy, and in particular the “Debtor in Possession” variety, which is actually a tool that enables businesses beleagured by panicked or otherwise unreasonable lenders and creditors to fight back and potentially survive.

My conclusion from the expressions of horror concerning the Ch. 11 bankruptcies announced in recent weeks and months nationwide in all industries, is that in general there is very little understanding of the process. My contacts, even among fellow travelers in the recreational marine industry, also lead me to conclude that even many businessmen lack a perspicuous understanding of the mechanics of Ch. 11 bankruptcy. Why not assemble a panel of businessmen, lawyers, and journalists to explain and discuss the process. Everyone in our industry could benefit, as it might bring some needed calm to the ambient environment.