[SEA DREAMS]

Got a Chapter 11 notice today reporting Coles Plantation(Tidewater Marina Management) is Chapter 11. Mike

 

[rocksandblues]

He has been on the verge for years. He got a funding infusion 2 years ago to finish basin. Funder's went bankrupt last year. couple almost sales in last 4 years

 

[capt. dave]

Too bad. It could be a nice place with a lot of work.

 

[Thoroughbred]

He has been on the verge for years. He got a funding infusion 2 years ago to finish basin. Funder's went bankrupt last year. couple almost sales in last 4 years

More like her now but same story. I would love to be able to turn that place around. Ever since I first laid eyes on it more then 10 years ago I dreamed of turning it into something special. In these times it's hard to tell what will happen.

 

[gunnboat2]

I got two notices also. I'm told it was chapter 11 for reconstruction. I hold a camper lot there & not sure what it all boils down to. I agree, if I had more capital/right Investors, I'd take a good 10yr swing at it . place needs work.But we still enjoy it regardless. Have any of you signed an '09 lease there yet? & whats it all mean? please advise.

 

[gunnboat2]

Sea Dream, I sent you a private message. thanks.........Gunnboat2

 

[Ray]

I have a campsite there too! They almost went to auction before declaring Chapter 11 (which is good). The campground is a goldmine waiting to happen for the right owner. This will be my third year there.

 

[SEA DREAMS]

Called Coles today and was told by a secret source since I have already paid my slip fee for 09-10 season I was OK. they are reorganizing and will remain in business. With that said-my wife and I enjoy the area and have had no issues that make us want to change marinas, but after speaking with another slip member today about the situation(who hasn't paid his slip fee yet) he's not sure he is going to. Have seen situatons before where if back taxes are due a lock can be placed and it will be a real hassle to get my boat and trailer back into my posession. Who knows? Mike

 

[gunnboat2]

WITH ALL DO RESPECT, A SIMPLE LETTER FROM COLES PT. MANAGEMENT REGARDING THE SITUATION WOULD SURELY BE APPRECIATED :usa:

 

[Rick Waddle]

I think Mike hit on my biggest worry in this whole thing.....it would suck to show up one day and have everything locked up. I guess at that point we would all have to steal our stuff back.
Rick

 

[gunnboat2]

chapter 11

Spoke to lawyer representing marina & camp ground . He said reconstruction chapter 11
will operate as normal day to day busniess & threw the financeing stages. In the event that it does not happen & "chapter 7" liquidation results, a trustee will be put in charge of both marina & campground. Tenants would simply contact the trustee for access to our/ their personal property(s) Tenants would be notified of this action.*Prorated refunds were not discussed*. I'm not a lawyer so please don't quote me on this. This is a simple explanation. I understand there is a letter being mailed out now to all tenants of marina & campground reguarding this situation. As for quesions? I was told I could call Mr. Surado or Mr. leach (Lawyers) @ 703-584-8900 reguarding this matter . I have faith that we will all have another great season @ Coles point again THIS year. As for next year????

 

[SEA DREAMS]

Gunner sent you a pm.. Got a letter from Trina today from Coles stating that chaptr 11 was due to a mortgage issue they were unable to resolve, so they filed to protect eveyones best interst. Also states that all money paid now or in the future is safe and they are in business and plan on remaining in business. I feel much more comfortable now but wish the letter was a bit more timely. MIke

 

[gunnboat2]

Great! see you all on the water!.............Gunner :clapping2: