By John Merwin

In what is at least partly a sign of the times, it’s apparently easier to pay the lawyers than it is to pay your bills.

Irwin Jacobs was until a few days ago the CEO of Genmar, a boat-manufacturing conglomerate whose major brands include Ranger, Wellcraft, and Four Winns. That holding company has been in bankruptcy proceedings since last June.

According to the Minneapolis Star-Tribune, Jacobs has resigned his position so he can bid on Genmar as a private individual at a forthcoming bankruptcy auction.

This is the same Jacobs who started to build his empire years ago by buying up companies in bankruptcy for pennies on the dollar in a series of complex moves that lead Forbes magazine to call him “Irv the Operator.”

So let me get this straight. Instead of shepherding your company out of trouble, it’s better to resign and just buy some or all assets cheaply while various debts are washed away? I very much doubt there’s anything illegal here. Jacobs is a very bright man, and I’m sure he has a good team of lawyers. But it still seems like there’s something wrong with the whole picture....

Comments (8)

from stormn wrote 2 years 11 weeks ago

A story like this sure makes me appreciate the core values that my father and grandfather helped to instill in me. Jacobs is taking the easy road. If he helped get them into this mess he should help lead them out.

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from spiaailtli wrote 2 years 11 weeks ago

If it is a public company he may not have been allowed to save it. The board controls how the company plays the game. If he ran it he knows the value of the company when ran proper and thus the bid. That would be my guess.

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from vtbluegrass wrote 2 years 11 weeks ago

Its the American Dream, get yourself eyeball deep in debt and when the house of cards tumbles use legal loopholes to get bailed out of your troubles and somehow come out gettin.

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from vtbluegrass wrote 2 years 11 weeks ago

"come out getting paid" is how that last sentence was supposed to end.

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from Clay Cooper wrote 2 years 11 weeks ago

Remember the Ol’ Saying, “YOU BROKE IT,YOU BOUGHT IT” and you don’t get to keep it. Irwin Jacobs gives this old saying new meaning!

If He crashed the Business through wrong doing, how sovereign would the Company be for him to own it! I’m willing to bet, Irwin Jacobs did this on purpose!

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from rjw wrote 2 years 11 weeks ago

When opportunity knocks you better open the door, this is not anything new in business or politics, its just how its done!

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from buckhunter wrote 2 years 11 weeks ago

Jacobs owns 40% of the company stock. I think if anyone was hit hard it would be him.

I wish Forrest would buy Ranger back. I'd hate to see the company in the hands of profit makers and not boat makers.

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from shane wrote 2 years 11 weeks ago

Us and them. There are people, there are good companies, then there are corporations.

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from jamesti wrote 2 years 11 weeks ago

so, how many jobs are going to be in another enron ploy?

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from stormn wrote 2 years 11 weeks ago

A story like this sure makes me appreciate the core values that my father and grandfather helped to instill in me. Jacobs is taking the easy road. If he helped get them into this mess he should help lead them out.

+2 Good Comment? Yes | No | Report

from vtbluegrass wrote 2 years 11 weeks ago

Its the American Dream, get yourself eyeball deep in debt and when the house of cards tumbles use legal loopholes to get bailed out of your troubles and somehow come out gettin.

+2 Good Comment? Yes | No | Report

from Clay Cooper wrote 2 years 11 weeks ago

Remember the Ol’ Saying, “YOU BROKE IT,YOU BOUGHT IT” and you don’t get to keep it. Irwin Jacobs gives this old saying new meaning!

If He crashed the Business through wrong doing, how sovereign would the Company be for him to own it! I’m willing to bet, Irwin Jacobs did this on purpose!

+2 Good Comment? Yes | No | Report

from spiaailtli wrote 2 years 11 weeks ago

If it is a public company he may not have been allowed to save it. The board controls how the company plays the game. If he ran it he knows the value of the company when ran proper and thus the bid. That would be my guess.

+1 Good Comment? Yes | No | Report

from vtbluegrass wrote 2 years 11 weeks ago

"come out getting paid" is how that last sentence was supposed to end.

+1 Good Comment? Yes | No | Report

from rjw wrote 2 years 11 weeks ago

When opportunity knocks you better open the door, this is not anything new in business or politics, its just how its done!

+1 Good Comment? Yes | No | Report

from buckhunter wrote 2 years 11 weeks ago

Jacobs owns 40% of the company stock. I think if anyone was hit hard it would be him.

I wish Forrest would buy Ranger back. I'd hate to see the company in the hands of profit makers and not boat makers.

0 Good Comment? Yes | No | Report

from shane wrote 2 years 11 weeks ago

Us and them. There are people, there are good companies, then there are corporations.

0 Good Comment? Yes | No | Report

from jamesti wrote 2 years 11 weeks ago

so, how many jobs are going to be in another enron ploy?

0 Good Comment? Yes | No | Report

Post a Comment

 

All submitted comments are subject to the rules set forth in our Privacy Policy and Terms of Use.