BOCA GRANDE, Fla. — The Marine Retailers Association of America (MRAA) has discontinued efforts to arrange legal counsel for members affected by the Genmar Holdings LLC bankruptcy, the group reported in a statement today.
After exploring whether group representation could be an “economical and effective” option, MRAA said it determined the proposal lacked sufficient support to move forward.
“After giving the members an opportunity to explore this matter further and arranging their participation in a group webinar to discuss the benefit of such action, the MRAA did not receive sufficient support for the proposal in order to pursue this matter any further,” the group said.
According to MRAA, dealers cited public and private assurances by Genmar CEO Irwin Jacobs that Genmar would honor all dealer obligations as a key factor in their decision to forgo additional representation.
“MRAA hopes, as do the Genmar Dealers, that these assurances, can be, and will be, honored,” the MRAA statement reads. “MRAA would like nothing better than a revitalized Genmar that has fulfilled its commitments to Genmar Dealers.”