Kadey-Krogen and American Tug Bankruptcy Touched Many with Boats in Build
On July 6, when Kadey-Krogen Yachts and theur sister company American Tugs filed for Chapter 7 bankruptcy, there were at least six or seven owners who had placed deposits and we awaiting delivery of their new dream boats. It least one of the boats in build had been paid in full in advance. Now, in the aftermath, those owners are left in the lurch and are understandably upset and angry. They have lost sizeable amounts of money and had their cruising dreams dashed, at least for the tie being. A chapter 7 bankruptcy calls for the liquidation of all the…