How We Kept a San Francisco Bay Area Marina From Sinking Into Bankruptcy

September 30th, 2013

Macdonald Fernandez LLP confirms chapter 11 bankruptcy plan and obtains approval of sale netting more than $500,000 for owners.

The Company:
S.F. Bay Area yacht harbor.

The Problem:
As of the fall of 2011, the marina was unable to pay its current monthly payments on two mortgages. The mortgage holders were foreclosing on the marina, which was about four acres in size, with two of the acres under the water and two acres on land.

The Solution:
During the summer of 2012, Macdonald Fernandez LLP filed a chapter 11 bankruptcy plan for this San Francisco Bay Area marina in a cost-effective way, bringing a lot of pressure against the lender. Macdonald Fernandez LLP was able to negotiate a very favorable reduction in the amount of the liens.

The Impact:
Through a confirmed chapter 11 plan, we saved the marina from foreclosure and conducted a bankruptcy sale on a unique piece of property by using tried and true negotiating strategies. Specifically, we were able to negotiate down the two mortgages by more than $150,000. We sold this property for about $1.4 million, resulting in more than $500,000 in net proceeds to the owners.

The Client Testimonial:
"This case has, I believe, been a true team effort led, of course, by Warriors Reno and Iain."