On Jan. 11, Big Cedar LLC, which operates Big Cedar Lodge in Ridgedale, signed a letter of intent to purchase Hollister-based Gage’s Long Creek Marina Inc. for $2.3 million.
The transaction is contingent upon the approval of a federal bankruptcy judge at a hearing on Feb. 16, according to Justin Gage, president of Gage’s Long Creek. He declined to be interviewed further, saying he didn’t want to jeopardize the deal.
Gage’s company filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Western District of Missouri June 20, according to court records.
Jim Hagale, president of Big Cedar and Bass Pro Shops, did not respond to a request for interview this afternoon.
According to the court record, the assets to be purchased by Big Cedar are:
- Long Creek commercial dock and attached buildings;
- additional docks B, C, D, E, F, G and H;
- a tour boat dock;
- a 1994 SkipperLiner, an 80x20 motor yacht;
- the existing furniture, fixtures, equipment and inventory;
- the lease between the Secretary of the Army and Gage’s dating back to 1998; and
- approximately 130 annual boat slip rental accounts.
The assets are subject to a Commerce Bank lien in the amount of $1.6 million and an Internal Revenue Service claim of roughly $3,000.
The Gage's Long Creek motion to approve the transaction states that without it, the sale of assets may be subject to a creditor’s liquidation.
“In debtor’s opinion, such a process would yield substantially less value to the debtor’s estate and its creditors because of the costs associated therewith," the motion so reads.
The motion also maintains that any bidder at an auction runs the risk of not being able to secure a lease with the Army Corps of Engineers, and Big Cedar already has agreements in place with the government.
According to a complaint filed with the court, the failure of the Gage family to sell a 149-passenger commercial yacht known as the Branson American Star to a prospective buyer led to the company filing for Chapter 11 bankruptcy protection.
The Gage family also owns the $6 million Gage Marina and Shoppes at the Branson Landing, where it has a retail location and offers lake cruises, according to Springfield Business Journal archives.[[In-content Ad]]
