MINNEAPOLIS, Nov. 9 /PRNewswire/ -- Today it was announced by Genmar's Chief Restructuring Officer that Irwin L. Jacobs is no longer Chief Executive Officer of Genmar. In addition, Mr. Jacobs has resigned as the Chairman of the Board and as a director of Genmar. Mr. Jacobs began acquiring boat businesses that led to the formation of Genmar over 30 years ago. He has given a great deal to the Genmar organization and the boating industry.

"Given the circumstances surrounding Genmar as it moves forward in the sale of the Company's businesses and non-core assets in the bankruptcy process and in light of Mr. Jacobs' public comments regarding his desire to participate as the 'highest bidder' in the auction process, this decision was made in the best interest of all constituents. The separation will allow for Mr. Jacobs to pursue objectives he may have relative to Genmar's asset sale process in an effective and independent manner and eliminates potential conflicts of interest," said Mark W. Sheffert, Chairman and CEO of Manchester Companies, Inc. and Genmar's Chief Restructuring Officer.

"Genmar intends to continue the auction process that is normal for these types of bankruptcy cases and that is being overseen by the bankruptcy court," Sheffert said.

Genmar's auction process is being conducted by Houlihan, Lokey, Howard & Zukin Capital, Inc., Genmar's investment bankers. Parties interested in participating in the auction process should contact Houlihan, Lokey, Howard & Zukin, Capital, Inc. to request information on the process. On Wednesday November 4, 2009, the Bankruptcy Court approved the grant by Genmar of certain exclusivity and expense reimbursement rights to an unnamed bidder not affiliated with Mr. Jacobs or Genmar.

Manchester Companies, Inc. was named Chief Restructuring Officer of Genmar and approved by the Bankruptcy Court in June and has been managing the company's restructuring process since then.

SOURCE Manchester Companies, Inc.

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http://www.manchestercompanies.com