PARKER, Colo. — Tommy's Boats, a boat company with locations in Colorado, announced Tuesday that it filed for bankruptcy protection, leaving multiple customers who put down deposits in limbo.
Family vacations by the lake are worth the investment for Mike Reynolds. So earlier this year, he decided to buy a Chaparral 21 SSI ski and fishing boat from Tommy’s Boats in Jefferson County.
“It was going to be a great adventure for my family,” said Reynolds from his home in Parker.
But after the company cashed his $7,350 deposit check in February, that adventure took an unexpected turn. Reynolds said he got a call from Tommy’s Boats that the company was in financial trouble and would not be able to get him his boat.
Reynolds is not alone. Denver7 Investigates has learned that multiple customers are waiting on information after placing deposits at Tommy’s locations across the country.
The company announced Tuesday that it was filing for bankruptcy protection in a U.S. District Court in Texas. The company also noted they are still selling boats in Colorado.
In a statement, the company said, “We remain committed to working with our customers, employees, creditors and others to navigate this process efficiently and effectively. One of Tommy’s priorities will be to work with our customers and (Original Equipment Manufacturers) on fulfilling custom-ordered boats.”
Reynolds said he was told he would get his deposit back, but that still hasn’t happened.
“I just don’t get any answers,” he said.
Unfortunately for Reynolds, it remains uncertain if he’ll ever see that deposit money again.
Documents obtained by Denver7 Investigates show that a Michigan court placed Tommy’s into receivership after a filing from its lender, M&T Bank. The filing states that Tommy’s owes back rent to many of its landlords across the country, and the bank is still owed more than $100 million.
Tommy’s is also suing one of its primary boat manufacturers, Malibu Boats, blaming the company for pumping an unreasonable amount of inventory into Tommy’s stores to artificially inflate Malibu’s stock value.
Tommy’s customers were sent a letter from the receiver, Beane and Associates, which said it could not provide any assurances that customers would get their deposits back.
Reynolds said he is frustrated and angry because he felt Tommy's Boats was not honest with him. However, he is still in line to get his boat, just from a different company.
Reynolds recently connected with Brad Mattas of Mattas Marine and RV in Grand Junction. Mattas told Denver7 Investigates he’s helping multiple Tommy’s customers by working directly with manufacturers to get customers a discounted price on a boat.
“Yeah, we’re just here to help out,” Mattas said. “And I’m glad to be able to do it.”
Mattas said that Reynolds’ boat should be ready in early June.
“He’s been a really great guy and very helpful through this whole thing,” Reynolds said of Mattas.
And while he’s potentially still out thousands of dollars, he’s relieved that his investment in the family will be worth it in the end.
“Well, I’m kind of an all-in person,” he said. “So right now my focus is this and trying to get my money back. Once I get that boat, my focus will be having fun on the boat and playing with my family.”
