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dubld wrote on Apr 15, 2009 8:26 PM:

" companys will come & go. When people have more $$$ or the prices come down on big ticket items then we'll see a resurgence.
I'd buy a new 'magic or etc..' boat but they're just way to expensive. I'd be happy to help build or locate parts on the cheap but that's almost never an option with them. How many thousands go to profit on one of these brand new, anyway? Just curious.
R.I.P. "




Roco wrote on Apr 14, 2009 10:20 AM:

" Had it with Havasu - so are you saying that Magic Boats were not truthful about their inventory? Lied to pocket money on non-existing boats? If this is true, it sounds like the same shell game the financial market played with the sub-prime mortages. Bundle them up and sell them as a market investment and then split the scene with the profits. Sounds like the typical business scenario for the last 10 years. "




Had it with Havasu wrote on Apr 14, 2009 9:20 AM:

" Now that the dust is settling the picture is clearing up.

I know some pretty wealthy people. They use little companies to add cash to their holdings. They fold up little companies and duck on the obligations, legally, while swooping out any cash they can.

Imagine a scenario where a flooring company (Key Bank) who is holding the notes on say, 180 boats for a direct sales manufacturer, and finds that some which are complete with engines/drives on paper, aren't rigged at all. The balance sheet goes the wrong way real fast.

Imagine that flooring company coming in with Federal Marshall's and locking the doors. It takes a lot to get to that point.

The bottom line isn't that much, maybe $10 million, give or take. Key Bank will recover perhaps a third of their commitment.

Who loses?

Employees. Key Bank, which in turn affects every tax payer at this point. The city's economy, the community. Every consumer who finances a boat and in turn every boat dealer trying to sell boats. The list goes on.

It really isn't a surprising scenario. For many, it's just business as usual. "




Termenater wrote on Apr 14, 2009 5:05 AM:

" Well I guess it is time for a bail out of the luxury Power Boat industry! I'm sure they could use a couple of billion. Then again so could I, where's my bailout? I can't afford all these increase in taxes lowering of services and what's next....INFLATION! "




ryankonen wrote on Apr 13, 2009 9:17 PM:

" alot of people are stupid. i worked for Magic for 2 years. I economy sucked because people were dumb and pulled out loans they couldnt pay off so for some people to say its from the past presidents its not its from the dumb americans they are greedy and want want want. "




Victoria wrote on Apr 13, 2009 6:39 PM:

" I have to agree with Blue, the blame game is a waste of time and energy. I know quite a few business people as well as homeowners who took advantage of the loans, the easy credit etc. and extended themselves far beyond their means. Those who did so have enjoyed many luxuries that they really could not afford and are now losing them. I still cannot believe that my hard earned tax dollars are being spent to bail out those who gambled with the system and lost. My heart does go out to those who have worked hard and budgeted to have a home, a business or a few luxuries only to lose everything due to the bad judgment and greed of others. The trickle down effect is devastating many families. This article did not express any details of what caused the demise of this business. However, be it management or the effects of the economy, it is sad to see a business close that has been a part of this community for such a long time. "




MN wrote on Apr 12, 2009 4:33 AM:

" They have one, it is called discussion forum. It leaks over into other articles. Everything has a connection. "




doglover wrote on Apr 12, 2009 2:53 AM:

" Had it with Havasu -

Everyone should watch this (if you didn't see it when it aired on CNBC) -

House of Cards - INSIDE AMERICA'S SUB-PRIME MORTGAGE CRISIS

www . hulu . com/watch/59026/cnbc-originals-house-of-cards "




havasufemale wrote on Apr 11, 2009 7:42 PM:

" So amusing how people take one issue and introduce so many others. Seems to me that the paper should host a blog where everyone can discuss and debate things under the proper category. :-) "




Sissy wrote on Apr 11, 2009 3:18 PM:

" You are correct, this is about a boat company. But why did this boat company close it's doors? Because of the economy! Why is the economy bad? Mostly because of the home loans that people defaulted on! Who signed the bill for these 125% loans? Clinton. Enough said! BTW: obama voted PRESENT! "




Had it with Havasu wrote on Apr 11, 2009 11:35 AM:

" Nice to see some realistic thinkers here.

Obama (Acorn) sued Citibank under the Community Reinvestment Act to force them to take on more subprime mortgages.

On the other hand, in this letter 20 senators encouraged more regulation of Freddie and Fannie.

tinyurl.com/cbonf4

For the guy who said "our Federal Reserve". It's not ours. The FED is private. They pay to print money, that's all the investment they have in it, and they loan it to the United States as if it has value. And it does, as long as the illusion that the currency is backed by something (the taxpayer's ability to float this bloated government) is maintained. It's called FIAT money and BO wants to spend 2 trillion of it on 9000 earmarks and give 5 billion to Acorn.

You think times are tough now. When that 2 trillion dilutes the dollar you'll see inflation like Zimbabwe.

The precursor to the financial crisis of today was the S&L fraud of 30 years ago. Consider that pre-flight to the routing of the banks, stocks and treasuries of the past 10 years. Actually, the theft of the taxpayers money. Just like the S&L's, it took time to set up and it wasn't at all president Bush...although I wonder how much Neil had to do with it.

Allowing an S&L to be owned and controlled by a single individual was carefully engineered by politicians and mafioso along with the ability to lend said owner money from his own institution. Then came 100% loans and unregulated appraisals...
example: JW Oidenburg buys State Savings of SLC for $10 mil, then it pays himself $55 million for land he bought for less than a mil. Quick $45 million and never look back. Where did the 55 million come from? You and me.

That is a fairly tame example. The tag on the S&L bailout is over a trillion dollars at this point.

Yes, sad that Magic closed the doors. How can an opportunity come out of this? More pressure on city government to cease spending on projects we couldn't afford before and focus energy on what is sustainable in Havasu. "




RTB wrote on Apr 11, 2009 10:58 AM:

" Let us really analyze this unfortunate and exciting event. First and foremost these boats will be in demand for years to come. Henceforth,another company will pick-up some if not all of these products. Now, for the new company I have a very strong recommendation,LOWER YOUR PRICE!!!!!!!!! "




LHCwasteland wrote on Apr 11, 2009 9:35 AM:

" Sissy, that's the fun about this site. You throw it out there or point the finger, you will here about it. Those who wrote are right, It's not an issue of presidents. It was an article about a boat company closing because of hard times around the world, not just Havasu. That was my point. "




edukder wrote on Apr 11, 2009 9:18 AM:

" Lifer–You correctly note the state of our national economy, but fail to connect the dots back to the source. Last Friday the Pentagon reported that the Iraq war will have cost America 694 billion (That’s billion, with a B) by the end of this year, making it the second most expensive war in American history,only behind World War Two. Don’t you think that this ill-conceived, incompetently prosecuted war has more to do with our current financial problems than a few home loans? Think of what a slice of that money, thrown down a rat hole by a group of imbecilic Chicken Hawks, could have done for our local economy.
Sissy–I truly hope you are not a product of our local school system as your history knowledge is weak, at best. If you will actually read a book instead of relying on Talk Radio for your information, you will learn that the Republicans controlled Congress for six of the eight years that Clinton was president. Don’t take my word for it, look it up.
Bob-from-Ventura–I respectfully disagree with you. It DOES matter who is at fault here, because if we don’t learn from history we must repeat it. Remember that Bush never used his veto ONCE to block the Dem’s spending plan.
I’m all for moving forward, but let’s be clear about how we got in this mess, because the very people responsible are trying to spin it. Everyone is entitled to their own opinion, but not their own facts. "




kinglhc wrote on Apr 10, 2009 10:35 PM:

" How is it that people on here go about blaming presidents for the closure of this business yet fail to point a finger at the management at Magic? Take a drive down Lake Havasu Ave. and look at all the hulls that were built when there was no market for them. Somewhere the principle of supply and demand was lost on them. "




Sissy wrote on Apr 10, 2009 7:16 PM:

" Thank you Bob and lifer. Clinton signed the bill for everyone to own a home, knowing full well that many could not afford them nor would they repay them. Dems controlled congress! Reid, Frank and the likes of them made plenty of money off Fanni and Freddie! McCain tried to stop it and the Dems wouldn't listen!! The low income people got loans they couldn't afford. The ones NOT to blame, are the people who got laid off their jobs and couldn't pay their mortgage!That is not their fault! They are the ones who deserve to be helped!I will support Obama when others show respect for Bush! And when the Dems, including Obama quit bashing Bush! They both hold a Presidental seat and that seat does deserves respect. Maybe Obama should show leadership in that area. wasteland-I have children that have been laid off, so I do know what these employees are going through. My husband did not pave the way for me, we worked together as husband and wife! We did not spend beyond our budget! Thanks for assuming though. "




lifer wrote on Apr 10, 2009 6:05 PM:

" Good points Bob. Too many people worry about who to blame.

educkted: Really? You're going to let one guy off for his decision because another guy didn't repeal it? Really? I can see you hate Bush, and apparently that hatred as eaten into your ability to think logically. There's a whole lot of people out there like that, and I can't understand that dislike, but still.

As for the person who asked where is the voice, what about all the industries in this town, and around the country, that are hurting? Construction, automotive, sales etc. Name an industry or business other than Walmart, and you're going to see people losing jobs. Heck, even the mighty Disney Corp is laying off thousands. It's all a sign of a weak economy that was propped up by debt spending. You can't keep going forever on debt spending, as it eventually catches up with you. "




bob from ventura wrote on Apr 10, 2009 4:22 PM:

" Lifer has a point...it was not all Clinton. But, he did send the jobs to Mexico with NAFTA, and really jammed Freddie Mac, etc with the loans to those who otherwise would not qualify for them only to see those people lose their homes during the Bush years.

Those who want to blame Bush for everything should also remember that since 2006, Democrats ran the Congress. They had the power to do things to avoid this, but did nothing. Pelosi and Company are far worse than Bush.

It really doesn't matter who is at fault here. It is too late to avoid where we are. We have to tough it out, but it is so much more obvious how bad things are when stuff like this boat manufacturer closing his doors hits the news.

Throw them all out, including the fraud we have as our "chosen leader," and begin anew. "




azbound wrote on Apr 10, 2009 2:26 PM:

" Some people just don't understand???
Most of the economy is in the shape that it is in Because of the lack of sales of AMERICAN MADE products!!!! If everyone would buy American we would all be working and buying products. 70% of all home foreclosures are due to the (American automotive industry)and their lack of sales over the past 20 years. Lets be PROUD to be Americans and buy AMERICAN and rebuild this GREAT COUNTRY. or just be prepared to live in your foreign made products. LETS REBUILD AMERICA NOW!!!! "




bobcarey wrote on Apr 10, 2009 1:15 PM:

" I am distressed that most of the comments are about our presidents rather than the loss of a major business in town. I worked for this company for 1 1/2 years and we employed about 80 people in the good times. Yes, I was one of the layoffs but I have great respect for Ron Moyes and understand that he was only doing what was necessary to try and keep his business solvent. "




edukder wrote on Apr 10, 2009 12:57 PM:

" Lifer---
I must respectfully disagree with your contention that Clinton, who left office with a balance budget and a huge surplus in our Federal Reserve, can be blamed for this. If Clinton’s home loan policies we hurtful to the economy (which I agree they were) than why didn’t Bush put a stop to them? It’s not like he didn’t have the power. Remember that the Republicans controlled ALL THREE BRANCHES of government for 6 of the 8 years that Bush was in office. He didn’t stop it because he supported the deregulation and laws that stopped supervision of the banks; the very same banks that now have their hands out for help.

Another poster posed a very great question: where is the voice for the Marine Industry in Lake Havasu? Why is there no help for an industry that provides jobs and pride in LHC?

People need to remember that their votes matter. People can be forgiven for voting Bush in 2000, but by 2004 the writing was on the wall. This was an idiot who was nothing more than a shill and a puppet for big oil and big business. We are now seeing the results of his incompetence and it is painful. Let’s hope we at least learn something from this! "




lifer wrote on Apr 10, 2009 11:58 AM:

" edukter: This economy can't be blamed on any one person or any one party, but Clinton does have some stake in this as well. His goal of getting anyone to own a house who wanted one helped contribute to the credit crisis that is a major component of our economic crisis.

Again, It's not all on him, but he has some responsibility too. "




blue wrote on Apr 10, 2009 11:04 AM:

" How sad that this company has gone down. I hope they went down fighting and can all find jobs in this economy.

As for everyone who posts against Obama, Bush and/or Clinton …Seriously. Each of these Presidents are just ONE man. ONE person. There are numerous people in the Capital. Democrats and Republicans alike. Laws, bills, etc. go through more than just the President. If ONE man can destroy America’s economy and job market, then we have given our President way too much power. I believe our economy issues started with people who, for instance, took out a second mortgage on their house then paid off their auto loan with that, bought new furniture, a new boat, maybe a motor home. Or the parents that can’t afford to pay cash for their kids designer jeans and shoes, so they put it on a credit card and only make the minimum payments, til they can’t any more. It’s a ripple effect. Say I spent $500 on clothes for my son. I put it on my Master Card. I make the minimum payments for about 6 months or so, most of it going just to the interest. I have a set back. Extra medical bills, insurance goes up, got laid of, whatever. So I default on my payments. Of course, by now I’ve maxed out the card because my other kids had to have new shoes like their big brother. And my daughter needed highlights and color in her hair. After all she’s 14 now and ALL the girls are doing it. I don’t pay Master Card. Who does Master Card not pay? Then they have to not pay someone, etc etc etc. The prices go up. People can’t pay. Company’s go under.

We are all to blame for the economy. And we can fix it, if we want to. We cannot place all the blame on ONE person. American’s need to quit living on credit. If we all only bought what we could afford, I don’t believe we’d be in the mess we are in now.

And no. I didn’t vote for Obama, or Clinton. However Obama now holds the Presidential Office, and as an American citizen, that office has my respect. "




LHCwasteland wrote on Apr 10, 2009 11:01 AM:

" Sissy it's not just low income people losing their homes. I know people that set up businesses here and lost it all. I have friends that are semi retired here and can't make ends meet with a part time job. Say this with me sissy,THERE ARE NO JOBS. It's easy to make comments like that when hubby paved the way for you.Why aren't you bashing that idiot crook Bush.He's out and all of a sudden gas prices go down. explain that. It happened with your man Bush.Typical Republican. "




edukder wrote on Apr 10, 2009 10:03 AM:

" I hope SISSY will be able to explain her comment of "Thanks a lot Clinton" Can she really be blaming Clinton? Bill Clinton? The same guy who was president EIGHT years ago? The one who left office with a balanced budget and a SURPLUS? What about the Republicans who have been spending money like drunken sailors for the last 8 years? The same party that has controlled Congress for 12 of those last 8.

I don't understand how some people can be so blinded by their prejudices that they can't see what is right in front of their face. Well, here it is. Look at our friends and neighbors who are giving up their homes, boats and dreams and moving on. Clinton is to blame for all this? I don't think so! "




kinglhc wrote on Apr 10, 2009 8:29 AM:

" It's a shame. It's amazing that such a viable brand with a great product would go down this early.
I'm really interested to know if this is a permanent closure, and if so, are they going to liquidate their inventory, molds and brand name and equipment? "




edukder wrote on Apr 10, 2009 7:24 AM:

" I wonder if SANDIEGO has been asleep for the last 8 years. Who got us in this mess? Clinton? LOL! "




Sissy wrote on Apr 10, 2009 7:12 AM:

" This is so sad, but I think everyone knew it was coming! Look at the lots with forclosed RVs and boats. Just like the houses-they gave loans to people who could not afford them! Thanks for nothing Clinton! "




lifer wrote on Apr 9, 2009 10:22 PM:

" How can people think this is a sign of things in Havasu? Did only Havasu people buy these boats? I don't think so. This is happening because of a NATION'S economy, and the fact that is' nearly impossible to get a loan to buy a boat. That's like saying the that GM is about to go under is because of Detroit. But hey, it's another chance to bash this town, so go for it. "




Bud wrote on Apr 9, 2009 6:11 PM:

" To Ron and family,
Wish you all the best.
Thanks for the memories,
Wilbur "




SANDIEGO wrote on Apr 9, 2009 3:57 PM:

" This will make obamas day when he hears this. He wants NO boats,No suvs,NO rvs or planes. You obama people enjoy your smart cars. This was a great company building a part of the american dream. So sad. "




havasu♥lover wrote on Apr 9, 2009 1:25 PM:

" R.I.P. MAGIC!

Tragic!!! Magic was a Havasu ICON!!!

Dead, but not forgotten!

I'm seeing a bigger opportunity than ever for some serious Magic Regattas! "




LHCwasteland wrote on Apr 9, 2009 11:06 AM:

" I'm sorry as well for those company's going out of business.There will be more. Yet you have these fool people insisting everything is fine and wonderful in Lake Havasu."It'll take care of itself" Ya, right.Who does that sound like? "




ridiculous wrote on Apr 9, 2009 10:12 AM:

" So sorry to hear this bit of sad news... Ron and everyone at Magic/Sleek worked so hard and produced an outstanding product... We can only hope this is temporary... Keep you heads high. "




Jammin James wrote on Apr 9, 2009 9:50 AM:

" This is a total slap in the face to the radio news I heard the other day saying Havasu's economy is on the rise. I feel bad for all the people out of work now. "




edukder wrote on Apr 9, 2009 7:19 AM:

" I would love to know who they voted for in 2000 and 2004. This is just part of the price we will have to pay for the last 8 years. Too sad. "




ichoptops wrote on Apr 8, 2009 10:28 PM:

" Sorry to hear guys. Best of luck to all. "




JohnJay wrote on Apr 8, 2009 10:07 PM:

" First Weekend Warrior, now Magic, when will the pain end.... "




rivernut wrote on Apr 8, 2009 9:09 PM:

" Thats too bad.. What about all of the people that bought these boats and have no warranty now? These are very expensive boats. Hopefully the other boat companies can hang on. GO HTM!! "




Had it with Havasu wrote on Apr 8, 2009 7:45 PM:

" Ron, Jerry, Mandy, Candy and 'Pinky'...everyone at Magic>=Sleek.

It was pleasure working with all of you and I know this isn't the end, it's just a virage.

You were a part of the community. Hope to see you at Desert Storm. "

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