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Watermark Marina holds bankruptcy auction


Hundreds of people turned out as the Watermark Marina on River Road in Wilmington auctioned off its possessions Saturday. Items ranged from large boats to small kayaks, even furniture and kitchen equipment.

The marina filed for Chapter 11 bankruptcy protection in 2008. It was upgraded to Chapter 7 in November, meaning it must sell all its assets.

"It is a tough economy," bankruptcy trustee Al Butler said. "I can't speak to the reasons why the marina folded. I'm not privy to all that information. We're just trying to do the best job we can to pay back as much money as we can to creditors. That's what I do as trustee, and I feel confident that we'll have a good result."

The real estate of the marina will be auctioned off in on the New Hanover County Court House steps April 21.

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