Judge approves Big Cedar's marina purchase

Big Cedar LLC's $2.3 million bid for the assets of Ridgedale-based Gage’s Long Creek Marina was approved March 15 by federal Judge Jerry Venters.

Last June, Gage's Long Creek Marina filed for Chapter 11 reorganization, spurring the asset sale.

Big Cedar LLC, the entity that operates Big Cedar Lodge and is owned by Bass Pro Shops, in early January signed a letter of intent to offer a "stalking-horse" bid for the marina on Table Rock Lake. The stalking-horse bid, which is the first bid on the assets of a bankrupt company, sealed Big Cedar's offer as the minimum bid.

According to court documents, no other entities offered bids for the marina.

David Schroeder, a Springfield attorney representing Gage’s Long Creek Marina in bankruptcy court, said yesterday the sale has yet to close, but he was unavailable for further comment.

The sale would satisfy the terms of the reorganization, which was brought on largely by the failure of the Gage family to sell a 149-passenger commercial yacht known as the Branson American Star to a prospective buyer, according to court records.

Commerce Bank is the holder of a $1.6 million lien on the marina property, and the bankruptcy filing listed several undisputed creditors, including Equity Resources LLC, $207,500; Komatsu Financial, $104,000; Greenberg Taurig LLP, $61,287; Peoples Bank, $7,016; and Atlas Security, $2,985. The estimated assets and liabilities of Gage’s Long Creek Marina are both listed as greater than $1 million, and its largest disputed creditor is John Deere Credit, at $300,000.[[In-content Ad]]