INVESTMENT IN GENMAR

Updated: February 6, 2010 - 11:20 PM

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INVESTMENT IN GENMAR

2001: Jacobs Trading Co., Irwin Jacobs' oldest company, lends boatmaker Genmar money to acquire parts of bankrupt Outboard Marine Corp. in Illinois. Genmar grants $10.7 million in common stock to Jacobs Trading as a bonus for supporting the deal. Jacobs Trading books stock as asset. Loan later repaid in full.

Early 2009: Jacobs Trading Co. buys $9.6 million in convertible preferred stock in Genmar.

June 2009: Genmar Holdings files for Chapter 11 bankruptcy.

December 2009: Jacobs Trading notifies shareholders it is taking a $20 million capital loss tied to Genmar investments.

January 2010: California private equity firm Platinum Equity buys Genmar in a bankruptcy auction for $70 million; Jacobs Trading enters into a joint partnership and begins buying parts of Genmar back.