A Cornelius doctor repossessed the Lake Norman charter boat N 2 Deep this week, after accusing the boats operator of failing to repay a loan of about $350,000.
Dr. Mike Miltich had the boat removed from All Seasons Marina on Langtree Road in southern Iredell County, according to Miltichs lawyer, Michael Elliott of Huntersville. Elliott confirmed that a federal judge in Charlotte on Tuesday dismissed boat operator Cliff Champions bankruptcy filing.
Champion filed for Chapter 13 bankruptcy protection on Dec. 13, two hours after Miltich went to the marina to repossess the boat. Miltich, who is a secured lien holder on the boat, has said he agreed to hold off repossessing N 2 Deep that day to let Champion hold his stepsons wedding on the boat that weekend.
Miltich had a legal right to seize N 2 Deep on Dec. 13 under the federal Uniform Commercial Code, Elliott said.
A judge dismissed Champions bankruptcy filing after Champion failed to take the required pre-filing credit counseling course, Elliott said. The court gave Champion 30 days to take the course, which is available online and can be completed in about 90 minutes, Elliott said. Champion couldnt be reached on Wednesday.
N 2 Deep is a two-level charter boat that can accommodate up to 140 guests and 10 staff members. The boat is 18 feet wide and 86.8 feet long.
Miltich, a doctor with Charlotte EENT Associates, has said he agreed to loan Champion about $275,000 in 2009 to buy the 2003 wide-body Summerset houseboat. Miltich said hes owed about $350,000 including the 12 percent interest Champion agreed to pay. Miltich has sued Champion for the money in Mecklenburg County Superior Court.
I took no pleasure in repossessing this boat, Miltich said Wednesday. But at some point I have to protect my resources for my family.
Miltich said Brian Brady, who operates the Yachta Yachta Yachta charter boat, moved into N 2 Deep for him to the Peninsula Yacht Club in Cornelius until Miltich finds a permanent location. Bradys boat is berthed at the club.
On Monday, meanwhile, an Iredell County District Court judge is scheduled to hear a complaint filed by the Lake Norman Marine Commission that Champion has operated N 2 Deep without a permit.
Champion has said hes taken only family and friends out on the boat. Commission Executive Director Ron Shoultz has said the commission obtained a copy of a contract Champion signed with a woman who wanted to host a wedding reception on the boat. The commission also obtained a copy of the $500 checked that Champion took as payment, Shoultz said.
Correspondent Bill Kiser contributed.
Marusak: 704-358-5067; Twitter: @jmarusak
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