The guy who was the kiss of death for Catalina Yachts—now back in business—was a financial mess, according to his personal bankruptcy filing. Michael Alexander Reardon filed for Chapter 7 liquidation late last month, declaring $3.28 million in unsecured liabilities against assets worth $574,000.
According to the September 30 petition, Reardon’s personal debt includes $866,953 in combined credit card and merchant cash advance (MCA) obligations, including related revenue-based financing and personal guarantees.
MCA debt is an obligation a business incurs after receiving an upfront lump-sum cash advance in exchange for a percentage of future sales. Legally, an MCA is structured as a purchase of future receivables rather…