Boats get cut loose; Resales, repos increase as shaky economy, gas prices put a damper on the fun.(Business of Life)(Frank Montana's construction business)

Crain's Chicago Business | April 28, 2008| | Copyright

Byline: SHIA KAPOS

Three years ago, with his construction business prospering, Frank Montana bought a 40-foot express cruiser for $115,000 and quickly became a familiar sight at Diversey Harbor. His "Club Montana'' parties drew 50 or 60 friends-new and old-to his boat each weekend, and he reveled in the attention.

Then his industry was double-punched by the harshest housing downturn in more than a decade and the subprime mortgage meltdown. Mr. Montana had to dissolve his demolition and excavating contracting company.

Unable to afford the $2,700 ...

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