Boat owners, sellers feeling the pinch

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The family business Colonial Yacht Anchorage in Wilmington, Calif., used to focus on its vessel repair business and 120-slip marina. Then the recession hit.

Adapting its business model for the new economic reality, Colonial is now selling repossessed vessels - including a 40-foot twin-masted wooden schooner.

Click here to read a report by the Los Angeles Times.