Financially troubled circumnavigator down, not out

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American sailor Brad Van Liew's racing yacht was repossessed in December and sold at auction to one of the boat's creditors in January, and his 15-year-old sailing company is out of business.

Last week, a U.S. Bankruptcy Court closed the book on Van Liew Ventures, ending one chapter in the life of the only American to race solo around the world three times.

Van Liew’s wife and business partner, Meaghan, wrote a letter to the sailing blog Scuttlebutt explaining their side of the situation and plans to rebound from the financial setback.

“The original business may be gone now, but believe me when I say Brad is alive and well and yes ... still sailing,” she wrote.

Click here for the full letter.