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Shalimar Yacht Basin now facing foreclosure

After 4 years of fighting to have their BP claim paid, the owners of a local Marina say they're about to lose it all.
Shalimar Yacht Basin has stood for 60 years and now it's facing foreclosure.

Shalimar Yacht Basin has wet and dry boat storage, plus a full-service boatyard. In short, their business, their livelihood, depends on the water.

Owning a Marina was Steve Peterson's dream. When BP oil started gushing into the Gulf in 2010, everything came crashing down. "Over a 6 to 8 month period, we went from 100% capacity to about a 30% capacity."

Peterson started negotiation his claim at the BP office, then via his first set of lawyers. His wife Paulette says time after time, there were promises of payment that never came through. "They say...the rules have changed. We need to start over. Words like that. We need to re-do the entire claim," said Paulette.

There have now been three claim agencies and two law firms. The Petersons lost their home and moved into what used to be their parts room.
The latest word from the attorneys is not good. "We have no idea when you're going to see a settlement, because the judge has changed everything again, all new rules and regulations and all new figures we need to come up with," said Paulette.

Paulette Peterson says she can't help feeling that all the delays are part of a strategy.
Steve says the bank has worked with them for a long time, but foreclosure proceedings are about to start. Meanwhile his attorneys tell him one reason his claim has been delayed is that the Marina is not directly on the Gulf. "There was oil here at the Marina, and we have several witnesses that there was oil here at this Marina."   

Steve says, "Everything I've worked for for 31 years here is at stake."

For the Petersons, now it's a waiting game. Will there be some good news from the lawyers, or will the bank take their Marina.