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A slow leak…

With each year’s proxy, boat retailer MarineMax (HZO) keeps leaking a few more details about its related-party transactions. Two years ago, the only disclosure was about a director whose law firm served as the company’s primary legal counsel, though the company provided no details on how much money it had paid the law firm. Last year, it disclosed $480K in fees to the law firm, that the son of the CEO was on the payroll and that it was leasing property in New Jersey from a company that one of its executives had a financial interest in. This year’s proxy — filed last week — includes all of those deals and adds that a wife of another vice president is also on the payroll. While the dollar amounts aren’t huge — this year’s deals amount to about $1 million compared with sales of $762 million — the way the company has disclosed the deals leaves investors to wonder if any additional deals will trickle out in the next proxy.