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As stated on the Lake Trash web site:

The Lake Trash concept originated the summer of 1988 while anchored in “Cocktail Cove” on Geist Reservoir in Indianapolis. A group of people (including our founder and CEO) decided to take their jet-skis out for a spin. After a bit of “hot doggin” and a few of their own races, they noticed a woman on her boat who seemed a bit irritated and decided to give them a piece of her mind: “ You boys are trash. Nothing, but Lake Trash,” she yelled. Thus became our name: Lake Trash.