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View Full Version : Fountain files Chapter 11!!!



FISHIN SUCKS
08-24-2009, 09:52 PM
http://www.chapter11blog.com/chapter11/2009/08/fountain-powerboat-industries-inc-files-for-chapter-11.html

Looks like another big one falls.........or do I say 2 big ones.....Fountain and baja.

MOP
08-24-2009, 10:02 PM
They like many fair sized companies spread thin and in times like these need some protection, 11 gives them a chance to try to regroup so make it some don't!

BUIZILLA
08-25-2009, 07:21 AM
so how did Brunswick fare out in this ploy?

Lenny
08-26-2009, 09:13 AM
Looks like a well guided bankruptcy..

How so ??? :confused:

and what does the future hold if this is all up for grabs ?


is asking the court for permission to sell "substantially all" of its tangible and intangible assets, including the land and buildings it owns in North Carolina, all manufacturing equipment, all inventory, all contracts with customers and all records relating to the business.

roadtrip se
08-26-2009, 09:17 AM
I predict that an investor's group or maybe even Reggie himself will buy it back. If it is a group, I would bet that Reggie is involved. He wouldn't give up his company that easily, so there is a plan somewhere.

zelatore
08-26-2009, 09:29 AM
I predict that an investor's group or maybe even Reggie himself will buy it back. If it is a group, I would bet that Reggie is involved. He wouldn't give up his company that easily, so there is a plan somewhere.

My thoughts exactly.

The Hedgehog
08-26-2009, 09:58 AM
Am I reading that the combined equity was -$50.3MM (without considering any of the Brunswick financed Baja debt) and Reggie thinks that they could get $7-8MM on the sale of assets? Yikes

This is where it gets interesting between secured vs unsecured. Regions probably has a lien on the intangible assets. The question is: How much would a group of investors be willing to pay Regions for the name?

I can see Reggie and Fountain getting some support and coming back in the future but this will hurt for a while!

BUIZILLA
08-26-2009, 10:57 AM
highly, and strategically, pre-meditated

justleft
08-26-2009, 11:50 AM
Wow, and Regions just built a fancy new branch down the road from here.

Lenny
08-26-2009, 12:17 PM
highly, and strategically, pre-meditated

Where are the Spelling Police ? :outtahere:

BUIZILLA
08-26-2009, 12:20 PM
Where are the Spelling Police ? :outtahere:it is spelled right.. maybe not in Canadian though.... eh

write in quote from a good trade source...>>>

10 August, 25 2009, 08:03 PM
By Ernest J. Schmidt

Reggie Ole Friend,

I still remember the day that you called me at Glastron. "I'm the best damm boat racer in the world, and I want to race your Glastron/Molinari race boats. I told Bob Hammond, I've got some nut on the phone who's in the insurance business, and tells me he's the best boat racer in the world.....what do you want me to tell him, and Bob said, "tell him to come here to Austin and let's see what he can do". Damm if you didn't almost win Havasu that year, and of course the REST IS HISTORY .

Years later I still remember that call when I was at Chris Craft, several years after you had started Fountain. "I know I build the best, and the fastest V Bottoms in the business, but how do I prove it to my customers". My response was, "Reggie, if you want to prove it, you've got to go race offshore and prove it". "How much is that going to cost me", you asked, and as I recall I said somewhere around a million or so for the first year. Well, after the first year, and having won everything in site, and proved you truly are the fastest offshore boats in the world, you called me back. "Ernie, you were a little off on your cost estimate", and the REST IS HISTORY.

Reggie, I'm truly sorry you did what I know you had to do..............but as someone once said, "When you've proved everything there is to prove, and accomplished everything there is to accomplish", maybe it's time to pack it in.

gcarter
08-26-2009, 01:54 PM
If he and a group were to buy it, all that would have to be done is come up w/a new name w/Reggie Fountain buried in there somewhere.....
Like "Reggie Fountain Performance and Fish Boats Inc.".
Same thing happened to Davis fish boats back in the early '90's.

BUIZILLA
08-26-2009, 01:59 PM
his toupee' must be the $3 in assets... :nilly:

Cuda
08-26-2009, 02:24 PM
I think it shows some sack to go Chapter 11, instead of straight to Chapter 7.

Lenny
08-26-2009, 04:59 PM
it is spelled right.. maybe not in Canadian though.... eh



oops. my bad. I will go sit in a corner for 5... :(

:D :D :D

LKSD
08-27-2009, 06:25 AM
Looks like he is reorganizing & getting debt relief, not a close down. I think he will fair thru this if he keeps smart after his 11 is done. Hopefully anyway. This country doesnt need anymore completely shut down business. :) J

BUIZILLA
08-27-2009, 06:40 AM
pretty sad when Ch 11 is becoming acceptable protocol...

HOWARD O
08-27-2009, 07:02 AM
Guess Reggie needs to melt down a few more gold necklaces....... :boggled:

mattyboy
09-16-2009, 11:58 AM
looks like hustler is taking over

http://www.speedwake.com/upload/showthread.php?s=&threadid=62447

LKSD
09-17-2009, 08:26 AM
If it is going up for auction then it is possible there will be other bidders or interests there as well. However If it DOES go up for auction I would much rather see another boating company get it that wants to continue the lines.. :) Jamie / Lakeside

ragbagger270
09-17-2009, 09:10 AM
Having been in the business finance world for a long time, we know that very few companies actually emerge from Chapt. 11. Just a very few high profile ones in the news. 90% just end up converting to to 7. Just fact.

They must come up with a "Reorganization Plan" within 18 months. The "Plan" is always to operate the company normaly untill they can ligiudate or dispose of some major asset.

Without analying their Financials we are just guessing what is really there. It is always much worse than the quick summary published in the filings.