deleted by aTX427

Yous fokkin guys crack me up!

Props to Reggie

[QUOTE=carcrash;2973055all unsecured creditors), and then Oxford gets 30K per month (360K per year) for some number of years until the 6.5 million they paid Region for the note is paid off.

What's interesting is that the Oxford strategy has become a .[/QUOTE]

if oxford bought a 19 mil note for 6 mil, Reggie owes 19 mil.

In all reality, Oxford is working like a like a collection agency. If you have a visa card and belly up on it, visa tries to collect, when they don't collect, the SELL the debt to a collection agency for a fraction of the debt value. the collection agency will come after you for the balance of the debt, NOT what they paid for it. if the collection agency can't collect, they will bundle it with other debts and sell it to yet another colection agency... what value is it buying debt that cant be collected on? by the time it reaches the 2nd or third collection agency, they paid maybe 5 cents on the dollar for bulk debts. so they have bought 20,000 bucks worth of debt for $250... all they have to do is get one guy to pay up on a $500 debt and they have doubled their investment.

In theory I believe you're right on, Fountain still owes the gross amount, 19M if that is the number, to Oxford. Problem here for Oxford is that the 30K per month is Court ordered, at this point in time, and it's all they will see as a return on the investment for as long as that order stands. Not a lot vs the amount of cash invested. Now some say they might get a chunk on the unsecured side if that happens, again will be thru a Court ordered payment. They also might be in a good position if Fountain ultimately fails to come out of this deal. A gamble on their part that so far does not appear to be working out in their favor. Fountain has some fairly substantial assets in land, plant and equipment. To me that's the reason Reggie is doing all he can to save it, there is a lot to be lost here.

true, but this is probably not the last of the court involvement. without interest.. that is 633 monthly payments allmost 53 years worth. either the ordered payment will go up when and iff FPB becomes profitable or the judge is trying to send oxford a message about there tactics

Nope, fountain powerboats owes 6.5 million to Oxford, as a secured debt. The other 13million is now unsecured debt that will be mostly discharged due to the bankruptcy.

If FPB was not in bankruptcy, then they would still owe all of it.

Ok now I understand, as Reggie has said it's not over until the fat lady sings but I see that it is likely the 13 million will be added to the unsecured debt.
The link said it's likely unsecured will only get 7 cents on the dollar but that is better then what oxford was offering!

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Seriously!!!!!!!!! That is a bunch of crap, if my visa bill gets sold I still owe the whole taco, WTF big companies get away with murder. I hope Fountain pulls out, and I do think Oxford is a bunch of idiots, but our entire system of "forgiving" big business ends up costing everyone. Hell they might as well get a Gov bail out, come on Bush and Obama you gave them to everyone else.

What's been happening with Fountain? Man, this makes me sick as a proud Fountain owner. Reggie can't give in......