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10-15-2009, 01:28 AM
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#31
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Registered
Join Date: Jul 2001
Location: Austin, TX
Posts: 926
Fountain 42 Lightning - 700sci / #6 dry sump
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deleted by aTX427
Last edited by aTX427; 10-15-2009 at 01:51 AM.
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10-16-2009, 08:20 PM
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#32
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Charter Member
 Charter Member
Join Date: Mar 2001
Location: MONTGOMERY,AL
Posts: 662
Fountain 35 Lightning Eliminator 30 Daytona
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Quote:
Originally Posted by RaggedEdge
Y'all note that I do stand corrected!
Good Ol' Boys most often will come out on top of the chit pile!
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Yous fokkin guys crack me up! 
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10-17-2009, 06:45 PM
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#33
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Registered
Join Date: Sep 2009
Posts: 47
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Props to Reggie
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10-18-2009, 01:37 AM
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#34
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Gold Member
 Gold Member
Join Date: Apr 2006
Location: Toledo Oh
Posts: 3,252
Offshore medical and safety
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[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.
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Screaming Beaver Yacht Club
twin 188 hp monster 5 liter motors, 1288 hours on the meter propelling a 30 year old resin bucket at ballistic speeds... 47.8 on the gps!!! one bad mofo. seriously.
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10-18-2009, 09:33 AM
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#35
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Platinum Member
 Platinum Member
Join Date: Jan 2004
Location: Northern NY
Posts: 4,393
'06 35 Lightning Merc HP 525's aka The Black Biotch
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Quote:
Originally Posted by phragle
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.
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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.
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Low Tech and Proud Of It
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10-18-2009, 02:14 PM
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#36
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Gold Member
Gold Member
Join Date: Apr 2006
Location: Toledo Oh
Posts: 3,252
Offshore medical and safety
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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
__________________
Screaming Beaver Yacht Club
twin 188 hp monster 5 liter motors, 1288 hours on the meter propelling a 30 year old resin bucket at ballistic speeds... 47.8 on the gps!!! one bad mofo. seriously.
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10-18-2009, 03:11 PM
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#37
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Registered
Join Date: Jun 2006
Location: Sunland, CA
Posts: 377
2000 Fountain 32 Sportfish Cruiser
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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.
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10-18-2009, 08:26 PM
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#38
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Huh?
Platinum Member
Join Date: Jun 2007
Location: Crystal River, Fl
Posts: 1,573
2000 32/28 Fever
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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! 
Quote:
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creating a likelihood that $13 million will be added to the previous $1.8 million in pre-petition general unsecured trade claims.
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10-23-2009, 06:46 PM
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#39
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Registered
Join Date: Jul 2004
Posts: 111
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life of fountain
What's been happening with Fountain? Man, this makes me sick as a proud Fountain owner. Reggie can't give in......
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