Good info. I hope it works out. Love him or hate him, hte powerboat industry would not be the same without him.
Like him or hate him, Reggie is a showman. But the cost of putting on the show are too high in these times. When volumes dropped and the overhead could not be cut fast enough there was no way out of the box.
life is an incredible journey--might as well live it large
I'm betting Skip Braver will end up with it. Based on nothing more than a "hunch"
Guy starts company with own money.
Company make a few bucks.
Owner/Founder sells stock in company (ownership) to raise capital, yet Owner/Founder still "controls" assets/company by holding voting shares, etc. The only way investors/sharholders can make money is from appreciation of share prices or dividends.
Owner/Founder becomes CEO/Chairman of corporation.
Said corporation shields owner/founders personal assets from creditors, disgrunted investors, etc.
CEO/Chairman now has a salary largely determined by himself. Comulative salary is exempt from assets of company.
Company now borrows money in an attempt to increase return on equity (ROE), CEO can increase his personal salary if profits increase.
CEO can also use company assets for personal use, ala, let me test drive this awesome new race boat. Maybe, the "company" needs a personal jet too. I'll test this 42 next weekend and tell babes "I own the company".
CEO has babes blo_ing him all over. Even gets bloies on the personal jet "owned" by the corporation.
Company make great ROE based on leverage-times are great.
CEO is hero/cool, builds big houses, and invests in other ventures with salary that is exempt from company assets. Some of these other ventures even make money-like apartments.
CEO has "company" borrow more money. F-it, he ain't going down with the ship.
The whole economy is using borrowed money like heroin.
Company has loans out the ying yang, assets are worth 1/60th of outstanding loans.
Company files bankruptcy, stockholders get jack ****e, bondholders get jack ****e, trade creditors get jack ****e, and employees get their last paycheck.
CEO says "look at my mansion", and "I've have millions in the bank from over the years", and "I'm cool, look at this chain".
CEO blames economy, and Abraham Lincolns monetary policy.
CEO sits back, lets attorneys sort out the mess. Attorneys make lots of money too. Enough to buy their own boats and tell babes "look how much money I make-I'm cool". Attorneys buy Rolexs, but not big chains.
Banks get f'ed, but ain't anybodys personal money-so they don't care either.
CEO loses all claims/stakes of ownership and no personal liability as well.
Assets such as trademark, molds, and real estate get sold for 1/60th of loans outstanding.
CEO, now ready for retirement, wants to sit back enjoy the good life- become employee of new company with not much responsibility.
Former CEO is still rich and getting bloies.
Some guys buy Fountains trademark/molds and start cranking out new models called Fountain Farmers.
Take away all the overseas sales to the middle east and the med and exactly where do you think Cig and OL would be in this economy.
Precisely who in the USA ordered and took delivery of a cig or ol in 2008 and 2009?
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