Fountain Files Chapter 11 Bankruptcy
08-27-2009, 08:18 AM
#141
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Another way to look at it is that when high gas prices and a stumbling economy cast doubt on the entire Offshore Performance Boating business model, most CEO's sat back and accepted the inevitable while a fireball from NC got off his A** and churned out poker run videos in a last ditch attempt to target the high rollars who were flocking to cats because of their obvious speed advantages.
This is the same fireball ceo who nearing the age of 70 strapped himself into a 3000+ hp machine and went faster than any human has ever gone before or since in a V bottom in order to prove the fact that his company makes the fastest V's on the planet.
Reggie has won more races himself, built more wining race baots, has broken more offshore speed records , and sold more offshore boats than any other person on the panet.
Cast all the stones you want at Reggie but take a look in the mirror and compare your own contributions to the sport before you do.
This is the same fireball ceo who nearing the age of 70 strapped himself into a 3000+ hp machine and went faster than any human has ever gone before or since in a V bottom in order to prove the fact that his company makes the fastest V's on the planet.
Reggie has won more races himself, built more wining race baots, has broken more offshore speed records , and sold more offshore boats than any other person on the panet.
Cast all the stones you want at Reggie but take a look in the mirror and compare your own contributions to the sport before you do.
08-27-2009, 08:38 AM
#142
Beak botr
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08-27-2009, 08:45 AM
#143
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Another way to look at it is that when high gas prices and a stumbling economy cast doubt on the entire Offshore Performance Boating business model, most CEO's sat back and accepted the inevitable while a fireball from NC got off his A** and churned out poker run videos in a last ditch attempt to target the high rollars who were flocking to cats because of their obvious speed advantages.
This is the same fireball ceo who nearing the age of 70 strapped himself into a 3000+ hp machine and went faster than any human has ever gone before or since in a V bottom in order to prove the fact that his company makes the fastest V's on the planet.
Reggie has won more races himself, built more wining race baots, has broken more offshore speed records , and sold more offshore boats than any other person on the panet.
Cast all the stones you want at Reggie but take a look in the mirror and compare your own contributions to the sport before you do.
This is the same fireball ceo who nearing the age of 70 strapped himself into a 3000+ hp machine and went faster than any human has ever gone before or since in a V bottom in order to prove the fact that his company makes the fastest V's on the planet.
Reggie has won more races himself, built more wining race baots, has broken more offshore speed records , and sold more offshore boats than any other person on the panet.
Cast all the stones you want at Reggie but take a look in the mirror and compare your own contributions to the sport before you do.
As for what he has done for the industry, no one is doubting that, but if you think for one second he didnt do all that to win and make money your sadly mistaken, and for a while it worked. but I bet the 450 employees would rather have a job than watch him spend hundreds of thousands to go 2 mph faster.
Last edited by offshoredrillin; 08-27-2009 at 08:47 AM.
08-27-2009, 09:03 AM
#145
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I don't get your analogy...Yep he did it and wound up filing for protection. Cig, Outerlimits and Nor-tech didn't try to inflate their egos, and marketed where the money was. Your statement in a nutshell shows what a crappy business person he is.
As for what he has done for the industry, no one is doubting that, but if you think for one second he didnt do all that to win and make money your sadly mistaken, and for a while it worked. but I bet the 450 employees would rather have a job than watch him spend hundreds of thousands to go 2 mph faster.
As for what he has done for the industry, no one is doubting that, but if you think for one second he didnt do all that to win and make money your sadly mistaken, and for a while it worked. but I bet the 450 employees would rather have a job than watch him spend hundreds of thousands to go 2 mph faster.
As for your relentless campaign of hate against the man, he must have really pissed in your wheaties to justify all these anti-Reggie posts. I'd love to hear the story
08-27-2009, 09:25 AM
#146
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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.
High ends.
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.
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.
High ends.
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.
That's a pretty vivid imagination you have. I admire your creative thinking. You should be working alongside Dick Wolf or Tarantino and write a screenplay about this...
08-27-2009, 09:39 AM
#148
Beak botr
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Point is my boat is disposable, never would think it was worth anything. Didn't buy it because it was "something" It is just a boat, if I found that it was rotten (probably is) and that made it unsafe would not hesitate to send it to the shredder!
I would replace it with a single outboard deck boat that was 3 or 4 years old.
Even though I think that no one would believe me, I could walk into Mr. Braver's shop and walk out with a new model if I so chose and was willing to make payments. But that is just plain crazy and the only way I would buy that was if I could just as easily take all the $$ dump it into a 55 gallon barrel and set it on fire and not affect my standard of living.
08-27-2009, 11:14 AM
#149
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08-27-2009, 11:14 AM
#150
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It's a 93..RHC is thinking of the last Cig...
But...Who cares ?
I was just trying to understand your point....
For what it's worth...I like Fountains and HATE to hear all these guys loosing jobs and the creditors getting screwed
I just have an issue with Reggies marketing and some of the Kool-aid club...
I see "Ohio Steel" is for sale...Now, THAT is a Bad-Azz Fountain
But...Who cares ?
I was just trying to understand your point....
For what it's worth...I like Fountains and HATE to hear all these guys loosing jobs and the creditors getting screwed
I just have an issue with Reggies marketing and some of the Kool-aid club...
I see "Ohio Steel" is for sale...Now, THAT is a Bad-Azz Fountain
Last edited by birdog; 08-27-2009 at 11:16 AM.
