Here we go
I have heard through a good source that Oxford will try to make the company work and if they cannot they will liquidate it. I have looked over their portfolio and do not see any marine experience. Seem they have dealt with manufacturing companies that sales are based on huge manufacturing contracts.... No such thing in the boat business. Do they really think GE is going to give their dealers floorplanning right now? Just food for thought....
Is Oxford going to cover the Warranty on all boats built before their purchase... A question fountain owners should ask?
I am not willing to buy a boat from a company that may or may not survive.
Here is the link to their Portfolio http://www.oxfordinvestmentgroup.com...tprofiles.html
Here we go
I like how the pictures on the Homepage are in taken in the dark.
No smoke or mirrors, they just leave the lights off.
I am hopefull but...
Its all about the money with a company like this. The bottom line is the only thingthat mattters to "investment groups" sorry I hope I am wrong.
Hustler would have certainly put the boats 1st.
As for right now I guess it's just wait and see what finally comes out of this....
I'm not sure if it's necessarily a bad thing that an investment company buy's Fountain as long as they retain or recruit people who understand the boat business.
Only time will tell, but it's better than liquidating all of the asset's and from their portfolio it looks like they have the capital to make it go.
"Life's tough. It's even tougher if you're stupid"
i have a good friend here in Jacksonville, Barry Peters who i believe is in negotiaitons to buy Fountain from Reggie... He already knows more than anyone i know about fountains, has the cool windbreaker jump suit he wears to poker runs, and his wife says he has a Fountain Flag hanging in his bedroom next to the lotion and tissues...
this is not confirmed as of yet, stay tuned
Hmmm... I'd guess they bought the note for maybe $5M from the bank. That's not much to pay for all that real estate, plant. Even if they don't go into business. Now, if they are an investment company, they may not have much cash flow need, just capital appreciation over time. They could piddle along until the market comes back, dealer floor plan financing re-appears, and then turn up the wick. If your planning horizon is, say, 5 year ROI, then its a hard to miss opportunity.
If you need to make ends meet, make payroll, make debt payments, meet the numbers a bank requires for ongoing financing, well, its BK time.
Looks like someone at Oxford is going to get a nice bonus in a few years. Perhaps not this year or the next.
When Reggie too over Baja I saw this coming. Now whats Reggie going to do? Will his ego alow him to be involved if he doesn't control it?
I think the Fountain Owner's Group should rally together in an effort to obtain capital to buy the company!
I think I still have my $49.00 hat!!
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