Purchasing Fountain Powerboats
10-05-2009, 05:32 PM
#192
Registered
Join Date: Sep 2009
Location: atlantic beach,nc
Posts: 18
Likes: 0
Received 0 Likes
on
0 Posts
One Bidder At Fountain Powerboats Bankruptcy Auction
The bankruptcy auction of Fountain Powerboats in Beaufort County was held as scheduled Monday morning.
Posted: 2:50 PM Oct 2, 2009
Fountain Wants Bankruptcy Auction Delayed
Story 11 Comments
Font Size:
There was only one bidder at a bankruptcy auction held at Fountain Powerboats in Beaufort County Monday morning.
That's according to Irving Smith, Fountain Powerboats chief financial officer.
Smith said Oxford Investments was the only bidder and had been approved for a credit bid.
We're told the auction was for all of Fountain's assets, not pieces of them.
The bankruptcy auction started at 10 a.m. at the plant's facility in Washington.
The auction is not finalized until it is approved by a bankruptcy judge.
Another hearing is set for Friday.
Fountain Powerboats is working to appeal the purchase of the Regions Bank note by Oxford Investments.
Fountain continues to try to change its Chapter 11 so it can keep its assets and reorganize.
The auction and the appeal are expected to be part of Friday's hearing.
Fountain had tried to delay Monday's auction, but the delay was not approved by the bankruptcy court.
A schedule posted by the United States Bankruptcy Court Eastern District of North Carolina shows the October 9th hearing as beginning at 9:30 a.m. in Wilson with Judge Randy Doub presiding.
That schedule lists several scheduled matters before the court for Fountain Powerboat Industries Inc.
They include: a motion to sell free and clear of liens; a motion for authority to use cash collateral; a motion to obtain post petition financing; and a motion to appoint Chapter 11 trustee.
Last week, it was reported that Liberty Investments was interested in Fountain. Liberty acquired a majority of shares in Donzi and Pro-line boat companies in the past year. There is no word if Liberty is still working to secure a Fountain deal.
Another powerboat company, Hustler, was interested in Fountain, but the New York company pulled back in light of maneuvers by Oxford Investments, such as the reported purchase of the Regions Bank note.
The bankruptcy auction of Fountain Powerboats in Beaufort County was held as scheduled Monday morning.
Posted: 2:50 PM Oct 2, 2009
Fountain Wants Bankruptcy Auction Delayed
Story 11 Comments
Font Size:
There was only one bidder at a bankruptcy auction held at Fountain Powerboats in Beaufort County Monday morning.
That's according to Irving Smith, Fountain Powerboats chief financial officer.
Smith said Oxford Investments was the only bidder and had been approved for a credit bid.
We're told the auction was for all of Fountain's assets, not pieces of them.
The bankruptcy auction started at 10 a.m. at the plant's facility in Washington.
The auction is not finalized until it is approved by a bankruptcy judge.
Another hearing is set for Friday.
Fountain Powerboats is working to appeal the purchase of the Regions Bank note by Oxford Investments.
Fountain continues to try to change its Chapter 11 so it can keep its assets and reorganize.
The auction and the appeal are expected to be part of Friday's hearing.
Fountain had tried to delay Monday's auction, but the delay was not approved by the bankruptcy court.
A schedule posted by the United States Bankruptcy Court Eastern District of North Carolina shows the October 9th hearing as beginning at 9:30 a.m. in Wilson with Judge Randy Doub presiding.
That schedule lists several scheduled matters before the court for Fountain Powerboat Industries Inc.
They include: a motion to sell free and clear of liens; a motion for authority to use cash collateral; a motion to obtain post petition financing; and a motion to appoint Chapter 11 trustee.
Last week, it was reported that Liberty Investments was interested in Fountain. Liberty acquired a majority of shares in Donzi and Pro-line boat companies in the past year. There is no word if Liberty is still working to secure a Fountain deal.
Another powerboat company, Hustler, was interested in Fountain, but the New York company pulled back in light of maneuvers by Oxford Investments, such as the reported purchase of the Regions Bank note.
10-05-2009, 10:26 PM
#194
Mod Squad Enforcer
Charter Member
Join Date: Nov 2002
Location: On the way to a PR near you
Posts: 12,958
Received 795 Likes
on
258 Posts
Oxford may come out smelling like a rose....
They include: a motion to sell free and clear of liens;
the auction was for all of Fountain's assets, not pieces of them.
They include: a motion to sell free and clear of liens;
the auction was for all of Fountain's assets, not pieces of them.
10-08-2009, 10:46 AM
#195
Registered
The Oxford Investment Group owns the note and unless they get outbid at the auction and decide to sell the note (which is highly unlikely) they will then own the company. You most likely will not see any formal announcements until October 9th from them. This is a very well funded investment company with "ALOT" of experience in boat building. They are very smart and have alot of ideas and more importantly they have a business a plan & motto. It will be a different company in some aspects and the changes they want to make will do nothing more than benefit the end user. As a Fountain only dealer for the past six years I will tell you I could not be more excited about what will be coming, VERY EXCITING, Stay tuned but do NOT expect to hear or see much until October 9th.
Regards,
Team Shogren
www.teamshogren.com
Fountain & BAJA By Fountain
847-336-9037
Regards,
Team Shogren
www.teamshogren.com
Fountain & BAJA By Fountain
847-336-9037
Well now, turns out who had the most accurate information AH?
10-08-2009, 11:16 AM
#196
Registered
Join Date: Jun 2006
Location: Sunland, CA
Posts: 377
Likes: 0
Received 0 Likes
on
0 Posts
Yup, Shogren nailed it!
Almost like he actually talked to someone instead of just speculated from a keyboard!!
I am looking forward to the announcement from the new owner, Oxford.
And a press conference with Reggie too, so he can go off into retirement giving all of us Fountain fans and boat owners some form of closure.
Almost like he actually talked to someone instead of just speculated from a keyboard!!
I am looking forward to the announcement from the new owner, Oxford.
And a press conference with Reggie too, so he can go off into retirement giving all of us Fountain fans and boat owners some form of closure.
10-08-2009, 12:01 PM
#197
Registered
Join Date: Aug 2005
Posts: 323
Likes: 0
Received 0 Likes
on
0 Posts
I HIGHLY doubt reggie is going into retirement!!! No way, no how, no chance. Several reasons....First, that is not reggie style. He can't sit still. second WHOEVER does end up with Fountain would be a fool to not have an ICON like Reggie there to keep the image up. that man knows more about boating than anyone on earth.
10-08-2009, 12:12 PM
#198
Registered
Join Date: Jun 2006
Location: Sunland, CA
Posts: 377
Likes: 0
Received 0 Likes
on
0 Posts
Except that Oxford did offer Reggie a position, but apparently Reggie would only settle for being the CEO, and Oxford would not accept that. From subsequent press releases by both sides, sounds like they did NOT agree to disagree amicably.
So I would be surprised if Reggie had anything to do with Fountain Powerboats.
Otherwise, I agree with your post: I doubt he will simply retire.
So I would be surprised if Reggie had anything to do with Fountain Powerboats.
Otherwise, I agree with your post: I doubt he will simply retire.
10-08-2009, 12:43 PM
#199
Registered
Join Date: Aug 2005
Posts: 323
Likes: 0
Received 0 Likes
on
0 Posts
I wonder what will happen? I wouldn't be shocked if Reggie doen't go down the road and start ReggieCraft powerboats. That man has drive. Not only does he have drive he is VERY smart. Underneath all the gold chains there is a pretty smart cookie. His passion for powerboating is egual to that of the Popes passion for the bible. Serious. Not being a smart@@@ but love him or hate him he is one interesting person.
10-08-2009, 01:12 PM
#200
Registered
Join Date: Apr 2009
Location: Orange Park FL
Posts: 36
Likes: 0
Received 0 Likes
on
0 Posts
Shogren is a dealer and best case the information an hour before it hit a press release somewhere. Anyone who has ever been a dealer/distributor for any manufacturer in any business knows that you are only going to get the information the wants you to have and nothing more. They will always be looking out for themselves first and the dealer will fall somewhere down the line. The funny thing is for all the people who hate Reggie, which I have no opinion either way, he has been the face of this company for so long how do you go forward without him?
