Fountain files chapter 11 bankruptcy
 

My guess is this is sort of like GM and Chrylser: strip off the debt load.

What happened to the plant? Worth way more than $10M I'd think.

Smart move

Yes, it will probably will be better for Fountain in the longrun. Hoefully this will let them stay in business to continue building long term.. ;) Jamie

Agreed! I don't feel we have seen the end of Reggie Fountain and his involvement in the boat building business.

Well at least or tax $ goes to things like this. And not just education and heath care for illegals !

You Guys sure this isn't just one of Reggie's Marketing Scams?


:party-smiley-004:

Dave

Spoken like a true a s s hole...

Yep!! But look who the WHOLE A s s is Now?

Dave

I sure wish them the best! Most people don't know much about 11 as it typically does not pertain to individuals. Although sometimes individuals do file 11, it's not very common.

Chapter 11 bankruptcy is a form of bankruptcy reorganization available to individuals, corporations and partnerships. It has no limits on the amount of debt, as Chapter 13 does. It is the usual choice for large businesses seeking to restructure their debt.

The debtor usually remains in possession of its assets, and operates the business under the supervision of the court and for the benefit of creditors. The debtor in possession is a fiduciary for the creditors. If the debtor's management is ineffective or less than honest, a trustee may be appointed. A creditors committee is usually appointed by the U.S.Trustee from among the 20 largest, unsecured creditors who are not insiders. The committee represents all of the creditors in providing oversight for the debtor's operations and a body with whom the debtor can negotiate an acceptable plan of reorganization.

A Chapter 11 plan is confirmed only upon the affirmative votes of the creditors, who are divided by the plan into classes based on the characteristics of their claims, and whose votes are a function of the amount of their claim against the debtor.

If the debtor can't get the votes to confirm a plan, the debtor can attempt to "cram down" a plan on creditors and get the plan confirmed despite creditor opposition, by meeting certain statutory tests.

Chapter 11 is probably the most flexible of all the chapters, and as such, it is the hardest to generalize about. Its flexibility makes it generally more expensive to the debtor. The rate of successful Chapter 11 reorganizations is depressingly low, sometimes estimated at 10% or less.

Individuals usually reorganize under Chapter 13, which offers a streamlined plan at modest cost that allows the individual to keep possession of his assets, catch up on secured debt, and discharge unsecured debt at the end of the plan.

Love him or hate him. All of us will suffer to some degree if Fountain goes away. I sure hope he pulls through!!!!

You are correct... ;) J

yes we will . you know all the **** talkers that talk down about him and put his boats down .. i have YET to see them WRITE THE CHECKS to sposner a race , or help boat racing not a damn one has sposned a race , or done what he has for the last 20 years . robbie

what in the world does that have to do with capter 11??? by the way, wasn't fountain owned by brunswick? that answers your comment about sponsership, a little more money to play with than most others.

it's a fountain thing you woul;d not understand .thinking out loud / robbie

Reggie is also a lawyer..he knows what he is doing...best wishes!

I myself do not care what other people say or think about the Regg. He still builds the Best boat you have ever put your a$$ in. And he did not get there being a dumb A$$. There is no other boat bilder that has the talent and the no how like fountain. Keep the faith.

I agree
 

I am with Carney

That would explain his distorted portrayal of reality, and attempted munipulation of the same...

And then some with Wyatt still around i would hope....

They do build a GREAT boat and have great customer service. I believe that they will pull it out.

spoken like a true 1977 wellcraft owner

My buddy has a Stafordshire Bull Terrior - The Spuds MacKenzie dog. We all named him Reggie - short in stature but forcefull in will. I am betting that the man will pull it out. It is his lifes work, his passion, his love and his child. The world of offshore would not be the same without him. He has my respect and I wish him the best and the hell with anybody who is enjoying his predicament just to be mean spirited.

yep...it's a nova 250, 25' long, no beak (well 27' IF you count the swim platform). Actually I have nothing against fountains, it's on of the brands I will be looking at when I finish school. I do find Reggie's marketing akin to something like a cross between Ringling bros. circus and saturday night live though...

I don't think even the so-called experts could have predicted how bad things would actually get and how fast they'd get there... However -

When you get out of school, let us know when you create a company and a marketing effort that generates a billion dollars worth of something.

It's incredibly easy to find the faults of others while you're in academic land. Fountain's crazy, seemingly off the wall approach to marketing is one of the biggest single reasons why people line up to meet him at the boat show booths.

I would not necessarily agree with 100% of anyone's ideas but that lil' guy from the south did something right to be able to appreciate the type of success that his company has enjoyed. Though he may not be a genius, he's smarter and has a lot more business acumen than I have been able to muster up thus far.

Long live the beak - - - :kiss:

Ringling bros. is full of clowsns..SNL is total satire, both funny, yet make money. I never said he wasn't successful, he may be be Gene Simmon's long lost brother, but he is successful.... :bigbird:

So how is Wellcraft doing these days?

As I said, why don't you share your marketing ideas? What have you done? What are you doing now? What did you do to know so much about marketing sport boats?

Maybe you should bring some of your ideas to light. If you're only poking at the nerdy ways, then you'd have to consider how many boxes of Oxyclean were sold with Billy screaming at you. What about Vince with Shamwow? Fountain isn't the only company that has had niche ways of advertising and promoting. Selling has always had twisted avenues and delusional bs. I'm trying to understand how and where you think he is so wrong.

Who's to say that he didn't see this coming and had a bk plan 1.5 - 2 years ago?? In which case would make him even more convoluted or dumb... like a fox.

DAmn you guys get your beak or feathers or whatever ruffled easy.... please actually read what I wrote, not between the lines, not with predetermined judgemental fanatacism...just read what I wrote. I never made any claim as to whether the marketing strategy was good, bad or indifferent. I stated it was comical. I also stated that fountain was a brand I may buy in the future.