Purchasing Fountain Powerboats
09-22-2009, 08:13 AM
#31
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I'm not sure what this guy is trying to gain by coming on here and telling everyone in the general forum, the Fountain forum, the Hustler forum that Hustler is buying Fountain and then coming on here a week later to say "oops we made a mistake the deal didn't go down because we couldn't get the financing". Why would the the heads of a privately held company come on a public forum and give details of a business merger/deal that has not been "closed" and boast about the oportunity and "the deal" and then come on here a week later and start name dropping banks such as Oxford invesments and then publicly shame a deal that you so much boasted about?! I just don't get it. All of the information that you have feed this board over the last week is considered crap in my book and makes no concrete sense whatsoever. If I was the chairman of the board of a large corporation and I was in merger talks with another competitor and a director, manager, or vp was leaking private information of a deal not yet closed he would be fired on the spot no questions asked. I just don't get it. Sorry just my two cents. I love Hustler and thier products but I think you may have been a little too forward with information that should not have been made public. Sorry I don't normally voice an opinion too much on here.
RAF
RAF
Pesky Varmint
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09-22-2009, 01:02 PM
#34
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I call Roshambo
First the "Huslter" says they are buying Fountain eventhough Fountain was going to auction, then they said they couldn't come up with the money. This sounds like putting the cart before the horse. It's like saying you've won the lottery then finding out your ticket didn't win..
I call Roshambo..
I call Roshambo..
Our acquisition of secured bank notes of Fountain Powerboats fell a few hours short to Oxford Investment as we were in meetings with Reggie Fountain at his facility on Thursday. It is our understanding that they will be able to run the bid up at the auction to 20 Million dollars. This number does not work to make this a viable investment from us as additional money will be needed to get employees back on the line, re-stock materials and keep the business up and running over the next two years while the country comes back from its current recession. We feel it is a sad day in the boating industry as our expertise and high standards would have helped enhanced the Fountain and Baja lines.
Our passion for building high quality boats is alive and well and we will continue to build Hustler’s full line of boats to the highest standards. We will be coming out with our new 29’ in our Rockit Series at the Miami Boat show to fill that current void in the market place and would like to thank everyone who wished us well over the last few weeks.
We will be looking at new ventures in our industry in the coming months.
Our passion for building high quality boats is alive and well and we will continue to build Hustler’s full line of boats to the highest standards. We will be coming out with our new 29’ in our Rockit Series at the Miami Boat show to fill that current void in the market place and would like to thank everyone who wished us well over the last few weeks.
We will be looking at new ventures in our industry in the coming months.
09-22-2009, 03:01 PM
#36
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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
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
09-22-2009, 03:13 PM
#37
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Setting the Record Straight
If you read my post you will see I did not state that we did not have the financing. Hustler had every dime they wanted for the bank note. While we are at the factory with Reggie, taking the tour to make our final decision on purchasing fountain, Oxford wired the money to the bank for the secured notes. We were sitting in Reggie's Office when he gave us the news.
We were very excited about purchasing Fountain and working hand and hand with Reggie. We think Fountain and the name is a staple in this industry and did not want to see it go by the way side or be bought by a huge conglomerate in my opinion wanting to make a quick dollar.
We were very excited about purchasing Fountain and working hand and hand with Reggie. We think Fountain and the name is a staple in this industry and did not want to see it go by the way side or be bought by a huge conglomerate in my opinion wanting to make a quick dollar.
09-22-2009, 05:54 PM
#40
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Sounds like you jumped the gun on the aquistiion announcement. Oxfod must see some kind of value in the company to pay four times more than Hustler was willing to. It looks like they prefer to manage their investments independently, so I would not be surpised if Reggie sticks around.
