I was talking to Marty yesterday, one of the test drivers at Fountain and he told me "Reggie says that fat lady has not sung yet". I thinks its good to see him with a positive outlook.

The deal will probably end up like this.

FPB, does BK to get rid of unsecured debt

Oxford, purchases secured debt

RF, has his money w/ Oxford

Oxford makes RF new president of FPB

FPB, continues along until economy returns.

RF, buys secured debt back from Oxford sometime in future.

RF has company back minus debt.

Its not all that complicated, unless someone at brunswick gets pissed and doesn't sell them motors and drives anymore for bailing on debt and loans????? Its a risk.

Here's a small piece until October 9th
 

PRESS RELEASE

September 22, 2009
La Jolla, California

Oxford Investment Group Acquires Fountain Powerboat Debt

The Oxford Investment Group, Inc. (“Oxford”) is pleased to announce that its affiliate,
FB Investments, LLC has purchased the Regions Bank notes securing all the assets of
Fountain Powerboat Industries Inc. (“Fountain”). Fountain is a leading high-performance
boat manufacturer located in North Carolina. Fountain engages in the design,
manufacture, sale and distribution of high performance and recreational offshore sport
boats, sport fishing boats, and sport cruisers, domestically and internationally under the
brand names Fountain and Baja. Fountain is currently operating under Chapter 11 and
Oxford expects to acquire the Fountain assets and emerge from bankruptcy with the
new Fountain by the end of October 2009.

Selwyn Isakow, Oxford’s Chairman said “We are pleased to have the opportunity to re-
build the Fountain and Baja brands and continue the tradition of excellence in
production of performance sports boats, sport fishing boats and express cruisers for
which Fountain is famous. The acquisition of Fountain is an important platform
investment for Oxford as we build a more extensive marine pleasure group.”

The Oxford Investment Group, Inc. is a private investment and corporate development
group that acquires majority equity positions on behalf of its principals in industrial
products manufacturing, financial services, niche distribution, consumer durable goods
and other selected companies. Oxford has offices in California, Michigan, France,
Australia and China.
For further information please contact James Bursey at Oxford (252) 626-0666.

Just in case you missed this.
http://www.wdnweb.com/articles/2009/...1790244964.txt

Its not over! This is an interesting development. I personally would rather see an investor who is specifically savvy in the performance marine business, so this sounds like an improvement.

And makes it sound like RF was not a secret investor in Oxford.

In any event, its pretty clear that the fat lady has not yet sung.

linky no worky for me

The link did not take me right to the article but I entered Fountain Powerboats in their archive search and it came right up. Interesting reading.

One would assume that Liberty would be willing to pay more than the 6.5M that Oxford has in the Nations Bank note. The property / acerage alone on the Pamlico must be worth more than that.

The notice I received ( as a stockholder) from Northern Blue, LLP on behalf of Fountain Powerboats states that the auction shall commence at 10 o'clock a.m. on October 5, 2009 at the offices of the debtor ( FPB Inc. ). The deadline for parties wishing to submit bids and participate in the auction to enter a qualifying bid is 4:00 p.m. on October 1, 2009.

The Court has scheduled the final hearing to consider approval of the proposed sale in the U.S. Bankruptcy Courtroom in Wilson, N.C. at 9:30 a.m. on October 9, 2009.

Looks like this is up in the air till the Court hearing on October 9th.

this is what was on tradeonily today . http://www.tradeonlytoday.com/home/5...-restructuring hope this goes through robbie

Maybe he isn't a secret investor of Oxford, or wait a minute, maybe he is????? Oxford stands to make a killing off this for doing noting??