How sound is Reggie financially?
06-18-2008 | 06:15 PM
#42
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Joined: May 2006
Posts: 4,224
Likes: 1
From: West Creek NJ
Foutain powerboats will be around as long as Reggie is.Even if he takes a loss for a few years he ain't going nowhere.Does anybody thing that he needs the money even if the company was broke Reggie is not and he will keep it running
06-18-2008 | 06:26 PM
#43
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Joined: Nov 2000
Posts: 6,306
Likes: 1
From: Lake Lanier - N. Georgia
Very true. How do you make a million dollars in the boating business? Start with two!
06-18-2008 | 07:43 PM
#47
Registered
Joined: Nov 2001
Posts: 3,959
Likes: 2
From: Palm Harbor, FL
I don't think so .......
TAMPA - The developers of Trump Tower Tampa filed for Chapter 11 bankruptcy Tuesday - a sign the tower may never go up.
It has been more than three years since Tampa-based SimDag/Robel LLC announced plans to build the 52-story luxury tower downtown along Ashley Drive. Vertical construction on the tower never started because SimDag couldn't obtain financing.
The project got mired in liens and lawsuits, even one from Donald Trump, for whom the project is named. Trump sold naming rights to SimDag and said in his suit he wanted his name removed because the tower was off schedule and the developers owed more than $1 million in fees.
The bankruptcy filing lists SimDag's debt at $10 million to $50 million. Developers estimate there are more than 200 creditors.
When sales in the proposed tower began, buyers put down 20 percent deposits on the condos, originally priced at $700,000 to $6.5 million. Half of the money was put in escrow so it could be returned to buyers. The rest was turned over to SimDag and used for site preparation.
Several buyers have sued to get their money back.
Part of SimDag's problem was the real estate market. When the market tanked, traditional lenders steered clear.
Developers looked for financing from hedge funds, a risky, expensive method to fund projects.
All the hedge funds also turned them down.
TAMPA - The developers of Trump Tower Tampa filed for Chapter 11 bankruptcy Tuesday - a sign the tower may never go up.
It has been more than three years since Tampa-based SimDag/Robel LLC announced plans to build the 52-story luxury tower downtown along Ashley Drive. Vertical construction on the tower never started because SimDag couldn't obtain financing.
The project got mired in liens and lawsuits, even one from Donald Trump, for whom the project is named. Trump sold naming rights to SimDag and said in his suit he wanted his name removed because the tower was off schedule and the developers owed more than $1 million in fees.
The bankruptcy filing lists SimDag's debt at $10 million to $50 million. Developers estimate there are more than 200 creditors.
When sales in the proposed tower began, buyers put down 20 percent deposits on the condos, originally priced at $700,000 to $6.5 million. Half of the money was put in escrow so it could be returned to buyers. The rest was turned over to SimDag and used for site preparation.
Several buyers have sued to get their money back.
Part of SimDag's problem was the real estate market. When the market tanked, traditional lenders steered clear.
Developers looked for financing from hedge funds, a risky, expensive method to fund projects.
All the hedge funds also turned them down.
06-19-2008 | 07:40 AM
#49
Banned
Joined: Dec 2006
Posts: 368
Likes: 0
From: Atlanta
If Fountain bounces then you can rest assured others will become memories as well. Fountain/Baja would be a hit, don't forget Black Thunder. These are old companies that have been through the highs/lows of the boat market before.
Cigarette has been on the ropes several times through the years (as recently as the late 90's) and the list of owners but they have been brought back to life.
This style of boating is hard on the wallet so the industry will definitely feel the pinch in an economic downturn. The manufacturers, the parts vendors, the service people, the painters, trailer companies, marinas etc.
Cigarette has been on the ropes several times through the years (as recently as the late 90's) and the list of owners but they have been brought back to life.
This style of boating is hard on the wallet so the industry will definitely feel the pinch in an economic downturn. The manufacturers, the parts vendors, the service people, the painters, trailer companies, marinas etc.
06-19-2008 | 08:56 AM
#50
Allergic to Nonsense
Joined: Aug 2001
Posts: 5,007
Likes: 21
From: Granite Quarry, NC
On the other hand he could try a new company.... and call it "Executioner".... and start all over again, but at his age... Why?
T2x
