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Reggie Fountain Can't be Put Down

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Old 07-24-2008, 12:46 PM
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Fantastic news! Makes me totally forget about all of us in Ohio that lost jobs!
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Old 07-24-2008, 01:12 PM
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And yes, if I lived in N.C. I would be pisssed that my tax money went to bail out a company in the private sector that manufactures boats for the wealthy. If it was privatized energy, or utility, or food, that is one thing, but to use tax money to bail out a manufacturer of one of the ultimate indulgences - that just seems absurd.
Given that our tax dollars are used to fund everything from art made of feces, tax breaks for exporting bio-diesel, government funding of Jesse Jackson's pet projects, and handouts to anti American countries....... at least this is something in favor of capitalism.....

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Old 07-24-2008, 01:14 PM
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It is my understanding that Baja was going to go under anyway (only a matter of time), so everyone would have lost their jobs anyway.

At the end of the day it would make more business sense to build both boats in one plant. I'm sure some of the same equip can be used and synergies can be realized in a single plant.
My only question, (and I thought I knew everything), is how do you keep the two seperate for income/tax purposes if they are in the same facility? It seems smart, considering what he paid and the product line/dealership network, to purchase it. But it would seem not so smart to roll it into your existing company vs keeping it seperate just in case of continuing losses/potential bankruptcy. The boat economy isn't real good right now, hence the cheap price for the assets/name. What am I missing here?
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Old 07-24-2008, 01:19 PM
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Given that our tax dollars are used to fund everything from art made of feces, tax breaks for exporting bio-diesel, government funding of Jesse Jackson's pet projects, and handouts to anti American countries....... at least this is something in favor of capitalism.....

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I agree, and if they could have found a way to ship boats cheap from China, they would probably be gone already. Personnaly, I don't want them to fail. I used to really like Reggie when his sales pitch was he personally tested every boat and was building the company. Somewhere along the way it went wrong on the ego I think. I still think a couple of the models they build and sell are the best available, the 42' is an incredible boat. We need to keep every manufacturing business possible running here.
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Old 07-24-2008, 01:47 PM
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Somewhere along the way it went wrong on the ego I think.
Yeah, when he was about 10.

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Old 07-24-2008, 01:53 PM
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Given that our tax dollars are used to fund everything from art made of feces, tax breaks for exporting bio-diesel, government funding of Jesse Jackson's pet projects, and handouts to anti American countries....... at least this is something in favor of capitalism.....

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I don't disagree with you - there is no doubt our tax dollars are squandered in every way possible, but to the average low to middle income family this isn't going to sit well using tax money to bail out a company whose entire existence is based on sales of something as overindulgent as offshore powerboats.... Boats whose half-million dollar price tag is probably 5 times the mean house price throughout much of N.C.
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Old 07-24-2008, 02:00 PM
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I hope the people who are making these transactions aren't as stupid as the person who wrote the article on the front page of OSO. Anyways, I wish Fountain Powerboat Industries the best in their new venture of building high performance "oats."
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Old 07-24-2008, 02:03 PM
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My only question, (and I thought I knew everything), is how do you keep the two seperate for income/tax purposes if they are in the same facility? It seems smart, considering what he paid and the product line/dealership network, to purchase it. But it would seem not so smart to roll it into your existing company vs keeping it seperate just in case of continuing losses/potential bankruptcy. The boat economy isn't real good right now, hence the cheap price for the assets/name. What am I missing here?

Not sure, I would have to really research the relationship between Fountain and Baja...does anyone know if Fountain is the parent company of Baja?

In my business I trade in and out of positions in a number of different legal entities (which report seperate P&L) even though I work for one company, so I don't think what he is doing is that uncommon.
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Old 07-24-2008, 02:14 PM
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I don't disagree with you - there is no doubt our tax dollars are squandered in every way possible, but to the average low to middle income family this isn't going to sit well using tax money to bail out a company whose entire existence is based on sales of something as overindulgent as offshore powerboats.... Boats whose half-million dollar price tag is probably 5 times the mean house price throughout much of N.C.

I normally steer clear of these topics, but decided to open my big mouth.

Why does it matter what the new jobs are for? I mean, they are jobs, right? If you were unemployed prior to this, but employed after, would you really care if you were building expensive play toys for the rich? I'd just be happy to have a job.

I feel bad for the Baja employees in OH. But, getting angry at Reggie for getting a grant is pretty petty. Maybe get mad at the previous management of Baja for not getting a grant from OH, or get mad at the state of OH for not granting the monies like NC did. But don't blame Reggie, he's pulling out all of the stops to stay solvent.

His reasoning for moving the jobs to NC makes perfect economic sense to me. I mean, he gets to spread overhead over both operations, it's just more efficient. Again, having been through this myself, I feel bad for the individuals affected in OH.

With all that said, this grant is a band-aid. Reggie's banking on this economy turning around fairly soon. If it doesn't, I think doors will close at Fountain/Baja and lots of other places as well.
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Old 07-24-2008, 02:24 PM
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I hire people and never get a grant. It always seems that I have to pay more. These grants are for the birds, it is still tax money from everyone being used for stupid things.

We have a sheriff's department in my town and the guy is always getting grants. He has a mobile command center bus, armored assault vehicle and now a boat that I have not seen yet, but I hear it is very nice. Remember our sheriff's in MA have no law enforcement capability, they only guard prisoners. With Homeland Security he can get things that other sheriff's departments get. The only water is a small pond near the prison. The cops in Boston Harbor are pissed, because they needed a boat and he got it with a grant.
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