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Reggie Fountain Can't be Put Down

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Old 07-24-2008, 02:36 PM
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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.
My point wasn't the 250 jobs that have been created, that is fantastic. My point was that to a LOT of other people they will see this as a lot of money spent by the government to bail out a company that sells such an extravagant item as irrational - and they will have a valid perception.
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Old 07-24-2008, 02:57 PM
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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.
Seperate facilities I understand, even if they are on the same property. What I don't understand is how could you make Baja's and Fountain's in the same building and keep the P&L seperate?
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Old 07-24-2008, 03:15 PM
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Nothing but cooperate welfare.

Good for Reggie and real bad for me as a tax payer.

There is no way in hell he will create 250 jobs.
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Old 07-24-2008, 03:24 PM
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My point wasn't the 250 jobs that have been created, that is fantastic.
Agreed.

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Originally Posted by seafordguy View Post
My point was that to a LOT of other people they will see this as a lot of money spent by the government to bail out a company that sells such an extravagant item as irrational - and they will have a valid perception.
Irrelevant. Either you're for the govt. helping a private industry to stimulate the local economy or you're not. Doesn't matter if the company makes blankets for the homeless or rich people play toys. Jobs are jobs. Me personally, I'm more of a pure capitalist, however, it's always a positive to create jobs.

This type of thing happens more often than you think in the form of tax incentives and the like. It just gets alot more press time on here because it involves Reggie and he's got a way of polarizing people.

As a taxpayer you should seperate the economics from the product.
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Old 07-24-2008, 03:32 PM
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Nothing but cooperate welfare.

Good for Reggie and real bad for me as a tax payer.

There is no way in hell he will create 250 jobs.
I used to think the exact same way. The market dictates who survives, not the government and survival of the fittest and all that. But, the older I get, I think that things can move so quickly that it's hard for the employee to switch from job to job and maintain a living. I think the government providing some stability and stimulus here and there is a positive. I just don't want a habit of it...
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Old 07-24-2008, 03:35 PM
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250 jobs = 50 jobs for americans & 200 for illegals
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Old 07-24-2008, 03:58 PM
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I see it this way, would you rather have 12 million given to companies that keep people employed, and acting as contributing members of society, or...... waste it on a bunch of 3rd generation welfare trash, that sit on their ass all day complaining that they have not recieved enough__________(insert just about anything) from the government lately? I know where I stand.



Darrell.
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Old 07-24-2008, 04:04 PM
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Originally Posted by blkbullitt View Post
I used to think the exact same way. The market dictates who survives, not the government and survival of the fittest and all that. But, the older I get, I think that things can move so quickly that it's hard for the employee to switch from job to job and maintain a living. I think the government providing some stability and stimulus here and there is a positive. I just don't want a habit of it...
I would have agreed a few years back but not any longer.

If Fountain was growing it may be a good investment. But if I understand correctly the employees have taken a pay cut, Reggie is not taking a pay check right now and there is a lot of money owed to banks. The stock is in the toilet and I see this as a matter of survival instead of actually growing a company and creating jobs. I could be all wrong but just what I am hearing.

Hopefully he makes it and we the tax payers see a return?
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Old 07-24-2008, 04:23 PM
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Please Reggie don't p!ss it all away on trying to manipulate and control offshore racing again......
He'll use it to feed his massive ego in some fashion. God knows he's run through millions of OPM doing just that.

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My humble impression of this Baja thing is that Brunswick forced him to take the Baja outfit... (.
Absolutely- Brunswick needs to prop up unit volume- even if they show a dollar loss somewhere else. When you're managing a public company, you're managing stock price and investor perception, not necessarily managing the business. Lower profits are forgiveable. Lower sales- especially losing a major customer, typically are not.

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Question: How many of you avid supporters own FPB stock or, more importantly, are planning on buying it soon?

.
Fuuuuuck no. FPB is and has been in the toilet forever. If you follow the market, based on his IPO and market growth, FPB should be trading in the 70's if it just kept pace with the S&P 500. It's about 1/100th of that. That IPO was an investor fleece. Pretty much a legal theft. The way it was positioned, there isn't much anyone could do about it.

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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?
Baja will be nothing more than a brand. Fountain may construct them on contract for another assetless corporation called Baja Marketing or whatever.

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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.
North Carolina is simply advancing capital to Fountain against future taxes that his employees and his corporation will pay back to them in the future. I personally think they made a bad bet on this one.

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Reggie is not taking a pay check right now...
Reggie cleaned out the cookie jar long ago. If he doesn't need the paycheck and he gets to still be The Creator (of the "World's Fastest, Safest, Most Dependable, Removes All Stains, Won't Clog Your Arteries, Stops Erectle Dysfunction Powerboats") then this just keeps the party going on.
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Old 07-24-2008, 04:49 PM
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Anyone who owns a business is ultimately is looking to turn a profit otherwise you won't be able to survive...the lenders are tightening their requirements all the time....people no longer have the luxury of turning a profit in a few years,...unless you are established and have good credit it will be a short run which is why most businesses fail in the first three years of start-up...

people that start businesses and hire people are there to make money plain and simple and if that includes bringing stable employment along the way that's a great benefit...

I can't speak for other business owners but we are not in business just to provide jobs, if we aren't making money and moving forward no one needs the aggravation to just tread water or loose money..

Unprofitable Divisions will be eliminated and/or restructured which ultimately leads to a loss of some jobs...

Some people want to make the case that a company needs to show them loyalty and be there for as long as they want, but it never seems to happen when the shoe is on the other foot...

Funny thing is no one criticizes anyone for moving on to a new job to further themselves even if their present employer payed them more than the going rate for their services...

While I don't claim to know any of the circumstances surrounding Fountain's purchase of Baja someone thinks it's a good deal or at the very least a way to further their company...

It happens all the time, one company buys another and they are absorbed never to be heard from again...At least on the surface it appears that Fountain is still going to keep the Baja brand alive, for how long is anyones guess and that's all it is a guess.

Like him or not he's putting his company on the line doing this deal and I wish him the best for the marine industry as a whole needs some positive outcomes out of the doldrums that they are presently in...
As a business owner i would say to you ( Very Well Said) I whole-heartly agree with your comments!
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