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Fountain Files Chapter 11 Bankruptcy

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Old 08-25-2009, 12:06 PM
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Originally Posted by fountainemp View Post
thanx bullhead, the employees are suffering. by the way your boat turned out great.
I hope Washington, NC has more to offer than Bucyrus, OH does. Well over 1 year later, Id venture to say at least 90% of the ex-Baja employees are still collecting unemployment with no jobs available. Alot of the people that did get new jobs were laid off shorly after. A small handful of people ended up with much better paying jobs than Baja.

Good luck!
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Old 08-25-2009, 12:19 PM
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Well said Ray!

While not a fan of Fountain boats I have respect and admiration for Reggie and what he and his boats have done for the sport of high performance boats.

Good Luck Fountain
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Old 08-25-2009, 12:27 PM
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Sorry to hear this. Hopefully they can work things out.
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Old 08-25-2009, 12:39 PM
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So, what does this do for the brand? I'm just a dumb guy on all this stuff.
You hear all the time about people BK'ing out of debt only to come back stronger & better than before.
With the BK in Reggie's pocket now, how does he gain financially from it?
By "he" I mean the company.
I always hear speculation that there is some loop hole in the laws that allow one to get out of "jail", restructure a company & gain from screwing their creditors.
Is there something like that going on?
Sure looks like it on the outside to a dummy like me.
Just from the limited reading I've done I'd say that is not the case here. His bankruptcy is undersecured. His assets are far less than secured claims. It sounds like they are banking on the idea that someone will buy the company. If they find a buyer that is willing to pay what is owed, then Reggie may come out smelling like a rose. If they don't then all the assets will be sold and reggie will have to start all over. I have seen shareholder's buy the company out of bankruptcy. So it is very possible that Reggie could do this with the help of a few investors.
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Old 08-25-2009, 12:46 PM
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Originally Posted by carcrash View Post
I realize that all you idiots who voted for Bush even though he is clearly the worst President in US history have somehow forgotten that this entire economic meltdown happened on his idiotic watch.

But come on, do you have to keep proving to everyone else how retarded you are? Just keep your past mistakes to yourselves, move on. Mistakes happen. You made a REALLY BIG one that all these boat companies are paying for, but you made it. Move on. Sure, the lives and fortunes of many people were destroyed by his idiotic policies (spend more, tax less). But in the long run, we will all get over that disaster. Might take awhile, and a lot more people losing everything they ever worked for, but we'll get over it.

But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass.

Someone has thier head and shoulders up thier a$$
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Old 08-25-2009, 01:10 PM
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Originally Posted by Padraig View Post
Well said Ray!

While not a fan of Fountain boats I have respect and admiration for Reggie and what he and his boats have done for the sport of high performance boats.

Good Luck Fountain
DITTO...DITTO...Very well stated Ray.
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Old 08-25-2009, 01:24 PM
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Originally Posted by Raylar View Post
For those on OSO and the industry and sport who want to cry and whine and complain and blast about the problems with companies like Fountain in our industry I would say there is nothing really useful, helpful or insightful that comes from this "kicking a hurt manufacturer" when they are down! Fountains contributions, past successes and importance to our industry are without question.
I am quite sure that no manufacturer or vendor in our sport and industry were responsible for this horrific downturn in the US economy and its subsequent fallout, but I am also sure that some could have been more careful in their long term planning and positioning in the market place, but thats the way it is in any free democracy capitalist form of economy! 10-5 years ago, most everyone ,even some of you, including these businesses where "FAT, Dumb and Happy", Mercury included!
It is important that we don't loose sight of the future of this industry and sport. We should all be concentrating on staying dilgent to our own economic situation, staying correctly informed,refocusing our efforts to all work hard and contribute to the earned only success of our sport and industry!
Standing around saying I told you so! and being contrite about an important manufacturer's situation and future is counterproductive and hurtfull to the whole future of this industry and sport!
The new Performance Boating Sport and Industry will never be the same as it was 5-10 years ago and rightly so! It has to morph into a newer more efficent and affordable industry and sport!

Just also remember, that where there is a need and companies and individuals fullfill those needs there are rewards and success to be had. I hope that our industry will ride out and survive these difficult times, because your recreation and enjoyment DEPEND ON IT!!
Lets all get better at everything we do and say and our futures will benefit greatly!

Best REgards,
Ray @ Raylar
great statement . Kiekaufer was great as well .doggin' reggie cuz he didnt give some of you the attn you felt you needed wont help ya'll get it now .

Its nice to see positive comments from the youth who are still involved . Good for you ,keep youre sport alive with positive input here on oso
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Old 08-25-2009, 02:09 PM
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Originally Posted by carcrash View Post
I am in discussions with a few billionaires (members of my yacht club, and my best man) about if Fountain could be a good investment. The very rich were not hurt in this downturn: they knew the "tax less, spend more, send trillions to the middle east" Bush concept was a short term play, and they played it so: they pulled out 12 months or less before Bush was done. Its all the poor suckers (the common rich) like you and be who kept their money in 401Ks, commercial real estate, and/or private corporate holdings "for the long term" that took it in the net worth. We'll see who ends up with Fountain, I expect it will be one of my buddies.
I can see an ultra wealthy individual coming in and trying to save the brand, but I also bet that this person didn't become ultra wealthy by making bad business deals. The only way it would make sense is if a large corporate manufacturer was able to purchase the brand name out of bankruptcy and move all operations into their current set up. FPB, as currently set up, will continue to lose money, as the COGS are way to high and margin way to low to sustain profitability. However, possibly one of your friends is in the business and has the capabilities to do so.
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Old 08-25-2009, 02:17 PM
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Originally Posted by Dirty Affair View Post
We have all been in a tough patch at one time we need to wait and see what happens over the next year and listen to the ones that are directly tide to reggie and fountain like shogrens that will be the most reliable info. Second they are still great go fast boats!!
Actually, they may be the closest to the situation, but they probably are being promised that everything will be ok and help is on the way....

I'm sure they are being lied to or promised things that will make them seam at ease, so they will not be another problem to deal with. For their sake, i hope help does come.
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Old 08-25-2009, 03:42 PM
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Fountain won't just dry up and blow away.....Fountain Powerboats by Shogren? LOL

Last edited by Back4More; 08-25-2009 at 03:46 PM.
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