Like Tree0Likes

Fountain Files Chapter 11 Bankruptcy

Reply
Old 08-25-2009, 10:41 PM
  #121
Registered
 
Join Date: Oct 2008
Location: Bird Nest
My Boats: My boat is Smaller and slower than yours
Posts: 340
Default

Quote:
Originally Posted by TEAMBAJA View Post
They will combine Foutain, Baja, & Checkmate.

The new company will be Beckmountain or Beakmate.


(Note to Purple Hornet aka Big Red or whatever name you go by: This was posted for fun purposes only. No need to post it on the other board as a fact)
Okay captain, I will make a note and inform Big Red with your instructions. Do you still have any left over shopping carts. I will be passing by your way thursday and really could use one.
PURPLE HORNET is offline  
Reply With Quote
Old 08-25-2009, 11:41 PM
  #122
Registered
 
Join Date: Jan 2004
Location: Chicago
My Boats: MYSTIC Catamarans, Center Consoles & Great Selection Of Used Boats
Posts: 1,035
Thumbs up Interesting but missing the big picture

Very interesting to read all the comments and speculation. There is alot being said by alot whom do not know what they are talking about. The brand is not going away and the brand will not be moving. I would bet you will hear very positive news within 10 days. It's not going in to this that will make as much of a difference as how they come out of it. The numbers and speculation on here are so far fetched. Whether you like Fountain/Reggie or not you need to respect him for what he has done including stimulating a tough industry at the right time. Reggie has owned and operated this company for 30 years without other owners or a BK which cannot be said for any other true high performance boat company that I am aware of. Cigarette has never died and many have run it into the ground. Now Cigarette is stronger than ever because Skip Braver is a helluva a business person. Competition is good and we need it today and in the future.

Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.

Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.

The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.

Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.

From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.

Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.

Stay tuned.

www.teamshogren.com
TeamShogren.com is offline  
Reply With Quote
Old 08-25-2009, 11:48 PM
  #123
Registered
 
NASCAT's Avatar
 
Join Date: Aug 2003
Location: Charlotte, NC
My Boats: 2017 Nor-Tech 340
Posts: 2,684
Default

Quote:
Originally Posted by Bullhead View Post
No matter how it all turns out and no matter how you feel about Reggie it really sux for the employees..... they have some awesome talent there that have put in a tremendous effort to produce a great product.... hopefully they get through this
Couldn't agree w/ you more BH & Brian Forehand is certainly one of them. First Class!
NASCAT is offline  
Reply With Quote
Old 08-25-2009, 11:54 PM
  #124
Registered
 
NASCAT's Avatar
 
Join Date: Aug 2003
Location: Charlotte, NC
My Boats: 2017 Nor-Tech 340
Posts: 2,684
Default

Quote:
Originally Posted by TeamShogren View Post
Very interesting to read all the comments and speculation. There is alot being said by alot whom do not know what they are talking about. The brand is not going away and the brand will not be moving. I would bet you will hear very positive news within 10 days. It's not going in to this that will make as much of a difference as how they come out of it. The numbers and speculation on here are so far fetched. Whether you like Fountain/Reggie or not you need to respect him for what he has done including stimulating a tough industry at the right time. Reggie has owned and operated this company for 30 years without other owners or a BK which cannot be said for any other true high performance boat company that I am aware of. Cigarette has never died and many have run it into the ground. Now Cigarette is stronger than ever because Skip Braver is a helluva a business person. Competition is good and we need it today and in the future.

Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.

Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.

The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.

Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.

From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.

Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.

Stay tuned.

www.teamshogren.com
Very Well Said From A Reliable Source Second Only to Reggie Fountain Himself!

Continued Success Team Shogren!!
NASCAT is offline  
Reply With Quote
Old 08-26-2009, 12:06 AM
  #125
Registered
 
TEAMBAJA's Avatar
 
Join Date: Dec 2002
Location: Bucyrus, Ohio
My Boats: 24 OUTLAW
Posts: 6,654
Default

Quote:
Originally Posted by PURPLE HORNET View Post
Okay captain, I will make a note and inform Big Red with your instructions. Do you still have any left over shopping carts. I will be passing by your way thursday and really could use one.
Let me know when and where. We really should meet.
TEAMBAJA is offline  
Reply With Quote
Old 08-26-2009, 12:36 AM
  #126
Registered
 
Join Date: Aug 2009
Location: Orange County, CA
My Boats: 27' Rayson Craft
Posts: 36
Default

Quote:
Originally Posted by PWRQWST View Post
WOW....... Well ok I quess I am an idiot then, and proud of it, but I would rather have bush again then the "O". Dont get me wrong I was not happy with all that Bush did, but Obama is a train wreck.
Maybe if the government can just buy Fountain and Baja it will be like G.M. and Dodge. And then if I am lucky we will get "cash for sinkers" and since boats cost more then cars I can get $45,000.00 for my 1987 Bayliner on trade for my 2010 42 Poker run edition with 700's in it. But I hope they at least put a stipulation that we have to buy from an american company. At least this way we will help support all them since its our (U.S. tax payers) money that we are spending.
This is the funniest and truest post that i have ever read. Easily the best in my short time here.
hooky40 is offline  
Reply With Quote
Old 08-26-2009, 04:01 PM
  #127
Registered
 
Join Date: Aug 2009
Location: Orange County, CA
My Boats: 27' Rayson Craft
Posts: 36
Default

Quote:
Originally Posted by db71 View Post
I havent read every post but I do not think numbers are being just thrown around they are from the filings themselves. I would think there would be a lot better oppurtunities for someone to spend 10 to 30 million on than a boat company.

No matter what happens people still have to buy new boats and usually that means someone has to finance them. If nobody is financing few people are buying.

I would also assume that if there is a factory direct store and they are in br than they will be selling new boats at firesale prices even assuming a dealer or group of dealers pick them up still have to have customers
I totally agree. Why would someone come in and buy all the current inventory? The banks/lenders are about to own it and liquidate it at some point. Then it comes off the books and then a buyer comes in and purchases the brand (minus inventory).
hooky40 is offline  
Reply With Quote
Old 08-26-2009, 04:16 PM
  #128
Registered
 
Join Date: Dec 2003
Location: LOTO
Posts: 80
Default

too bad, i wish all involved the best. i guess this means we wont see Reggie this weekend at the shootout? i would agree he has done tons for the sport-not just his brand, every time i have spoke with him he has been just as passionate as ever about his product.
sacaja is offline  
Reply With Quote
Old 08-26-2009, 07:18 PM
  #129
Registered
 
Join Date: Feb 2006
Location: Cicero NY
My Boats: 2008 Sunsation SSR
Posts: 177
Default Here's some good Info with a video of Reggie discussing the situation at hand.

http://www.boattest.com/Resources/vi...px?NewsID=3691

Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
Filtrman is offline  
Reply With Quote
Old 08-26-2009, 08:21 PM
  #130
Registered
 
Join Date: Aug 2009
Location: Orange County, CA
My Boats: 27' Rayson Craft
Posts: 36
Default

Quote:
Originally Posted by Filtrman View Post
http://www.boattest.com/Resources/vi...px?NewsID=3691

Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
...and I'm sure those private equity guys won't mind the $60,000,000 debt on the books....

Mr Fountain won't own Fountain anymore, but I hear he has a really lavish house still, if they do find a partner to bail them out. He will more than likely be an employee of Fountain or the new entity.

Most banks and private equity firms are sweating bullets these days because any more bad deals and they might go under, so I would be surprised to see them reduce the debt load or "cram it down". I'm certain that the brand name will survive, but obviously things have to change dramatically for someone to just come in and "save" the company. If anything, maybe an LBO firm comes in tries to do something with it.
hooky40 is offline  
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 02:02 AM.


Copyright 2011 OffShoreOnly. All rights reserved.