Like Tree0Likes

Fountain Files Chapter 11 Bankruptcy

Reply
Old 08-26-2009, 08:32 PM
  #131
Registered
 
Join Date: Sep 2008
Location: LOTO
Posts: 1,200
Default

Good info. I hope it works out. Love him or hate him, hte powerboat industry would not be the same without him.
redbud35 is offline  
Reply With Quote
Old 08-26-2009, 10:19 PM
  #132
Registered
 
Join Date: Jan 2004
Location: Northern NY
My Boats: '06 35 Lightning Merc HP 525's aka The Black Biotch
Posts: 4,970
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!

Mike,

Good find! If I get invited down to N.C. for a look see and dinner you can come along.

Peter
RaggedEdge is offline  
Reply With Quote
Old 08-26-2009, 10:28 PM
  #133
Gold Member
Gold Member
 
augie58's Avatar
 
Join Date: Apr 2002
Location: wisconsin
My Boats: 98 formula 353
Posts: 486
Default

Like him or hate him, Reggie is a showman. But the cost of putting on the show are too high in these times. When volumes dropped and the overhead could not be cut fast enough there was no way out of the box.
augie58 is offline  
Reply With Quote
Old 08-27-2009, 12:43 AM
  #134
Registered
 
Join Date: Oct 2003
Location: Land O Lakes Fl
Posts: 544
Default Fountain By Cigarette?

I'm betting Skip Braver will end up with it. Based on nothing more than a "hunch"
iamjoe is offline  
Reply With Quote
Old 08-27-2009, 01:04 AM
  #135
Registered
Platinum Member
Trade Score: (3)
 
tomtbone1993's Avatar
 
Join Date: Sep 2003
Location: LAKE CONROE, TX
My Boats: 42 FOUNTAIN / MALIBU
Posts: 15,486
Default

Quote:
Originally Posted by iamjoe View Post
I'm betting Skip Braver will end up with it. Based on nothing more than a "hunch"
If that is the case then Fountain owners will finally be able to purchase some cool clothes
tomtbone1993 is offline  
Reply With Quote
Old 08-27-2009, 03:11 AM
  #136
Registered
 
Join Date: Mar 2002
Location: Sterling Heights MI
My Boats: 2008 Gunshow
Posts: 369
Default

Guy starts company with own money.

Company make a few bucks.

Owner/Founder sells stock in company (ownership) to raise capital, yet Owner/Founder still "controls" assets/company by holding voting shares, etc. The only way investors/sharholders can make money is from appreciation of share prices or dividends.

Owner/Founder becomes CEO/Chairman of corporation.

Said corporation shields owner/founders personal assets from creditors, disgrunted investors, etc.

CEO/Chairman now has a salary largely determined by himself. Comulative salary is exempt from assets of company.

Company now borrows money in an attempt to increase return on equity (ROE), CEO can increase his personal salary if profits increase.

CEO can also use company assets for personal use, ala, let me test drive this awesome new race boat. Maybe, the "company" needs a personal jet too. I'll test this 42 next weekend and tell babes "I own the company".

CEO has babes blo_ing him all over. Even gets bloies on the personal jet "owned" by the corporation.

Company make great ROE based on leverage-times are great.

CEO is hero/cool, builds big houses, and invests in other ventures with salary that is exempt from company assets. Some of these other ventures even make money-like apartments.

CEO has "company" borrow more money. F-it, he ain't going down with the ship.

The whole economy is using borrowed money like heroin.

High ends.

Company has loans out the ying yang, assets are worth 1/60th of outstanding loans.

Company files bankruptcy, stockholders get jack ****e, bondholders get jack ****e, trade creditors get jack ****e, and employees get their last paycheck.

CEO says "look at my mansion", and "I've have millions in the bank from over the years", and "I'm cool, look at this chain".

CEO blames economy, and Abraham Lincolns monetary policy.

CEO sits back, lets attorneys sort out the mess. Attorneys make lots of money too. Enough to buy their own boats and tell babes "look how much money I make-I'm cool". Attorneys buy Rolexs, but not big chains.

Banks get f'ed, but ain't anybodys personal money-so they don't care either.

CEO loses all claims/stakes of ownership and no personal liability as well.

Assets such as trademark, molds, and real estate get sold for 1/60th of loans outstanding.

CEO, now ready for retirement, wants to sit back enjoy the good life- become employee of new company with not much responsibility.

Former CEO is still rich and getting bloies.

Some guys buy Fountains trademark/molds and start cranking out new models called Fountain Farmers.
vtec is offline  
Reply With Quote
Old 08-27-2009, 07:17 AM
  #137
VIP Member
VIP Member
 
offshoredrillin's Avatar
 
Join Date: Feb 2004
Location: Maryland
My Boats: 00 Cig Tiger,74 Cig 20'
Posts: 10,945
Default

Quote:
Originally Posted by vtec View Post
Guy starts company with own money.

Company make a few bucks.

Owner/Founder sells stock in company (ownership) to raise capital, yet Owner/Founder still "controls" assets/company by holding voting shares, etc. The only way investors/sharholders can make money is from appreciation of share prices or dividends.

Owner/Founder becomes CEO/Chairman of corporation.

Said corporation shields owner/founders personal assets from creditors, disgrunted investors, etc.

CEO/Chairman now has a salary largely determined by himself. Comulative salary is exempt from assets of company.

Company now borrows money in an attempt to increase return on equity (ROE), CEO can increase his personal salary if profits increase.

CEO can also use company assets for personal use, ala, let me test drive this awesome new race boat. Maybe, the "company" needs a personal jet too. I'll test this 42 next weekend and tell babes "I own the company".

CEO has babes blo_ing him all over. Even gets bloies on the personal jet "owned" by the corporation.

Company make great ROE based on leverage-times are great.

CEO is hero/cool, builds big houses, and invests in other ventures with salary that is exempt from company assets. Some of these other ventures even make money-like apartments.

CEO has "company" borrow more money. F-it, he ain't going down with the ship.

The whole economy is using borrowed money like heroin.

High ends.

Company has loans out the ying yang, assets are worth 1/60th of outstanding loans.

Company files bankruptcy, stockholders get jack ****e, bondholders get jack ****e, trade creditors get jack ****e, and employees get their last paycheck.

CEO says "look at my mansion", and "I've have millions in the bank from over the years", and "I'm cool, look at this chain".

CEO blames economy, and Abraham Lincolns monetary policy.

CEO sits back, lets attorneys sort out the mess. Attorneys make lots of money too. Enough to buy their own boats and tell babes "look how much money I make-I'm cool". Attorneys buy Rolexs, but not big chains.

Banks get f'ed, but ain't anybodys personal money-so they don't care either.

CEO loses all claims/stakes of ownership and no personal liability as well.

Assets such as trademark, molds, and real estate get sold for 1/60th of loans outstanding.

CEO, now ready for retirement, wants to sit back enjoy the good life- become employee of new company with not much responsibility.

Former CEO is still rich and getting bloies.

Some guys buy Fountains trademark/molds and start cranking out new models called Fountain Farmers.
great post.....Exactly right...as I said in my post, just like Enron, the company has been looted...
offshoredrillin is offline  
Reply With Quote
Old 08-27-2009, 08:26 AM
  #138
VIP Member
VIP Member
 
BraceYourself's Avatar
 
Join Date: Feb 2006
Location: Oh
Posts: 1,030
Default

Spot on
BraceYourself is offline  
Reply With Quote
Old 08-27-2009, 08:36 AM
  #139
Beak botr
VIP Member
 
88Fount33's Avatar
 
Join Date: Dec 2003
Location: Cape Coral
My Boats: 1988 Fountain 8.8
Posts: 890
Default

Take away all the overseas sales to the middle east and the med and exactly where do you think Cig and OL would be in this economy.

Precisely who in the USA ordered and took delivery of a cig or ol in 2008 and 2009?
88Fount33 is offline  
Reply With Quote
Old 08-27-2009, 09:10 AM
  #140
Registered
 
birdog's Avatar
 
Join Date: Jan 2002
Location: Batavia Oh.
My Boats: Top Gun
Posts: 4,034
Default

Quote:
Originally Posted by 88Fount33 View Post
Take away all the overseas sales to the middle east and the med and exactly where do you think Cig and OL would be in this economy.

Precisely who in the USA ordered and took delivery of a cig or ol in 2008 and 2009?

Oh..I see what you are saying...Braver was smart enough to start marketing heavily overseas a few years ago but, Reggie wasnt........Good point....
birdog 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 01:30 PM.


Copyright 2011 OffShoreOnly. All rights reserved.