Like Tree0Likes

Fountain Files Chapter 11 Bankruptcy

Reply
Old 08-24-2009, 05:23 PM
  #11
Registered
 
Join Date: Dec 2004
Location: IN & KY
My Boats: MTI
Posts: 210
Default

Quote:
Originally Posted by Hacker View Post
Why? Powertrain is Mercury and I've never had a warranty issue after owning 4 of them.
BKSAE is offline  
Reply With Quote
Old 08-24-2009, 05:41 PM
  #12
Registered
 
Join Date: Aug 2009
Location: Orange County, CA
My Boats: 27' Rayson Craft
Posts: 36
Default

While this could be bad for everyone who already owns a Fountain, it could also be a great opportunity for those looking to buy a Fountain. Back before summer got underway, Magic Powerboats filed for chapter 11 also. They did not emerge from chapter 11 with a viable plan, so there inventory of hulls (no motors) was sent to a liquidator and they were let go (and still are liquidating them www.LBYS.com) on the cheap. My brother and I picked up a brand new 28' ft deckboat hull for $36,000. After fitting it with a 525 EFI and XR drive, the total came out to just about $80-85k with carpet kit and bimini. If things go right/wrong for Fountain, the same kind of deals can/might be able to be had. Now, Magic has been purchased by Cougar and they are nearing there re-entry into the business, if not already back.
While I know it sounds bad to current Fountain owners, it might be good news to some others out there....

I'm just sayin...
hooky40 is offline  
Reply With Quote
Old 08-24-2009, 05:55 PM
  #13
Registered
 
Join Date: Jun 2006
Location: Sunland, CA
My Boats: 2000 Fountain 32 Sportfish Cruiser
Posts: 377
Default

I doubt that Fountain will be liquidated. Its not a trivial operation like, say, Magic. Its been building 500 boats a year for a long time. There isn't much debt, surprisingly, and there are a lot of real assets. Probably "just" ran out of cash.

11 allows continuing operations while holding off creditors. Might be enough to make it to the Miami Boat Show.
carcrash is offline  
Reply With Quote
Old 08-24-2009, 06:01 PM
  #14
Registered
Trade Score: (3)
 
Join Date: Aug 2007
Location: Sandown, NH - Sebago Lake Region, ME
My Boats: 1984 30' Scarab S-type with twin 502's and Kaama Drives ------ 1974 21' Tahiti Jet with a 502
Posts: 2,960
Default

I wonder how cigarette is doing?
502ss is offline  
Reply With Quote
Old 08-24-2009, 06:25 PM
  #15
Registered
 
TEAMBAJA's Avatar
 
Join Date: Dec 2002
Location: Bucyrus, Ohio
My Boats: 24 OUTLAW
Posts: 6,654
Default

Quote:
Originally Posted by carcrash View Post

11 allows continuing operations while holding off creditors. Might be enough to make it to the Miami Boat Show.
How much time does a chapter 11 buy them? Im not sure how it all works.
TEAMBAJA is offline  
Reply With Quote
Old 08-24-2009, 06:26 PM
  #16
VIP Member
Trade Score: (1)
 
Smitty's Avatar
 
Join Date: Apr 2001
Location: Hawthorn Woods IL
My Boats: 2000 Baja 36 Outlaw
Posts: 4,186
Default

My guess is they filed for protection while they restructure some things and get leaner than ever. Fountain will not go away.
__________________
Want your ECU tuned right?? Call Mark at Precision www.pmefi.com
Smitty is offline  
Reply With Quote
Old 08-24-2009, 06:51 PM
  #17
Rob
VIP Member
Trade Score: (6)
 
Strip Poker 388's Avatar
 
Join Date: Aug 2001
Location: Madison,Mississippi
My Boats: Hustler 388
Posts: 21,567
Talking

Quote:
Originally Posted by Smitty View Post
My guess is they filed for protection while they restructure some things and get leaner than ever. Fountain will not go away.

while under 11, they reorganize there dept, kinda like putting on hold,they will still owe the Dept's, it will be rationed out .If it goes to 7 your pretty much screwed,then ya try to get the judge to abandon it so you can atlest get something.

I really believe that they can pull tru.I bet Reggie want give up.Best of luck to them'
Rob
__________________
.

The Only Time You Have To Much Ammo Is When Your Swimming Or On Fire.
Strip Poker 388 is offline  
Reply With Quote
Old 08-24-2009, 07:01 PM
  #18
Charter Member #232
Charter Member
 
Audiofn's Avatar
 
Join Date: Oct 2000
Location: Carlisle, MA USA
My Boats: 1979 Formula 302, 99 Formula 353, 81 Donzi 18 2+3 with 454
Posts: 18,379
Default

Quote:
Originally Posted by carcrash View Post
I doubt that Fountain will be liquidated. Its not a trivial operation like, say, Magic. Its been building 500 boats a year for a long time. There isn't much debt, surprisingly, and there are a lot of real assets. Probably "just" ran out of cash.

11 allows continuing operations while holding off creditors. Might be enough to make it to the Miami Boat Show.
According to one artical their assets were only 50K and their Liabilities are between 10 and 50 million. That is not a good balance sheet no matter how you cut it.
__________________
Put your best foot forward!
Audiofn is offline  
Reply With Quote
Old 08-24-2009, 07:06 PM
  #19
Registered
 
Join Date: Aug 2009
Location: GLOC
Posts: 5
Default

I hope the scum bag "reggie" goes broke.......anyone who will undercut their dealers with new purchases is a chump in my book.........
Dirtybyrd is offline  
Reply With Quote
Old 08-24-2009, 07:10 PM
  #20
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 Mbam View Post
Crap - they owe me money
COD only from now on for them Marc.
offshoredrillin 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 10:31 PM.


Copyright 2011 OffShoreOnly. All rights reserved.