Offshoreonly.com - Fountain Files Chapter 11 Bankruptcy

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Wonder if the scumbags paid the money to the RPBA for the Shriners hospital?

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Originally Posted by offshoredrillin (Post 2938663)

Wonder if the scumbags paid the money to the RPBA for the Shriners hospital?

Someone will chime in....I doubt they did.

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Originally Posted by Dirtybyrd (Post 2938657)

I hope the scum bag "reggie" goes broke.......anyone who will undercut their dealers with new purchases is a chump in my book.........

I have heard the same thing when he took over Baja :eek:

Many of those dealers said F'U' Reggie and are still around and not in Bankruptcy :)

I think they will be fine in the long run. They have a great product and great customer service! Who isn't having a hard time in this economy?

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Originally Posted by offshoredrillin (Post 2938663)

Wonder if the scumbags paid the money to the RPBA for the Shriners hospital?

We got paid.

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Originally Posted by carcrash (Post 2938610)

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.

I'm not going to pretend that i know anything about the company's finances, but "just running out of cash" means he can't pay bills or get financing, therefore liquidation could and most likely will take place. I'm not a bankruptcy attorney or anything, but my guess is that they do liquidate. There are very few people out there right now who can afford to buy a super luxury item like a NEW Fountain (Especially after rigging it properly). Even if they don't liquidate, it will be a Fountain fire sale on hulls if they don't emerge quickly with a viable re-org plan (slash employees and all outside costs and get a loan) or possibly an acqusition by an outside source, or both (ala Cougar for Magic). Business is business and no one, outside of Obama, is gonna save them just so the brand doesn't go away (see General Motors).
Thats just my take on it, but i'm pretty sure I have been wrong once before.

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Originally Posted by offshoredrillin (Post 2938662)

I wish Fountain the best of luck and a speedy recovery. Maybe they will be good in 40 days and offering their dealers money just like GM did:coolcowboy:

Wow Rob that is very nice of you to say those kind words. I aggree:coolcowboy:

It's Fountain so it is more than likely actually Chapter 7.5

Hope it is not Chapter 9 with the steps???

All kidding aside tough times for the whole industry.

The reason I don't think they will in fact liquidate is because the company is worth far more as a company than as equipment.

From the last 10K (June 2008), they had about 38M in debt, and about 90M in assets, so there is a lot there.

Dam guys cut the company some slack, hope they come through one of the best boats being built now.