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Fountain Files Chapter 11 Bankruptcy

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Old 08-24-2009, 08:26 PM
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The numbers in this announcement can't possibly be correct based on recent SEC filings.

http://www.tradeonlytoday.com/home/4...les-chapter-11
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Old 08-24-2009, 08:26 PM
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to me when times are tuff , move your product, if they built 500 boats a year and by july the dealers havent sold 350 of them then something is wrong and you know what that is,(THE PRICE) you see it every day 1st year the boat sold for 350k second year its worth 180k how can a boat loose that much value so quick, BECAUSE IT WAS OVER PRICED, stay affordable sell volume in todays market, to me its better to move some inventory than lose it all.
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Old 08-24-2009, 08:39 PM
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This may increase the pressure on Fountian Dealers. The dealers banks will probably get nervous about the value of their security-new fountian inventory-pressuring the dealer for cash that he does not have.
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Old 08-24-2009, 08:39 PM
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It's about time - the games have gone on long enough. Get profitable or get out. The creative programs to keep this fiascle have gone on long enough.

Looks like another way for Reg to not pay his share, yet continue. Surprise, surprise! NOT!

By the way - I actually feel its a good product, just overpriced like most to support the needs of a few, which is their riight as an owner. Live by the sword, die by the sword.

Last edited by 800XCR; 08-24-2009 at 08:43 PM.
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Old 08-24-2009, 09:06 PM
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Default Heres one for you!

Is it true that Skip Braver is taking it over?
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Old 08-24-2009, 09:25 PM
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Quote:
Originally Posted by carcrash View Post
The numbers in this announcement can't possibly be correct based on recent SEC filings.

http://www.tradeonlytoday.com/home/4...les-chapter-11
"For the three and six months ended December 31, 2008, the Company’s other comprehensive losses were $412,678 and $421,322, respectively. These amounts, together with net income or loss during the three and six months ended December 31, 2008 result in total comprehensive losses of $3,591,263 and $3,518,138, respectively. For the three and six months ended December 31, 2007, the Company’s other comprehensive losses were $161,045 and $318,910, respectively. These amounts, together with net income or loss during the three and six months ended December 31, 2007 result in total comprehensive losses of $926,100 and $810,586, respectively."
That is straight from their SEC filing 10-Q.
In a nutshell...they're done unless someone buys the name (they will, but they'll let the bank eat the assets and debt first). They're bleeding cash (appx 3 mil) and have over 18 mil in long term debt ($ they took a long time ago) coming due. the most interesting thing in there is the "general and administative expenses" payout about 800-900k per quarter...a general indicator that would be an easy way to pay yourself without calling it salary or bonus (but thats just speculation on my part)
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Old 08-24-2009, 09:31 PM
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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
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Old 08-24-2009, 09:52 PM
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Quote:
Originally Posted by 800XCR View Post
It's about time - the games have gone on long enough. Get profitable or get out. The creative programs to keep this fiascle have gone on long enough.

Looks like another way for Reg to not pay his share, yet continue. Surprise, surprise! NOT!

By the way - I actually feel its a good product, just overpriced like most to support the needs of a few, which is their riight as an owner. Live by the sword, die by the sword.
same as the auto ind's . funny we doin't hear you saying that about ford gm and dodge . . wounder why . robbie
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Old 08-24-2009, 10:04 PM
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WRONG - last thing that should have ever happened was an auto or bank bailout.

Economics 101 - Supply and Demand will always prevail in a free society - anything other than that is a move toward socailism and sheep hearding.

Pick your side of the fence and stay there.
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Old 08-24-2009, 10:12 PM
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Thumbs up Everything will be fine

As a Fountain dealer I will say that I feel things will change as the market has. I feel strongly it will be better long term for dealers and consumers. Stay tuned but you would be "NUTZ" to think Fountain or Baja will go away. It's not much different than GM (just a smaller scale and no gov't help) and alot of people on here have or have had Pontiacs, GMC, Cadillacs, Chevy's, Buicks, Etc today and still tomorrow.

It's the only brands we sell and we are not worried and remain optimistic and that's not a political statement.

I also think this is just the beginning of what will be more common unfortunately. Fountain is and will always be a leader in powerboats

I would not be surprised to hear of a new owner in less than 10 days and it might even be ------.

Regards,

www.teamshogren.com

Fountain & BAJA BY Fountain
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