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Fountain Files Chapter 11 Bankruptcy

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Old 08-24-2009, 10:13 PM
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Maybe if he didnt waste so much on all of the cat killer videos he would have some money left. You don't see the other big name boats producing BS videos to try and sell more boats.

They pizzed money away like it was water on racing and poker runs!
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Old 08-24-2009, 10:22 PM
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Originally Posted by Todd Hartigh View Post
Maybe if he didnt waste so much on all of the cat killer videos he would have some money left. You don't see the other big name boats producing BS videos to try and sell more boats.

They pizzed money away like it was water on racing and poker runs!
i disagree with all the talk value he got. Those videos are cheap advertising.

I blame it on the gread of the banking industy. They made loans that should have never been made, and now have pulled the plug on lending for anything across the board.

"I am referring to the tons of bad home loans"
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Old 08-24-2009, 10:23 PM
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Originally Posted by Strip Poker 388 View Post
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
Chapter 7 is personal bankruptcy. You won't see that unless Reggie is a guarantor or obligor. I doubt he is

11's can take a while. Various secured lenders can get a lift of stay before it is all over. Earlier lift of stay grants are usually reserved for asset based lenders that may actually own assets of the company. It is all up to the trustee now.

Companies with a big name often emerge. It just depends on what someone wants to pay for the name.
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Old 08-24-2009, 10:57 PM
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I heard some Baja molds were spotted today heading up Rt 77 towards Ohio........
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Old 08-24-2009, 11:03 PM
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I heard some Baja molds were spotted today heading up Rt 77 towards Ohio........
If they were headed back that way you know why so spit it out and stop beating around the bush. I assume their was a 42 mold on that trip also.

Good luck Reggie I hope you pull threw it.
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Old 08-24-2009, 11:04 PM
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...11's can take a while. Various secured lenders can get a lift of stay before it is all over. Earlier lift of stay grants are usually reserved for asset based lenders that may actually own assets of the company. It is all up to the trustee now.

Companies with a big name often emerge. It just depends on what someone wants to pay for the name.
You are correct, however, after taking a quick look at their financials, they are bleeding cash and have maxed out debt. The companies "assets" are tied to making good on the loans to acquire their facilities/equipment, which they have now admitted they can't pay by filing ch 11. With a trustee appointed by the court, there will have to be either a viable change in business plans, an acquisition, liquidation, or combination of those 3. In todays economy, no business in its right mind would buy a company and its assets while it is unprofitable, especially when they already went into ch 11. Some larger brand will wait for it to fail to emerge from ch 11 and then will buy the name on the cheap when the debt and assets (inventory, as all cash will be gone) are gone to the lenders. I think it's terrible for the employees and dealers and all related to the situation, but i think Fountain as we now know it is done.
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Old 08-24-2009, 11:14 PM
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is an assumption considered "beating around the bush" (Purple Hornet)?????????????
kiss a$$
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Old 08-24-2009, 11:14 PM
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Originally Posted by tomtbone1993 View Post
I blame it on the gread of the banking industy. They made loans that should have never been made, and now have pulled the plug on lending for anything across the board.

"I am referring to the tons of bad home loans"

And right there is where you got it wrong. When the govt forces you to make those loans, you arent doing it out of greed. You are doing it to stay in business. Its just too bad that those loans were packaged, resold, and connected to lots of good investments....but thats the way it works. Get the govt out of social engineering and wellfare. And yes, lending is hard right now.

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Old 08-24-2009, 11:16 PM
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Pay close attention to what Shogren has to say.....I suspect he is as close to this as anyone. He as much as said there is a new owner coming soon. His organization seems to be well heeled to continue spending cash in this economy.

Way to go Scott!
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Old 08-24-2009, 11:30 PM
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http://www.ibinews.com/ibinews/newsd...34ibinews.html

The court documents said Fountain's current operations would not be sufficient enough to support a traditional reorganization. Fountain's filings said "creditors would benefit from the sale of the Sale Assets to a third party, who would then be in a position to infuse working capital, make the necessary capital expenditures and maintain operations for existing and prospective customers, vendors and employees. The Debtors also believe that a forced liquidation of the Sale Assets by a Chapter 7 trustee or by Regions Bank exercising its state law remedies would result in no payment to unsecured creditors."

Apears they are going to attempt to substantially reduce production. My heart goes out to the families involved. I like fountains, I hope they can substantially improve build quality as a result.

Last edited by TexomaPowerboater; 08-24-2009 at 11:34 PM.
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