Fountain Files Chapter 11 Bankruptcy
08-25-2009, 07:50 AM
#71
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.
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.
When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately. The Trustee generally sells all the assets and distributes the proceeds to the creditors.
08-25-2009, 07:53 AM
#72
Because Reggie Fountain is something of a public figure, it's good sport to make fun of his personal style and all that. Fair enough ... you court the public, you take what you get from it. But regardless of what you think of Reggie or his product (Was it innovative or just good marketing?) the man has done as much, no, screw it, much more, than anyone, even Don Aronow to promote the high-performance boat industry.
Only an idiot would count him out.
08-25-2009, 08:00 AM
#73
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carcrash, maybe the government can take it over like they would like to take over the car industry, our money, and healthcare. More government control, maybe you should get in line first and have them oversee all of your assets. I for one want to oversee mine not some good speaker that has no experience running anything except his mouth.
08-25-2009, 08:15 AM
#75
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That's exactly how I see it. Note that the terms of their loans moved long term debt to current debt. I am sure that's what triggered this: the loans basically being called by the lender because Fountain could not meet their "ratios." Continuing at any level will require cash. Seems that Fountain has been stripping cash from the company for as long as SEC keeps records: there was nothing in the coffers to keep it running in a downturn.
I think its amazing that a company that sold a quarter billion dollars in boats over the past 4 challenging years is on the block for a handful of millions -- and they for certain won't get that.
Its funny how bad political policy -- policies that clearly make no sense (e.g., tax less, spend more, and cut personal taxes of high earners so its less taxing to such all the capital out of a company than to leave it in the company) come back and destroy those that boost such idiocy. Sorry, Reggie, but being a Republican can't save you from the parties idiocy. Everyone pays for those self-delusions.
Responsibility is the only way. Funny how the party that claims that everyone needs to be responsible for themselves is the least responsible with political power. Yup, liars never prosper.
How did that bunch of obscene liars ever claim moral high ground?
I think its amazing that a company that sold a quarter billion dollars in boats over the past 4 challenging years is on the block for a handful of millions -- and they for certain won't get that.
Its funny how bad political policy -- policies that clearly make no sense (e.g., tax less, spend more, and cut personal taxes of high earners so its less taxing to such all the capital out of a company than to leave it in the company) come back and destroy those that boost such idiocy. Sorry, Reggie, but being a Republican can't save you from the parties idiocy. Everyone pays for those self-delusions.
Responsibility is the only way. Funny how the party that claims that everyone needs to be responsible for themselves is the least responsible with political power. Yup, liars never prosper.
How did that bunch of obscene liars ever claim moral high ground?
It is easy to be holier than Thou when Thou is so easy to be holier than.....
08-25-2009, 08:17 AM
#76
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08-25-2009, 08:26 AM
#79
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