Fountain Files Chapter 11 Bankruptcy
08-25-2009, 06:41 PM
#111
Registered
Join Date: Jul 2008
Location: Omaha
Posts: 123
Likes: 0
Received 0 Likes
on
0 Posts
Yeah, tell that to the people who listened to realtors and bought homes in the last 2 years because they were told that prices would not go down any further.
08-25-2009, 06:59 PM
#112
Registered
"But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass."
Was is Bush that deregulated banking? Not to mention any names (Clinton) but this mess started before Bush (Clinton).
Was is Bush that deregulated banking? Not to mention any names (Clinton) but this mess started before Bush (Clinton).
08-25-2009, 07:26 PM
#113
Registered
I realize that all you idiots who voted for Bush even though he is clearly the worst President in US history have somehow forgotten that this entire economic meltdown happened on his idiotic watch.
But come on, do you have to keep proving to everyone else how retarded you are? Just keep your past mistakes to yourselves, move on. Mistakes happen. You made a REALLY BIG one that all these boat companies are paying for, but you made it. Move on. Sure, the lives and fortunes of many people were destroyed by his idiotic policies (spend more, tax less). But in the long run, we will all get over that disaster. Might take awhile, and a lot more people losing everything they ever worked for, but we'll get over it.
But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass.
But come on, do you have to keep proving to everyone else how retarded you are? Just keep your past mistakes to yourselves, move on. Mistakes happen. You made a REALLY BIG one that all these boat companies are paying for, but you made it. Move on. Sure, the lives and fortunes of many people were destroyed by his idiotic policies (spend more, tax less). But in the long run, we will all get over that disaster. Might take awhile, and a lot more people losing everything they ever worked for, but we'll get over it.
But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass.
08-25-2009, 07:43 PM
#114
I hope a real company can make it out the other end of this mess, too many gone under so far. On the plus side, many smaller companies have made it, and gained a little ground.
But seriously, we had a discussion of Fountain stock last year. I suggested the financials were a joke. Nothng to do with the boats, just the stock and the financials. You'd have to be a real nitwit to lend them any money at all, and this was as far back as 2006/2007. But we do know there are nitwits at banks.
With the Baja deal, then Donzi, and many recreational makers like Crownline and others that got "bought", and I use that term graciously, I just hope this won't be a repeat of the last downturn. Some once proud "brands" sold crap and longtime loyal customers bore the brunt of it.
But seriously, we had a discussion of Fountain stock last year. I suggested the financials were a joke. Nothng to do with the boats, just the stock and the financials. You'd have to be a real nitwit to lend them any money at all, and this was as far back as 2006/2007. But we do know there are nitwits at banks.
With the Baja deal, then Donzi, and many recreational makers like Crownline and others that got "bought", and I use that term graciously, I just hope this won't be a repeat of the last downturn. Some once proud "brands" sold crap and longtime loyal customers bore the brunt of it.
08-25-2009, 07:52 PM
#115
Gold Member
Gold Member
Join Date: Apr 2002
Location: wisconsin
Posts: 487
Likes: 0
Received 0 Likes
on
0 Posts
http://www.reuters.com/article/merge...20606020090825
http://www.tradeonlytoday.com/home/4...ountain-assets
Well, at least the picture is a lil clearer now...
They list total assets (including inventory at full MSR prices) for the 4 total entities at $25,300,003. They list total liabilities for the 4 entities at $78,600,000 (minus $4 mil if they don't default on the agreement to Brunswick, as they are about to do in ch 11). Realistically, the assets are worth probably $.50 to $.70 on the $1 when liquidated, especially given the current economic situation we are all in. So in essence, they are upside down about $60,000,000, with plummetting revenues. IMO, you can't sell enough boats in a short time period to stave off the creditors, so a liquidation is probably coming after they announce that they "almost" secured a deal to emerge from Ch 11. I just can't see anyone buying $60 mill in debt, let alone paying cash for it (since extending credit isn't gonna happen, every bank wants to get paid back, not eat more bad loans). Most likely, their assets (inventory) will be frozen by the trustee and then sent to a liquidator to recover some of the secured debt.
The workers and dealers are the ones who are really getting screwed here.
http://www.tradeonlytoday.com/home/4...ountain-assets
Well, at least the picture is a lil clearer now...
They list total assets (including inventory at full MSR prices) for the 4 total entities at $25,300,003. They list total liabilities for the 4 entities at $78,600,000 (minus $4 mil if they don't default on the agreement to Brunswick, as they are about to do in ch 11). Realistically, the assets are worth probably $.50 to $.70 on the $1 when liquidated, especially given the current economic situation we are all in. So in essence, they are upside down about $60,000,000, with plummetting revenues. IMO, you can't sell enough boats in a short time period to stave off the creditors, so a liquidation is probably coming after they announce that they "almost" secured a deal to emerge from Ch 11. I just can't see anyone buying $60 mill in debt, let alone paying cash for it (since extending credit isn't gonna happen, every bank wants to get paid back, not eat more bad loans). Most likely, their assets (inventory) will be frozen by the trustee and then sent to a liquidator to recover some of the secured debt.
The workers and dealers are the ones who are really getting screwed here.
08-25-2009, 08:25 PM
#117
Chapter 7 is a liquidation of assets for either Companies or Individuals. And is often used as a wind down if a company can not come up with a formidable Chapter 11 plan
Chapter 13 is a more palatable options for individuals where they keep their possessions and allocate a portion of future earnings to service debt.
As an aside there are several other Chapters. Off the top of my head I believe that Chap. 9 is for Municipalities, and chapter 12 has some **** to do with Farmers!!!
Chapter 13 is a more palatable options for individuals where they keep their possessions and allocate a portion of future earnings to service debt.
As an aside there are several other Chapters. Off the top of my head I believe that Chap. 9 is for Municipalities, and chapter 12 has some **** to do with Farmers!!!
Chapter 9 is a great BS fact to throw out. Don't see that all that much. Don't really see much 12. Most of them skip it and go to 7.
08-25-2009, 08:44 PM
#118
Registered
Join Date: Aug 2009
Location: Orange County, CA
Posts: 36
Likes: 0
Received 0 Likes
on
0 Posts
My whole original point here was that its entirely possible that there will be Fountain hulls available at liquidation pricing at some point in the future (just like Magic Powerboats www.lbys.com has been for the last 3 months)...maybe. I know there are posters on here who are currently Fountain dealers and i wish the best for them and hope something great comes out of all this.
08-25-2009, 08:51 PM
#119
Platinum Member
Platinum Member
Join Date: Aug 2002
Location: Clinton IL. / LOTO 28mm
Posts: 854
Likes: 0
Received 0 Likes
on
0 Posts
I realize that all you idiots who voted for Bush even though he is clearly the worst President in US history have somehow forgotten that this entire economic meltdown happened on his idiotic watch.
But come on, do you have to keep proving to everyone else how retarded you are? Just keep your past mistakes to yourselves, move on. Mistakes happen. You made a REALLY BIG one that all these boat companies are paying for, but you made it. Move on. Sure, the lives and fortunes of many people were destroyed by his idiotic policies (spend more, tax less). But in the long run, we will all get over that disaster. Might take awhile, and a lot more people losing everything they ever worked for, but we'll get over it.
But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass.
But come on, do you have to keep proving to everyone else how retarded you are? Just keep your past mistakes to yourselves, move on. Mistakes happen. You made a REALLY BIG one that all these boat companies are paying for, but you made it. Move on. Sure, the lives and fortunes of many people were destroyed by his idiotic policies (spend more, tax less). But in the long run, we will all get over that disaster. Might take awhile, and a lot more people losing everything they ever worked for, but we'll get over it.
But really, please stop embarassing yourselves. Bush did this. Obama might barely be able to get us out of this mess, he's doing the right stuff so far. But Bush broke this economy. Don't be an ass.
Maybe if the government can just buy Fountain and Baja it will be like G.M. and Dodge. And then if I am lucky we will get "cash for sinkers" and since boats cost more then cars I can get $45,000.00 for my 1987 Bayliner on trade for my 2010 42 Poker run edition with 700's in it. But I hope they at least put a stipulation that we have to buy from an american company. At least this way we will help support all them since its our (U.S. tax payers) money that we are spending.
