Fountain Files Chapter 11 Bankruptcy
08-25-2009, 09:41 PM
#121
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Okay captain, I will make a note and inform Big Red with your instructions. Do you still have any left over shopping carts. I will be passing by your way thursday and really could use one.
08-25-2009, 10:41 PM
#122
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Interesting but missing the big picture
Very interesting to read all the comments and speculation. There is alot being said by alot whom do not know what they are talking about. The brand is not going away and the brand will not be moving. I would bet you will hear very positive news within 10 days. It's not going in to this that will make as much of a difference as how they come out of it. The numbers and speculation on here are so far fetched. Whether you like Fountain/Reggie or not you need to respect him for what he has done including stimulating a tough industry at the right time. Reggie has owned and operated this company for 30 years without other owners or a BK which cannot be said for any other true high performance boat company that I am aware of. Cigarette has never died and many have run it into the ground. Now Cigarette is stronger than ever because Skip Braver is a helluva a business person. Competition is good and we need it today and in the future.
Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.
Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.
The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.
Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.
From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.
Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.
Stay tuned.
www.teamshogren.com
Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.
Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.
The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.
Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.
From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.
Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.
Stay tuned.
www.teamshogren.com
08-25-2009, 10:48 PM
#123
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Couldn't agree w/ you more BH & Brian Forehand is certainly one of them. First Class!
08-25-2009, 10:54 PM
#124
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Very interesting to read all the comments and speculation. There is alot being said by alot whom do not know what they are talking about. The brand is not going away and the brand will not be moving. I would bet you will hear very positive news within 10 days. It's not going in to this that will make as much of a difference as how they come out of it. The numbers and speculation on here are so far fetched. Whether you like Fountain/Reggie or not you need to respect him for what he has done including stimulating a tough industry at the right time. Reggie has owned and operated this company for 30 years without other owners or a BK which cannot be said for any other true high performance boat company that I am aware of. Cigarette has never died and many have run it into the ground. Now Cigarette is stronger than ever because Skip Braver is a helluva a business person. Competition is good and we need it today and in the future.
Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.
Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.
The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.
Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.
From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.
Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.
Stay tuned.
www.teamshogren.com
Lets just say if you do your due diligence, make contact with the bank, you will really see what is there and what you can buy and how much it will cost.
Brunswick does not own Baja and to be honest with you, Baja sales are slower than that of the bigger boats due to the way our economy has affected that demographic first and it has yet to recover but it will.
The changes Reggie has made to Baja are for the better of the brand and more value to the consumer. He took something good and made it better but picked about the worst possible time to do it.
Our industry will never see what it has seen in the past in terms of sales because of bank financing changes and only one major floor plan company left that could up root and leave at any time.
From a dealer standpoint business is not as difficult as the people making it difficult and it will be interesting to see how many players are in the game in 18 months, my guess, less than 5. We are told everyday by board members and other that they are finding it harder and harder to find a dealer that can take a trade. I really believe that the days of stocking alot of boats is near and getting banks to borrow money to dealers and consumers is getting smaller.
Lets be positive and not beat this to death but rather hope that Reggie and or the new owners make it not only to sell more Fountains & Baja's but other brands as well.
Stay tuned.
www.teamshogren.com
Continued Success Team Shogren!!
08-25-2009, 11:06 PM
#125
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08-25-2009, 11:36 PM
#126
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WOW....... Well ok I quess I am an idiot then, and proud of it, but I would rather have bush again then the "O". Dont get me wrong I was not happy with all that Bush did, but Obama is a train wreck. 
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.
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.
08-26-2009, 03:01 PM
#127
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I havent read every post but I do not think numbers are being just thrown around they are from the filings themselves. I would think there would be a lot better oppurtunities for someone to spend 10 to 30 million on than a boat company.
No matter what happens people still have to buy new boats and usually that means someone has to finance them. If nobody is financing few people are buying.
I would also assume that if there is a factory direct store and they are in br than they will be selling new boats at firesale prices even assuming a dealer or group of dealers pick them up still have to have customers
No matter what happens people still have to buy new boats and usually that means someone has to finance them. If nobody is financing few people are buying.
I would also assume that if there is a factory direct store and they are in br than they will be selling new boats at firesale prices even assuming a dealer or group of dealers pick them up still have to have customers
08-26-2009, 03:16 PM
#128
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too bad, i wish all involved the best. i guess this means we wont see Reggie this weekend at the shootout? i would agree he has done tons for the sport-not just his brand, every time i have spoke with him he has been just as passionate as ever about his product.
08-26-2009, 06:18 PM
#129
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Here's some good Info with a video of Reggie discussing the situation at hand.
http://www.boattest.com/Resources/vi...px?NewsID=3691
Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
08-26-2009, 07:21 PM
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http://www.boattest.com/Resources/vi...px?NewsID=3691
Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
Hopefully, they can, in fact, find investors to recapitalize the company, pay vendors and get back to making Great boats!
There is still lots of Private Equity Money out there........and I'm sure Reggie and Wyatt are burning up the phones looking for new partners!
Mr Fountain won't own Fountain anymore, but I hear he has a really lavish house still, if they do find a partner to bail them out. He will more than likely be an employee of Fountain or the new entity.
Most banks and private equity firms are sweating bullets these days because any more bad deals and they might go under, so I would be surprised to see them reduce the debt load or "cram it down". I'm certain that the brand name will survive, but obviously things have to change dramatically for someone to just come in and "save" the company. If anything, maybe an LBO firm comes in tries to do something with it.
