Fountain Files Chapter 11 Bankruptcy
08-28-2009, 08:44 AM
#161
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Not to disappoint anyone but Fountain powerboats is not the only the boat builder having problems. The high performance boat business could look like swiss cheese shortly.
You can google info on the internet. Lastly as you may be aware, xyz powerboats is a....................business which in recent months has teetered on insolvency. Most important it is having significant difficulty paying its vendors and secured creditors.
You can google info on the internet. Lastly as you may be aware, xyz powerboats is a....................business which in recent months has teetered on insolvency. Most important it is having significant difficulty paying its vendors and secured creditors.
08-28-2009, 08:47 AM
#162
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Not to disappoint anyone but Fountain powerboats is not the only the boat builder having problems. The high performance boat business could look like swiss cheese shortly.
You can google info on the internet. Lastly as you may be aware, xyz powerboats is a....................business which in recent months has teetered on insolvency. Most important it is having significant difficulty paying its vendors and secured creditors.
You can google info on the internet. Lastly as you may be aware, xyz powerboats is a....................business which in recent months has teetered on insolvency. Most important it is having significant difficulty paying its vendors and secured creditors.
08-28-2009, 08:56 AM
#163
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Point is my boat is disposable, never would think it was worth anything. Didn't buy it because it was "something" It is just a boat, if I found that it was rotten (probably is) and that made it unsafe would not hesitate to send it to the shredder!
I would replace it with a single outboard deck boat that was 3 or 4 years old.
Even though I think that no one would believe me, I could walk into Mr. Braver's shop and walk out with a new model if I so chose and was willing to make payments. But that is just plain crazy and the only way I would buy that was if I could just as easily take all the $$ dump it into a 55 gallon barrel and set it on fire and not affect my standard of living.
I would replace it with a single outboard deck boat that was 3 or 4 years old.
Even though I think that no one would believe me, I could walk into Mr. Braver's shop and walk out with a new model if I so chose and was willing to make payments. But that is just plain crazy and the only way I would buy that was if I could just as easily take all the $$ dump it into a 55 gallon barrel and set it on fire and not affect my standard of living.
RHC
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08-29-2009, 08:54 AM
#165
Gold Member
The funny thing about this issue, is the many people that didn't think Fountain was doing anything wrong. Even in great times, the company had trouble keeping up with their rather intense and flamboyant spending. It should have been apparent to any shareholder, or potential shareholder, that the company would either perish, or simply never accumulate anything to the bottom line. I doubt Fountain could have done better than break even even if sales were 75% of his banner year.
Reggie has a great mansion on the water, and probably some coin stashed away, which is worth more than Fountain ever will be. While he was out in helicopters doing "marketing" videos, a very dumb bank was lending money to fuel the chopper and the boat. His operation of the company was strikingly familiar to the way many operated their personal finances the last several years. And the same result, He want to "get in on it too", meaning bankruptcy and a way out.
I can't tell you how many times I've heard one person or another tell me how great the last several years were, only to whine and get angry because their house went down 50% in value, they can't sell their high-priced mortgaged boat, and someone else made this happen to them. I have a brother like that as well. Played in an annual Republican golf tourney yesterday. And I heard some of the same chit. "It wasn't me", said the businessman that owned a few houses, boats and trucks, and was currently looking for a mortgage package some 50% lower than what it is now. Personal responsibility is a soundbite to these people.
Go back and read the threads about buying Fountain stock, interesting material.
Reggie has a great mansion on the water, and probably some coin stashed away, which is worth more than Fountain ever will be. While he was out in helicopters doing "marketing" videos, a very dumb bank was lending money to fuel the chopper and the boat. His operation of the company was strikingly familiar to the way many operated their personal finances the last several years. And the same result, He want to "get in on it too", meaning bankruptcy and a way out.
I can't tell you how many times I've heard one person or another tell me how great the last several years were, only to whine and get angry because their house went down 50% in value, they can't sell their high-priced mortgaged boat, and someone else made this happen to them. I have a brother like that as well. Played in an annual Republican golf tourney yesterday. And I heard some of the same chit. "It wasn't me", said the businessman that owned a few houses, boats and trucks, and was currently looking for a mortgage package some 50% lower than what it is now. Personal responsibility is a soundbite to these people.
Go back and read the threads about buying Fountain stock, interesting material.
08-30-2009, 09:47 PM
#166
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08-30-2009, 10:54 PM
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I think your right vtec but here's an interesting question I will pose:
...........What's Reggie Fountain worth to Fountain Powerboats???
...........How well would that Trademark and those Molds Fare without the MAN involved??
Someone said it earlier.....Love Him or Hate him........ he's Still
had a tremendous impact on our BELOVED industry!!!
