I have had four 388's and every boat has been so much fun.Joe is a straight up guy, the 39 will be the next one. We have become good friends over the years, wouldn't go anywhere else. Send me some pics of your boat if its not to much trouble.
Thanks,
Eric
[email protected]

Agree with everything said above. Even though at the time we had a used Hustler Joe, Mary Ellen, and everyone at the factory treated us like we just ordered a brand new boat. Whether we saw them at the boat shows or testing a new boat it was always the same. I wouldnt hesitate to buy another Hustler Powerboat! I think I've been to the factory three times and its always a fun experience!

If it is going up for auction then it is possible there will be other bidders or interests there as well. However If it DOES go up for auction I would much rather see another boating company get it that wants to continue the lines.. :) Jamie / Lakeside

According to the marine trade journals, Fountain will be sold in the 4 to 6 million dollar range...

Strictly from a buisiness standpoint...and I mean only buisiness. What Hustler may be looking at is phasing out the other two marks over a few short years, (if they can handle the financial load), and filling the market in with their own. It's always easier to ask for forgiveness after not being able to work all three lines at the same time...than just saying it up front to the loyal fans. Especially if they are making a very nice product. I hope it all fairs well for everybody involved.:kiss:

Very true, & this could be the case. I thought it may have been the case with Baja when Reg bought them last year. This could be the case here. However only time will tell. :) Jamie

Good Luck with the venture if it all works out.:drink:

But they do with Fountain and Baja. I heard when the Fountian/Baja deal went down it didn't cost a dime for Fountain. Brunswick handed Baja over...probably just like they will hand Fountain over to Hustler. Just think how much business they would lose if Fountain & Baja closed the doors. Last I new, before the economic collapse Fountain was selling almost 500 units a year and Baja had to be even more. Thats a lot of Engines/outdrives.

No doubt...I'm sure there is ALOT of phone calls being made right now to make sure all the purchasing depts. stay somewhat busy. There would defintley be a huge hole if Fountain and Baja went "away". But if it were me... I would bleed off the competing lines. The same as GM is having to do right now...to many marks out there right now. This over time will probably make the rest of the companies a little stronger as well. Alot of people with money that are looking for a new boat will probably shy away from a company that looks a little weak right now. But finance guys are the smart ones..right? By the way..Need-for-speed, I love your avatar. makes me smile every time:coolcowboy:

Regaurdless of who buys or owns Fountain the boat business still sucks now. The economy is still going down hill I can not see Hustler turning that around. I hope they have deep pockets to hold out untill the economy pics back up. If this can be done good luck to them. I feel it will take at least 2 years if the economy levels off this year to start seeing more boat sales.

I wonder if Reggie will keep Cat killer

so what si just the property and buildings worth ??

Reggie has not owned the Cat Killer for well over a year....Joe Lamberti out of New York owns it

I'm really amazed that Hustler is that solvent. Good for them, and good for us, if this comes to fruition.

Its a very strange offering in bankruptcy, very weird restrictions.

I would not at all be surprised to see Fountain purchased by Wyatt or Reggie.

That would be odd..especially if Reggie owes money. Wonder if he "hid" alot during the good times,..if not where would the funding come from? Especially if he was at the controls when it went down. What bank right now would do that? But then again..nothing suprises me anymore. Wish them luck no matter.

I don't know Reggie, but from interviews over the decades, he has always claimed to be very wealthy from his real estate holdings and other investments.

While real estate is down relative to the top of the bubble, its way, way up from the 70's when Reggie got going.

The debt is owed by the company (really, the family of companies): Reggie did not declare bankruptcy.

Also, he did get a salary, and most of us are able to save money from our salaries. Nothing "hidden" there.

While Regions Bank might be a bit hesitant to loan Reggie more money for Fountain Powerboats et al, there is that old saying: "Owe someone a little, its your problem. Owe someone a LOT, and its their problem." So Reggie does have some obvious leverage over the bank at this point. The bank doesn't know how to build boats. What can they do with the plant, equipment, top-of-mind awareness of the brand name? But Reggie can easily make a case that HE can monetize those assets better than anyone.

This should be interesting watching the maneuvering between the Fountain family and Hustler marine. Bet the Phones are buzzin, there sure are alot of nice Fountains out this way.

Question is ???? who is financing high performance boats right now??????

Question, How do you make a million dollars in boat building?











Start with 2 million.

Bwhahahaha..that is funny and so so true!!:lolhit:

Best post yet!

Everyone acts like the money Fountain owes the bank is SO much, but in reality for alot of people it isn't a whole lot of money. I wouldn't be surprisedif he buys it back personally.

Im sure Reggie will get it back. Fountain wasnt his only was of making money as stated before.

True Dat Homie !!

Meth Labs run rampant in those parts. :eek::eek:




JUST KIDDING !!:party-smiley-004:

It's actually nice there. I really enjoyed the times I raced at the factory. Easily one of the best run and convenient sites.

Factory Tour
 

We went to the Fountain facility yesterday. The plant was amazing and we want to Thank Reggie and all his employees for making us feel right at home. Left with a very positive attitude.

Thank you
 

We also want to thank everyone on OSO for all your emails and support with this. Much appreciated.

Thanks,
John

We all wish you well...how is Reggies mood?

Good
 

Reggie was great.. Hell of a nice guy and a great sense of humor.

I'm sure Reggie has a plan to keep the company. He's as sly as an old fox. His ego will far outweigh his financial posistion.

I heard today through a very reliable source that a company out of Canada named Oxford Financial Group purchased Fountain and its assets as of yesterday.

that would be correct

So what does that do...still run by RF and company...? Is Hustler still involved?

Until I see something official it is all just rumors,,,,,,,,,,,,,,

Can anyone provide a link to reliable information?

exactly.. there are few players at the moment.. way to much speculation .. just let the chips fall where they may.

i guess you all need to watch. oxford group has very deep pockets.

I hope Hustler does pick it up in the end, but why post it on all the boating sites like its a done deal. If it doesn't go as you plan you may look foolish.:o

I don't know "Oxforf Group" but I do know boating, and a boating company is not the wisest investment, in good economy it is at best risky, in a bad economy?? Like I stated earlier maybe be a wise move for Hustler, they will reduce their costs by moving from NY to NC, that alone may make the purchase worth it.

Kind of off the the toppic, so if they are purchased, I am guessing all the liabilities, bills, stock owners, all just get screwed??

Fountain
 

Our acquisition of secured bank notes of Fountain Powerboats fell a few hours short to Oxford Investment as we were in meetings with Reggie Fountain at his facility on Thursday. It is our understanding that they will be able to run the bid up at the auction to 20 Million dollars. This number does not work to make this a viable investment from us as additional money will be needed to get employees back on the line, re-stock materials and keep the business up and running over the next two years while the country comes back from its current recession. We feel it is a sad day in the boating industry as our expertise and high standards would have helped enhanced the Fountain and Baja lines.

Our passion for building high quality boats is alive and well and we will continue to build Hustler’s full line of boats to the highest standards. We will be coming out with our new 29’ in our Rockit Series at the Miami Boat show to fill that current void in the market place and would like to thank everyone who wished us well over the last few weeks.

We will be looking at new ventures in our industry in the coming months.

There are two Oxfords I could find. One is in Indiana and the other one is in California.

I heard ACORN has submitted a bid as well. any truth to this?