Purchasing Fountain Powerboats
10-02-2009, 01:27 PM
#202
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"[The] bare bones, highly unusual ex parte motion seems to all appearances to have been triggered by Reggie Fountain's attempts to secure his own personal advancement, without a credible chance of benefitting the creditors," FB said in court papers.
Reggie's always at it.
Reggie's always at it.
10-02-2009, 03:07 PM
#203
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doesn't appear to be a lot of love between Reggie and The Oxford Group
10-02-2009, 04:06 PM
#204
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I am no fan of Fountain the Man or the boat but he has done a ton for the sport and he builds a fast boat. So if he lost Fountain he would have to start over building " Reggie Boats ". Now for that company to do well the boats are going to have to be better than what he builds now, so he would be doing even more for the Sport, Right? Now at his age starting over is not going to be easy but he has a huge ego so I think he could do it if he wanted.
10-02-2009, 04:40 PM
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10-05-2009, 05:32 PM
#208
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One Bidder At Fountain Powerboats Bankruptcy Auction
The bankruptcy auction of Fountain Powerboats in Beaufort County was held as scheduled Monday morning.
Posted: 2:50 PM Oct 2, 2009
Fountain Wants Bankruptcy Auction Delayed
Story 11 Comments
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There was only one bidder at a bankruptcy auction held at Fountain Powerboats in Beaufort County Monday morning.
That's according to Irving Smith, Fountain Powerboats chief financial officer.
Smith said Oxford Investments was the only bidder and had been approved for a credit bid.
We're told the auction was for all of Fountain's assets, not pieces of them.
The bankruptcy auction started at 10 a.m. at the plant's facility in Washington.
The auction is not finalized until it is approved by a bankruptcy judge.
Another hearing is set for Friday.
Fountain Powerboats is working to appeal the purchase of the Regions Bank note by Oxford Investments.
Fountain continues to try to change its Chapter 11 so it can keep its assets and reorganize.
The auction and the appeal are expected to be part of Friday's hearing.
Fountain had tried to delay Monday's auction, but the delay was not approved by the bankruptcy court.
A schedule posted by the United States Bankruptcy Court Eastern District of North Carolina shows the October 9th hearing as beginning at 9:30 a.m. in Wilson with Judge Randy Doub presiding.
That schedule lists several scheduled matters before the court for Fountain Powerboat Industries Inc.
They include: a motion to sell free and clear of liens; a motion for authority to use cash collateral; a motion to obtain post petition financing; and a motion to appoint Chapter 11 trustee.
Last week, it was reported that Liberty Investments was interested in Fountain. Liberty acquired a majority of shares in Donzi and Pro-line boat companies in the past year. There is no word if Liberty is still working to secure a Fountain deal.
Another powerboat company, Hustler, was interested in Fountain, but the New York company pulled back in light of maneuvers by Oxford Investments, such as the reported purchase of the Regions Bank note.
The bankruptcy auction of Fountain Powerboats in Beaufort County was held as scheduled Monday morning.
Posted: 2:50 PM Oct 2, 2009
Fountain Wants Bankruptcy Auction Delayed
Story 11 Comments
Font Size:
There was only one bidder at a bankruptcy auction held at Fountain Powerboats in Beaufort County Monday morning.
That's according to Irving Smith, Fountain Powerboats chief financial officer.
Smith said Oxford Investments was the only bidder and had been approved for a credit bid.
We're told the auction was for all of Fountain's assets, not pieces of them.
The bankruptcy auction started at 10 a.m. at the plant's facility in Washington.
The auction is not finalized until it is approved by a bankruptcy judge.
Another hearing is set for Friday.
Fountain Powerboats is working to appeal the purchase of the Regions Bank note by Oxford Investments.
Fountain continues to try to change its Chapter 11 so it can keep its assets and reorganize.
The auction and the appeal are expected to be part of Friday's hearing.
Fountain had tried to delay Monday's auction, but the delay was not approved by the bankruptcy court.
A schedule posted by the United States Bankruptcy Court Eastern District of North Carolina shows the October 9th hearing as beginning at 9:30 a.m. in Wilson with Judge Randy Doub presiding.
That schedule lists several scheduled matters before the court for Fountain Powerboat Industries Inc.
They include: a motion to sell free and clear of liens; a motion for authority to use cash collateral; a motion to obtain post petition financing; and a motion to appoint Chapter 11 trustee.
Last week, it was reported that Liberty Investments was interested in Fountain. Liberty acquired a majority of shares in Donzi and Pro-line boat companies in the past year. There is no word if Liberty is still working to secure a Fountain deal.
Another powerboat company, Hustler, was interested in Fountain, but the New York company pulled back in light of maneuvers by Oxford Investments, such as the reported purchase of the Regions Bank note.
10-05-2009, 10:26 PM
#210
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Oxford may come out smelling like a rose....
They include: a motion to sell free and clear of liens;
the auction was for all of Fountain's assets, not pieces of them.
They include: a motion to sell free and clear of liens;
the auction was for all of Fountain's assets, not pieces of them.
