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Reggie Fountain: Still at Fountain

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Old 12-09-2010, 10:53 AM
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Originally Posted by Matt Trulio View Post
I spoke with John Walker, the vice president and chief operating officer of Liberty Associates who will also serve as the president of Baja this morning for another story I'm working on. I asked him what Mr. Fountain's administrative leave meant. He said:

"All I can tell you is that he is is on administrative leave and that he is still a valued employee of the company. Were are working to see how he fits within the company."
That means this -

Sign the no compete or your fired...and until you sign, you're on admin leave. If you don't sign it by such and such date, you're terminated.

Liberty, rightfully so, needs to take the appropriate steps to ensure they are covered for the (no doubt) impending law suit.
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Old 12-09-2010, 10:56 AM
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That means this -

Sign the no compete or your fired...and until you sign, you're on admin leave. If you don't sign it by such and such date, you're terminated.

Liberty, rightfully so, needs to take the appropriate steps to ensure they are covered for the (no doubt) impending law suit.
I can assure you it is NOT in Reggies makeup to be anyones VALUED EMPLOYEE
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Old 12-09-2010, 11:32 AM
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I can assure you it is NOT in Reggies makeup to be anyones VALUED EMPLOYEE
I totally agree with you there, but as we obviously know, he lost control of his own destiny.

I can't imagine Reggie ever wanting to just be an employee of ANY kind at the company he founded, unless it was under his own terms.

I also cannot see any real need for the new owners to keep him around to be honest, other than to keep him from possibly being their competition. Other than strictly for marketing the boats, he can't expect to be put in a position with the company to make their financial decisions anymore, so his value with them is limited on paper.

The hull designs he's built, can be piggy backed for YEARS, without needing to be updated by the new owners. Most other boat companies have ridden their designs for decades, & just redone their "look" every few years. Fountain just happened to be one of the few that continually were updating the quality of their hulls on a regular basis, therefore they don't really need his or anyone elses input on the product as much as they need them.

I'm sure they would rather pay him a settlement or severance package, along with a non-compete for "x" amount of years than anything else. Reg would probably like to leave & start over, but not without a settlement of some kind from Fountain, which they won't do without a non-compete in place. It's a Mexican Standoff.

Last edited by BLee; 12-09-2010 at 11:34 AM.
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Old 12-09-2010, 12:08 PM
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In any business after a complete bankruptcy liquidation, it's always laughable when the destructor-in-charge gets a payoff after the screwing everyone else took. But that's life.

Many times, what makes someone so successful and valuable in one area, makes them almost useless, or less than useless for most other things.

Reggie obviously likes the limelight still. He likes to make headlines, and be the big cheese. I'm quite sure he has the personal wealth to get do something that would give him the center stage again. So Liberty has to figure out how to get rid of this thorn in their sides, without aggravating him enough to get the thorn infected. I'll bet if Reggie wanted some cheap publicity, he'd be way more than a distraction to Liberty than he is now.

Maybe he'll buy some low volume maker and put a beak on their boats
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Old 12-09-2010, 12:08 PM
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Lets not forget the root of this problem. It all began with the bank loan Reggie got that Brunswick was on as a guarantee. This loan was a lifeline at that time to keep the business alive. We all should remember the "Fountain-Mercury" propaganda he was selling at that time. Reggie did not like Brunswick telling him where he could and could not spend money such as racing. He signed over all of the compaines and his personal assest to refinance that loan with a differant bank (regions I believe) to seperate himself from Brunswick. The Regions loan is the one he had to file BK on and now he is at the mercy of Liberty. This is not a new situation but a prolonged issue of mismanagement of the company.
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Old 12-09-2010, 04:43 PM
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That is a different Bill Gates. The Bill Gates who is currently running Fountain may own a Microsoft based computer but he doesn't own Microsoft Corp.
Correct, Bill Gates of Microsoft fame would not touch a boat building company with a ten foot pole! He might buy stock in Berkshire Hathaway a company that his buddy and pal Warren Buffet owns. And only because Berkshire owns Geico and would like to insure the puchasers of pleasure boats. People at that level view 94% of the population as "serfs". Individuals that are here to further there investments. By the way I wonder what BH closed at today, missed the closing bell. Never mind its sold on a three tier system the likes of which that I can buy are at around 100 or so a share, the higher up tiers are way out of my ability............................Robertjr....... .....................
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Old 12-09-2010, 05:16 PM
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Correct, Bill Gates of Microsoft fame would not touch a boat building company with a ten foot pole! He might buy stock in Berkshire Hathaway a company that his buddy and pal Warren Buffet owns. And only because Berkshire owns Geico and would like to insure the puchasers of pleasure boats. People at that level view 94% of the population as "serfs". Individuals that are here to further there investments. By the way I wonder what BH closed at today, missed the closing bell. Never mind its sold on a three tier system the likes of which that I can buy are at around 100 or so a share, the higher up tiers are way out of my ability............................Robertjr....... .....................
Buffett does own a boat company;

http://berkshirepontoon.com/
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Old 12-09-2010, 05:26 PM
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Berkshire owns BoatUS as well.
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Old 12-09-2010, 05:32 PM
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A friend of mine was at Reggies place and said he has a huge picture of himself on the wall just inside his front door.
What's the term I'm thinking of......,oh yeah Napoleon attitude.
I'm impressed. New owners can't screw up worse than he did.
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Old 12-09-2010, 05:34 PM
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Bill

Give me your impression, respect your viewpoint.

COMPLETELY HYPOTHETICAL

Reggie goes away...no fight.

He starts Fountain #2

Complete straight up new company. No splash of Fountain molds... no trickery....no cheating or accusations of misdeeds.

He takes a couple of his tech guys, has a good shop and uses Merc Power and same quality of drives guages interiors etc.

The new company is known to be well financed and will be around in the future.

WHO WILL THE PUBLIC BUY FROM ???

Reggie or the Beancounters ?
Fountain #1 will be out of business in 180 days. Then, as stated, he WILL buy back the factory at pennies on the dollar. Now, the twist would be this....

He runs every aspect of the company but the finances and decides to build to order - and - nearly ONLY factory direct sales. He could kill the market. I would be ALL OVER THAT and would tell you that I would call him in the morning and be a part of it by noon. That scenario is a winner.
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