American Marine Holdings and Liberty Acquisitions File For Bankruptcy Protection
01-20-2012, 09:41 PM
#11
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Originally Posted by Tantrum
So will Reggie be buying back his Fountain molds for pennies of pennies on the dollar? Or is Reggie still a creditor?
I realize its only Chapter 11 but it doesn't sound good.
I realize its only Chapter 11 but it doesn't sound good.
Isn't that why Liberty stepped in to begin with? To rescue the brand while Reggie was still there?
Time to go with a more stable brand like Outerlimits or Nortech if I were buying a V Hull.
I feel for any company going through hard times like this. The economy is still in tough shape. The performance boating industry is having some rough years. Congrats to DCB, Nortech, Skater, Outerlimits, MTI, and others for weathering the storm so far. It takes smart business people to grow and stay profitable right now.
01-20-2012, 10:18 PM
#12
Originally Posted by Marginmn
The effect of yesterday’s bankruptcy filing (See the complete court documents under Case No. 11CVS1012) on the pending litigation, as well as its long-term ramifications for the Baja, Donzi, Fountain and Pro-Line boat brands in Washington, N.C., are unclear. However, according to Craig Barrie, the general manager of the boat brands, day-to-day operations have not been affected.
“We’re still there, still finishing and servicing boats, still doing business,” said Barrie in a telephone interview earlier today.
As for when or if the boat lines will begin taking new orders, Barrie said he did not know.
“We are waiting for the people above me to make those decisions,” he said. “We have about a dozen orders for boats right now.”
The “Suggestion of Bankruptcy” document was filed by Ron Glass, the court-appointed receiver for the companies, of GlassRatner Advisory and Capital Group LLC. When this story went live, Glass had not responded to a phone call.
I've heard that this new ZRC was ordered, paid for, and when the factory shut down last time they had to refund the buyers money because they could not meet their delivery schedule. Now it's listed on the website as factory inventory for sale. I'd imagine that's the story with many of the boats they have in production.
It's really sad because the people in Washington really need the jobs. Not to mention their suppliers who are once again left hanging.
“We’re still there, still finishing and servicing boats, still doing business,” said Barrie in a telephone interview earlier today.
As for when or if the boat lines will begin taking new orders, Barrie said he did not know.
“We are waiting for the people above me to make those decisions,” he said. “We have about a dozen orders for boats right now.”
The “Suggestion of Bankruptcy” document was filed by Ron Glass, the court-appointed receiver for the companies, of GlassRatner Advisory and Capital Group LLC. When this story went live, Glass had not responded to a phone call.
I've heard that this new ZRC was ordered, paid for, and when the factory shut down last time they had to refund the buyers money because they could not meet their delivery schedule. Now it's listed on the website as factory inventory for sale. I'd imagine that's the story with many of the boats they have in production.
It's really sad because the people in Washington really need the jobs. Not to mention their suppliers who are once again left hanging.
Fogetting the obvious risk of purchasing from a mortally wounded group with the chance of poor delivery and a questionable resale value ; the other builders who have done whatever to get through these last few years DESERVE our business.
New shapes , new sizes , new power , new management of the industry going forward.....not yesterdays news.
They have listened to the customer and have reacted and for that alone they should be rewarded with your patronage.
This bankruptcy protection request ,is the fat lady singing.
Last edited by Catastrophe; 01-20-2012 at 10:24 PM.
01-21-2012, 07:47 AM
#13
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Originally Posted by Tantrum
So will Reggie be buying back his Fountain molds for pennies of pennies on the dollar? Or is Reggie still a creditor?
I realize its only Chapter 11 but it doesn't sound good.
I realize its only Chapter 11 but it doesn't sound good.
01-21-2012, 07:56 AM
#14
Originally Posted by offshoredrillin
From what i see with what Wyatt, Reggie III and father are doing now with their company. I think they are in a perfect positions to capitalize on the mass number of their boats already out there. I cant see as many new ones selling, they can service and upgrade existing and make quite a comfortable living. it will be easier to upgrade to go faster than to buy new.
And I hope thats the route they take.
01-21-2012, 08:01 AM
#15
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Originally Posted by catastrophe
Agreed.
And I hope thats the route they take.
And I hope thats the route they take.
