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American Marine Holdings and Liberty Acquisitions File For Bankruptcy Protection

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Old 01-20-2012, 04:32 PM
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Default American Marine Holdings and Liberty Acquisitions File For Bankruptcy Protection

Just in, http://speedonthewater.com/in-the-ne...rotection.html.
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Old 01-20-2012, 04:49 PM
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No surprise.
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Old 01-20-2012, 04:51 PM
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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.
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Old 01-20-2012, 05:29 PM
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Did any of these companies build any boats over the last 12-18 months?

I can't remember the last time I saw a new build on this site from Fountain, Baja or Donzi.

Tough times.
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Old 01-20-2012, 07:17 PM
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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.
Mr. Fountain is not a creditor in the First Capital vs. AMH and Liberty case. He has a lawsuit of his own against Fountain Powerboats. I don't know how Fountain Powerboats' Chapter 11 filing yesterday affects that lawsuit. I do know that no motions have been filed by either side in that lawsuit since March 16, 2011.

As for the rest, I have no idea.
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Old 01-20-2012, 07:43 PM
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What happens to the deposits and partial payments of the unfinished boats ?
What happens to anyones warranty ??

If this goes down it should stay down.
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Old 01-20-2012, 07:50 PM
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[QUOTE=Tantrum;3597867]So will Reggie be buying back his Fountain molds for pennies of pennies on the dollar? QUOTE]

If its anything like the Powerquest auction this week maybe a dude named steelhead will pay a million for them

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Old 01-20-2012, 08:32 PM
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Quote:
Originally Posted by freshwaterfiend View Post
Did any of these companies build any boats over the last 12-18 months?

I can't remember the last time I saw a new build on this site from Fountain, Baja or Donzi.

Tough times.
FOUNTAIN FACTORY SHOP TOUR CLICK HERE

Shop Tour was on June 15th, 2011

John Walker provided me the tour expressing while walking down the rigging area, " Does this look like a company going out of business ? "

After speaking with Reggie, more than likely the boats being assembled were the boats he had sold prior to his departure.

Most notably the Government Contracted boats.

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Old 01-20-2012, 08:48 PM
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Did any of these companies build any boats over the last 12-18 months?

I can't remember the last time I saw a new build on this site from Fountain, Baja or Donzi.

Tough times.
I dont either.
And if someone did buy something their warranty is gone.

Cant imagine how a company with 2 failures so close together can convince someone to buy their product now.

Another round of unsecured creditors about to get it in the hoop.

Its not as if there arent a bunch of good builders out there with innovative designs and great workmanship.

This entity is finished.

Mr. Fountain did great things for a long time for our industry .

He should leave his legacy as it is and not get dragged into this fatally wounded company.

Lights out.
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Old 01-20-2012, 09:22 PM
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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.
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