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| Fountain Powerboats file Chapter 11 https://www.smwebhead.com/phpBB3/viewtopic.php?f=2&t=4403 |
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| Author: | Cap'n Morgan [ Tue Aug 25, 2009 6:07 am ] |
| Post subject: | Fountain Powerboats file Chapter 11 |
Quote: North Carolina-based Fountain Powerboat Industries today filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in the Eastern District of North Carolina.The company, in its filing, also is asking the court for permission to sell "substantially all" of its tangible and intangible assets, including the real estate and tooling in North Carolina, as well as brand names and unsold inventory for the Fountain and Baja brands. The sale of these assets could bring in $6 to $8 million or more, Fountain said. http://www.witn.com/home/headlines/54606327.html Hopefully this is just a re-organization, and not the end of Fountain and the Baja brands. Reggie is likely going to dishcharge a bunch of debt and keep on going |
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| Author: | 07H200SS [ Tue Aug 25, 2009 7:13 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
I hope its not the end! Just bought my Baja. |
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| Author: | Txjole2 [ Tue Aug 25, 2009 7:59 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
If anyone deserved to go under its Reggie Fountain. |
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| Author: | Txjole2 [ Tue Aug 25, 2009 8:00 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
07H200SS wrote: I hope its not the end! Just bought my Baja. Dont think it will effect you, Fountain already stated they will start phasing out pre-Fountain Baja parts. |
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| Author: | 07H200SS [ Tue Aug 25, 2009 8:35 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
Yeah I have found out already that most parts are only available after market which is fine with me. And engine and drive parts are easy from Mercury. Luckily the boat is in fantastic shape and I don't really need anything. |
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| Author: | rberm [ Fri Aug 28, 2009 10:51 pm ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
6 to 8 million for the whole company trade name plus inventory plus assets and realestate? Doesn't sound right to me considering the racing herritage Fountain has. I would imagine the realestate and manufacturing equipment is worth more than that alone. The trade name has equitable value as well with all the speed records and hull design patents. I would have to guess that Reggy Fountain is just dumping some long term dept. Hell I'd buy the whole shit for 7 million. |
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| Author: | birchfir [ Sat Aug 29, 2009 12:13 pm ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
I would agree with rberm. The name alone should be worth $6-8 mil. I would hate to see Fountain and Baja disappear. Love him or hate him, Reggie has done a lot for the boating industry! |
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| Author: | 07H200SS [ Sun Aug 30, 2009 7:30 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
Damn wish I had 7 MIL!! I would buy it in a heart beat. |
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| Author: | SNLCUNDIFF [ Sun Aug 30, 2009 7:38 am ] |
| Post subject: | Re: Fountain Powerboats file Chapter 11 |
For retirement planning and other considerations, the real property could be held in an entity outside the operating company. The operating company is in Chapter 11 reorganization. |
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