FOUNTAIN BOATS Seeks Protection Under Bankruptcy From Creditors

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Author Topic:   FOUNTAIN BOATS Seeks Protection Under Bankruptcy From Creditors

Sal DiMercurio posted 08-24-2009 09:03 PM ET (US)
Fountain filed for Chapter 11 today, saying they have assets of only $50,000 and their liabilties are between $10- and $50-million. Somebody has some explaining to do, with only $50,000 in assets and maybe owing up to $50 million. Sal
Jkcam posted 08-25-2009 05:07 AM ET (US)
Maybe the CEO received a 10-50 Million bonus for his/her exceptional management skills.
jimh posted 08-25-2009 08:24 AM ET (US)
An article on TRADEONLY contradicts the financial information given above. See
http://www.tradeonlytoday.com/home/499452-fountain-files-chapter-11
It reports that FOUNTAIN's assets are three dollars; liabilities are greater than $19,600,000.
Peter posted 08-25-2009 08:30 AM ET (US)
I think they were counting the value of Reggie's gold chains in Sal's source. ;)
TransAm posted 08-25-2009 08:51 AM ET (US)
The TRADEONLY article suggests a more complex ownership and debt structure of what is incorrectly being characterized as "Fountain". It would seem that Fountain Powerboat Industries, although somehow related, is different than Fountain Powerboats, perhaps a shell company. The actual asset structure and who/what company has guaranteed what debt is likely complex. With all of his quirks, gold chains and cheezy hair style, ole Reggis is no dummy.
TransAm posted 08-25-2009 08:54 AM ET (US)
P.S. Reggie is too full of himself to go "belly up". I'll bet you have not heard the last of Fountain. After all, it's only a Chapter 11 filing of a related company.
Tohsgib posted 08-25-2009 09:55 AM ET (US)
I know of boat companies that file for chap 11 every few years since the 1980's...it don't mean doo-doo.
Hilinercc posted 08-25-2009 11:05 AM ET (US)
Wasn't Reggie marketing his boats as "Fountain Mercury" these past few years?
When I saw that, I thought Brunswick either had partial ownership or Reg just sold them his whole kitchen.
Its really too bad, If you wanted a fast boat, Reggie was the man to see, but who has the cash these days to feed a triple set of 1025hp SC MerCruisers?
He's right up there with Chris Smith, Garfield Arthur Wood and Don Aronow.
Lets hope Fountain survives.
L H G posted 08-25-2009 07:05 PM ET (US)
I think this guy Fountain is living in a fool's paradise. He's been basically broke for several years now, and finally couldn't keep it going any longer, in spite of help from Mercury/Brunswick. They even unloaded Baja on him.
Now, my guess is that Brunsiwck and Mercury are going to take a big bath on this situation.
The days of these obnoxious, noisy go-fasts are just about over. Used ones are selling for about 20 cents on the dollar when they sell at all, and in general I am not seeing as many out on the water any longer. Most were sold to highly over-leveraged people.
Kingsteven18 posted 08-25-2009 07:24 PM ET (US)
They have some nice fishing boats that are no more decadent than some of the large Whalers are now.
jimh posted 08-25-2009 08:09 PM ET (US)
The transom of a FOUNTAIN outboard-powered boat was most likely to be a home for a VERADO motor.
Whalerdog posted 08-26-2009 09:01 AM ET (US)
no clue why he bought Baja taking all the debt with it. I heard Mercury pushed him to do it.
R T M posted 08-26-2009 09:30 AM ET (US)
The fountains and Cigarettes and the like (go fasts) were(are) the boat to have if you are in the business of transporting Cuban Nationals to the USA, under the "wet feet-dry feet" program.
http://en.wikipedia.org/wiki/Wet_feet,_dry_feet_policy
You don`t read about this as much anymore, and I heard you need to tranport these people further up the Florida west coast (Sarasota) to have any chance of getting them to dry land, as the Coast Guard has S. Florida, and SW Florida pretty well covered. I agree with Larry, that these "Cuban speedboats" are pretty much a thing of the past.
rich/Binkie
Tohsgib posted 08-26-2009 11:05 AM ET (US)
What is the beloved George Bush gonna do if they go bust, now Jeb has no way to run cocaine like he did in the early 80's. I think Obama forced them out of business just to torture the Bush Admin.
Now that is almost as full of crap like Larry & Binks posts but unfortunately most of it was true...except for the Obama part...or was it???

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Author	Topic: FOUNTAIN BOATS Seeks Protection Under Bankruptcy From Creditors
Sal DiMercurio	posted 08-24-2009 09:03 PM ET (US) Fountain filed for Chapter 11 today, saying they have assets of only $50,000 and their liabilties are between $10- and $50-million. Somebody has some explaining to do, with only $50,000 in assets and maybe owing up to $50 million. Sal
Jkcam	posted 08-25-2009 05:07 AM ET (US) Maybe the CEO received a 10-50 Million bonus for his/her exceptional management skills.
jimh	posted 08-25-2009 08:24 AM ET (US) An article on TRADEONLY contradicts the financial information given above. See http://www.tradeonlytoday.com/home/499452-fountain-files-chapter-11 It reports that FOUNTAIN's assets are three dollars; liabilities are greater than $19,600,000.
Peter	posted 08-25-2009 08:30 AM ET (US) I think they were counting the value of Reggie's gold chains in Sal's source. ;)
TransAm	posted 08-25-2009 08:51 AM ET (US) The TRADEONLY article suggests a more complex ownership and debt structure of what is incorrectly being characterized as "Fountain". It would seem that Fountain Powerboat Industries, although somehow related, is different than Fountain Powerboats, perhaps a shell company. The actual asset structure and who/what company has guaranteed what debt is likely complex. With all of his quirks, gold chains and cheezy hair style, ole Reggis is no dummy.
TransAm	posted 08-25-2009 08:54 AM ET (US) P.S. Reggie is too full of himself to go "belly up". I'll bet you have not heard the last of Fountain. After all, it's only a Chapter 11 filing of a related company.
Tohsgib	posted 08-25-2009 09:55 AM ET (US) I know of boat companies that file for chap 11 every few years since the 1980's...it don't mean doo-doo.
Hilinercc	posted 08-25-2009 11:05 AM ET (US) Wasn't Reggie marketing his boats as "Fountain Mercury" these past few years? When I saw that, I thought Brunswick either had partial ownership or Reg just sold them his whole kitchen. Its really too bad, If you wanted a fast boat, Reggie was the man to see, but who has the cash these days to feed a triple set of 1025hp SC MerCruisers? He's right up there with Chris Smith, Garfield Arthur Wood and Don Aronow. Lets hope Fountain survives.
L H G	posted 08-25-2009 07:05 PM ET (US) I think this guy Fountain is living in a fool's paradise. He's been basically broke for several years now, and finally couldn't keep it going any longer, in spite of help from Mercury/Brunswick. They even unloaded Baja on him. Now, my guess is that Brunsiwck and Mercury are going to take a big bath on this situation. The days of these obnoxious, noisy go-fasts are just about over. Used ones are selling for about 20 cents on the dollar when they sell at all, and in general I am not seeing as many out on the water any longer. Most were sold to highly over-leveraged people.
Kingsteven18	posted 08-25-2009 07:24 PM ET (US) They have some nice fishing boats that are no more decadent than some of the large Whalers are now.
jimh	posted 08-25-2009 08:09 PM ET (US) The transom of a FOUNTAIN outboard-powered boat was most likely to be a home for a VERADO motor.
Whalerdog	posted 08-26-2009 09:01 AM ET (US) no clue why he bought Baja taking all the debt with it. I heard Mercury pushed him to do it.
R T M	posted 08-26-2009 09:30 AM ET (US) The fountains and Cigarettes and the like (go fasts) were(are) the boat to have if you are in the business of transporting Cuban Nationals to the USA, under the "wet feet-dry feet" program. http://en.wikipedia.org/wiki/Wet_feet,_dry_feet_policy You don`t read about this as much anymore, and I heard you need to tranport these people further up the Florida west coast (Sarasota) to have any chance of getting them to dry land, as the Coast Guard has S. Florida, and SW Florida pretty well covered. I agree with Larry, that these "Cuban speedboats" are pretty much a thing of the past. rich/Binkie
Tohsgib	posted 08-26-2009 11:05 AM ET (US) What is the beloved George Bush gonna do if they go bust, now Jeb has no way to run cocaine like he did in the early 80's. I think Obama forced them out of business just to torture the Bush Admin. Now that is almost as full of crap like Larry & Binks posts but unfortunately most of it was true...except for the Obama part...or was it???