DollaBill
New member
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Deadline is set for Fountain bidders
- Thread starter Davidmnc
- Start date
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tommymonza
New member
I wouldn't give you 5 bucks for the whole operation.
Do you guys really believe there is "A market" for these boats much less Fountains that are all over the used boat market.Nothing against Fountain but the used and repo market is flooded with boats, and there is not 20 % of the buying market out there that was present 5 years ago.Add in the absolute steals out there in the high end used market these days and you would be a fool to invest in the boat business .HELL you were a fool to invest in it during the good times.
There is and was very very few real sucessful boat businesses out there in the long run of things... Fountain was no different than most banks and developments and what ever else businesses that were up to their eyeballs in debt, but by all the adds and publicity you would believe they were on top of the world and life was good,
Fountain ran its course with its number 1 promoter .innovator. etc etc. and ultimately it ran out of a buying market. In the end it does not matter if you are the most uptodate product in the world if the market can not afford to purchase it you are phucked.
By the way where is that DEAN fella?
Do you guys really believe there is "A market" for these boats much less Fountains that are all over the used boat market.Nothing against Fountain but the used and repo market is flooded with boats, and there is not 20 % of the buying market out there that was present 5 years ago.Add in the absolute steals out there in the high end used market these days and you would be a fool to invest in the boat business .HELL you were a fool to invest in it during the good times.
There is and was very very few real sucessful boat businesses out there in the long run of things... Fountain was no different than most banks and developments and what ever else businesses that were up to their eyeballs in debt, but by all the adds and publicity you would believe they were on top of the world and life was good,
Fountain ran its course with its number 1 promoter .innovator. etc etc. and ultimately it ran out of a buying market. In the end it does not matter if you are the most uptodate product in the world if the market can not afford to purchase it you are phucked.
By the way where is that DEAN fella?
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Buoy
Founding Member
As much as I hate to admit it, I think you are right.
What performance boat manufacturer has actually stood the test of time?
Maybe Cigarette.
But, that is even questionable. How many boats do they actually produce these days.
The market is flooded with with great boats at great prices for the buyers - and the buyers are limited.
I'm also noticing that the people that are actually buying are doing a little more homework, and the market seems to be more in obscure - yet well known - proven performance boats. Boats that have a smaller build number, and not "production" boats. If you're gonna spend that kinda money on a boat, you don't want a twin to your boat on your body of water.
I'm seeing a lot more interest in boats such as Apache, Powerplay, Saber, Pantera, LS Scarab, Magnum, Mirage... etc.
Cig will always hold it's place.
Not the production boats (Formula, Fountain, Baja...)
The true lovers of Offshore are digging a bit deeper, and they are seeing deals on the market. They can have a unique boat for a lower dollar.
Ratickle
Founding Member / Super Moderator
The boats with history will be desirable. Even in this market they have lost some value though.
I think you missed Skater. :sifone:
Buoy
Founding Member
I'm kind of a V, straight forward guy.
Skater would fit into the "etc" column.
I'm sure I missed a few others as well.
Davidmnc
Contributor
Maybe keep it in the family. :lurk5:
Offshoredrillin
New member
I agree, and good riddance, everyone sits and says sorry, Reggie is no different than Ken Lay of Enron, he looted the company to run around and be a hot shot instead of building a financially sound company.He went factory direct screwing his dealers to get cashflow.
He said in the article that he "didn't save for a rainy day" but you sure saw him cashing his paychecks and continue writing more for crap when the writing was on the wall.
All of that and people say poor Reggie? how about poor employees that he screwed, how about the vendors he owes, how about the stock holders? His business sense was a friggin joke, Why a fortune 500 company like Brunswick held onto it is beyond me, but hell look what they did to Harley Davidson.
Bullhead
Contributor
the buildings, adjacent land, somewhere around 2 mil in finished inventory is included....I would think that the facility as marina is worth the 6 mil..... considering that there are an ass load of fountains out there and a lot of their stuff was produced in-house, whomever ends up with it should have a decent service, parts and repair business..... that coupled with the ability to scale down and build a variety of boats might just make it viable... would I bet the farm on it?.. no.... but if I had the money sitting around and could afford to gamble it....maybe...my guess is that someone or some group buys it and Reggie continues on as a front man
There will obviously be more opportunities for custom boat makers now, perhaps picking up a few more sales. Without the fuel from inflated real estate, you simply can't have a high-volume specialty boat. Fountain may well become a POS brand that someone buys, or a somewhat expensive niche maker like many others. There are plenty of makers that could use a facility in NC and possibly reduce costs, not to mention picking up a brand with a good following. Even in their dismal condition now, I could see Brunswick picking them up. (I know, I know).
$6 million is chump change assuming it doesn't involve a lot of crap that comes with the deal. Believe it or not, a lot of independent boat makers are doing ok, not having gotten too deep in debt, or overextended on dealer inventories. I assume it includes Baja and all assets, both real estate and buildings, not to mention the molds and everything else.
$6 million is chump change assuming it doesn't involve a lot of crap that comes with the deal. Believe it or not, a lot of independent boat makers are doing ok, not having gotten too deep in debt, or overextended on dealer inventories. I assume it includes Baja and all assets, both real estate and buildings, not to mention the molds and everything else.
TEAMBAJA
Charter Member
If you were a vendor that just got burnt big time, would you sell to that person, even on a cash basis?
Magicfloat
Charter Member
Sure they would.You cannot cut off your nose to spite your face.Genmar will soon emerge from Chapter 11,and walk away from the several million$ they owe Volvo. If Volvo won't sell to them,then Genmar just goes to Mercruiser. Simple business decision,happens every day. I personally think it sucks,but life goes on.Many years ago,a local dealer filed 11,owed his trailer builder 50K.when he re-opened under a new name,guess what brand of trailers he bought?
Steve 1
Contributor
The Market has collapsed and will never be at that inflated size again, there is nothing to support it face facts we make nothing here anymore and are hardly even a service based economy at this time ,Our Exports: Scrap and raw material .The smaller companies will always do good Skater, Nor-tech, Outer limits, Magnum, Cigarette, Active Thunder and so on there are 130 Fountains in the OSO classifieds alone now if Reggie dropped it that tells you something.
northernoffshore
New member
Who ever gets the 42 mold IMO should de beak it.
JupiterSunsation
New member
Bill is that area where the factory is nice and near other attractions?
JupiterSunsation
New member
Cig went through the ringer many times between the time Don sold it and Skip bought it. They have been through very tough times before. I think 1997 or 1998 they only built like 7 boats the whole year.
Heavyhauler
New member
It's a nice area but it's out in the country, several miles from town. There are no attractions I'm aware of except the water.
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