Fountain files Chapter 11

[jeffbare]

Fountain files Chapter 11
From Soundings Trade Only Daily newletter. Tough Times....

Posted on August 24, 2009
Written by Beth Rosenberg ShareThis 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.

According to court documents, Fountain has estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. It has between one and 49 estimated creditors.

Regions Bank has claims totaling more than $19 million, according to an accounting of the creditors holding the 20 largest unsecured claims.

 

[waterboy222]

$50k in assets.. lol..

this amazes me.. what an economy.

 

[DonMan]

Reggie should contact CASH FOR GOLD. :26:

 

[FastTimes]

Reggie should contact CASH FOR GOLD. :26:

Now thats funny ! ! ! :rofl:

 

[BlackJack58]

Saw link here as well...

http://www.chapter11blog.com/chapte...boat-industries-inc-files-for-chapter-11.html

 

[Payton]

That's to bad. Hopefully they can come out of it ok.

 

[old377guy]

don't like seeing this, Reggie notwithstanding---

 

[glh]

If it's Fountain it is more than likely really Chapter 7.5....

All kidding aside I hope not. This would take a big advertiser out of play and hurt everyone in the industry.

 

[ROGUE]

So will Baja go back to Bucyrus and start building entry level boats again?

 

[fund razor]

Dam, Tom. Ouchie.

 

[Carguy]

This really sucks. Hope they get out quick

 

[phragle]

ok..that doesn't make sense..assets of $50,000 one unsold boat in thier parkinglot is worth more than $50k, then theres all the shop equipment, company vehicles, office equipment etc.

 

[jhenrie]

One 1050 in the shop is worth more than their assets? Mistake somewhere.

 

[Expensive Date]

Suprised but not totally sad day even though they will pull through this.

 

[JupiterSunsation]

One 1050 in the shop is worth more than their assets? Mistake somewhere.

Assuming you meant a Mercury engine (1025/1075) that may not be considered an asset if it hasn't been paid for. It would be considered another piece of inventory extended on credit (owned by Mercury until paid for).

 

[Magicfloat]

Couple of zeros left off the assets

 

[Matt Trulio]

There is nothing good about this. To Reggie and my other friends at Fountain Powerboats, I wish you all the best and hope you come back strong.

 

[DAREDEVIL]

There is nothing good about this. To Reggie and my other friends at Fountain Powerboats, I wish you all the best and hope you come back strong.

I second that .
Also i think its a smart move ,,otherwise he can't protect his OWN against lien.
This is a stratigic company move that u se all over, it supriced me that he did not do that earlyer.
Fountain is only one of his company's,,there for he does not need to invest more good $$$ into this market right now.
Trusst me ,,he will be back strong.

 

[catastrophe]

Couple of zeros left off the assets

Probably find the real assets other than inventory in another company name.

Be interesting to see the suppliers list that will take the hit.

With the months and months of rumours I wonder how Mercury was treating them in regards to credit.

 

[cashbrain]

Yup !!