Setback for Reggie?

[Ratickle]

I can remember tons of "why do they still call it Cigarette RACING?" threads going around at the time. Guess what...he's still here, Reggie's paying for it now.

But Reggie took it a step farther so he could say he won 42 championships last year etc. To do that, he basically had to finance the organization that would allow him to run almost identical boats in 42 different classes. (exageration I know).

Plus, he funded TV programs called racing programs that were huge infomercials. Let alone the poker runs where the entire race teams would pull a surprise visit to run at an event and "kill" all others with helicopter footage and chase boats etc......

His approach was similar to our politicians in that the future business (taxpayers) were always gonna pay for todays expenses. The only difference, he couldn't continue to print money as the feds can (for now)....

 

[Offshoredrillin]

Haha, TONS of flack! :iagree:

Sooo many self described "experts" back then, have been eating truckloads of crow for years after scrutinizing Skip for abandoning the (lack of) "business model" that plagued Cigarette for most of it's time as a company. I love it! :nopity::smilielol5:

Exactly, where is racing today? a bunch of separate "organizations" that cant agree. and have a hard time putting people in the seats.

 

[Top Banana]

Exactly, where is racing today? a bunch of separate "organizations" that cant agree. and have a hard time putting people in the seats.

Hey the whole country is going through hard times right now.....so, why not relax a bit this winter and come to the Miami to Key West race on the first Saturday after the Miami Boat show.

No points to build toward a championship, no big expensive circuit to run on all year....just come to our "Winter Event" and have a great experience. This is the same course that the legends raced on.....become the new legend (even if it is only in your friend's minds)

Bring a boat, we will find a class for you and you can enjoy. Not enough fuel capacity for 185 miles? We have a time handicap that will allow for refueling in Islamorada or Marathon.

Why? Well, the race does end in Key West on a February weekend.....what is better than that?

 

[Sean Stinson]

I just read this whole thread.......I love it.

It touched on so many points about what is wrong with the industry today:

• Iconic "visionary" builders with more fans than common sense
• The proliferation of nearly identical "performance boat" brands with no real reason for existence
• The inevitable disastrous results of putting home appliances in high speed water craft
• The blind loyalty that occurs after one spends his money on a product....no matter how mediocre it may be
• The rampant inability of some to fully grasp the harsh realities of the financial markets and the tolling death knell this represents for the VAST majority of boat manufacturers (This is only the tip of the iceberg)
• The persistent notion that a redesign of graphics, a little slight of hand with a deck mold, and a new model name can somehow become a "Revolutionary change".
• The idiotic notion that a businessman can be bigger than his product....and/or his company's finances

T2x

Tell us how you really feel bro!!!! :sifone::sifone:

 

[TCEd]

"The inevitable disastrous results of putting home appliances in high speed water craft "

Wow, that's what the twin step in the hull is for, something to bolt the washer and dryer onto.
ed

 

[Brownie]

I always thought that Reg was destined to die in his own arms..............

 

[Tony]

Brownie, I read that mid drink, a few minutes later and I'm still hacking beer out of my lungs. :rofl::rofl::rofl::rofl:

 

[Team Tsunami]

I just read this whole thread.......I love it.

It touched on so many points about what is wrong with the industry today:

• Iconic "visionary" builders with more fans than common sense
• The proliferation of nearly identical "performance boat" brands with no real reason for existence
• The inevitable disastrous results of putting home appliances in high speed water craft
• The blind loyalty that occurs after one spends his money on a product....no matter how mediocre it may be
• The rampant inability of some to fully grasp the harsh realities of the financial markets and the tolling death knell this represents for the VAST majority of boat manufacturers (This is only the tip of the iceberg)
• The persistent notion that a redesign of graphics, a little slight of hand with a deck mold, and a new model name can somehow become a "Revolutionary change".
• The idiotic notion that a businessman can be bigger than his product....and/or his company's finances

T2x

Love it Rich!!

 

[Cash Bar]

I always thought that Reg was destined to die in his own arms..............

ROTFLMAO !! :rofl::rofl::rofl:


Another keyboard please. That makes like 3-4 just for this thread.

 

[phragle]

Setback???

When you spend 30 years building a boat company and then lose it to bankruptcy because you were more interested in funding your ego than your company....yeah, I would call that a setback...

 

[Slandrew]

Funding his ego or his pockets that is the real question?If they do dump Reggie it's some big shoes to fill!!!

 

[Ratickle]

Funding his ego or his pockets that is the real question?If they do dump Reggie it's some big shoes to fill!!!

Maybe he'll go to work promoting a different boat line......:sifone:

I can picture him now..."Outerlimits, the best handling, best made, fastest, winningest boats ever made"...... (Just kidding guys...)

 

[Roger 1]

I've been around....and am waiting for the Fountain prices to bottom out. Then, I'm getting rid of my old, outdated, slow, ugly Top Gun and moving up to a Fountain!! :sifone:

Seriously, start your own thread and get everything out that you've been holding in for all of these years. You'll feel better!!

Looks like today's your lucky day......

 

[MarylandMark]

LOL- scared me for a second before I realized those were 2008 fuel prices!

 

[OldSchool]

Looks like today's your lucky day......

Thanks Roger!!!! How are you? Any progress on your TG?

 

[Magicfloat]

Another update. www.tradeonlytoday.com

 

[db71]

Sounds like the only difference between Liberty and Oxford is Oxford does not want to keep the person in Charge who drove the company to BR. If liberty was smart they would not want to either.

 

[Offshoredrillin]

Fountain Powerboat Industries and its subsidiaries filed paperwork Thursday rejecting FB Investments' bid to buy the company.

The report of sale was filed in U.S. Bankruptcy Court in the Eastern District of North Carolina in advance of today's final hearing on the sale.

That hearing was set to begin at 9:30 a.m. The outcome was unavailable by Soundings Trade Only's deadline.

"The debtors do not support confirmation of the sale to FB Investments as the debtors believe, exercising their reasonable business judgment, that the proposed financing and plan supported by Liberty Associates, L.C. would provide a greater benefit to creditors and any sale pursuant to the bid by FB Investments would not be in the best interest of the estate," Fountain said in its report.

"Section 7(c) of the sale procedures permits debtors to reject, at any time before the entry of an order ... any bid that in the debtor's sole discretion, is contrary to the best interests of the debtors," the report adds.

Fountain had previously asked the court to postpone today's final hearing on the sale, but that motion was denied.

FB Investments' credit bid of $8.75 million was unopposed.

FB Investments is a corporation formed by the principals of California-based Oxford Investment Group for the purpose of acquiring the Regions Bank note on Fountain.

FB said in court papers it planned to "utilize debtors' business as a platform to develop a broad-based branded boatbuilding business headquartered in Washington, N.C., with growing local employment utilizing local resources."

However, it was not willing to offer company founder Reggie Fountain the position of CEO. Liberty Associates, however, said it would retain Reggie Fountain as head of the company.

 

[T2x]

Funding his ego or his pockets that is the real question?If they do dump Reggie it's some big shoes to fill!!!

How big can they be?????

He's only 5 foot 4 ..........................

T2x

 

[Slandrew]

How big can they be?????

He's only 5 foot 4 ..........................

T2x

I heard he was a center for a basketball team:26: