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.
Thread: Fountain files Chapter 11
Results 1 to 20 of 52
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08-24-2009 05:15 PM
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08-24-2009 05:36 PM
$50k in assets.. lol..
this amazes me.. what an economy.
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08-24-2009 06:11 PM
Reggie should contact CASH FOR GOLD.
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08-24-2009 06:34 PMThat's to bad. Hopefully they can come out of it ok.
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08-24-2009 08:01 PM
don't like seeing this, Reggie notwithstanding---
People we meet in life are either a Blessing or a Lesson
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08-24-2009 08:05 PM
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.
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08-24-2009 08:10 PM
So will Baja go back to Bucyrus and start building entry level boats again?
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08-24-2009 08:16 PM
Dam, Tom. Ouchie.
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08-24-2009 09:41 PM
This really sucks. Hope they get out quick
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08-24-2009 10:03 PM
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.
P-4077 "The Swamp" S.B.Y.C. and Michigan medboat mothership
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08-24-2009 10:23 PM
One 1050 in the shop is worth more than their assets? Mistake somewhere.
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08-24-2009 10:25 PM
Suprised but not totally sad day even though they will pull through this.
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08-24-2009 10:32 PM
Couple of zeros left off the assets
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08-24-2009 11:05 PMThere 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.
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08-24-2009 11:18 PMI 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.
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