Fountain Re-Organization Plan

[Magicfloat]

Good news for Reggie,bad news for creditors. www.tradeonlytoday.com

[T2x]

Well there you go...

The economic downturn is all fixed.

[Ted]

With the kind of money they are gonna pay Reggie there is likely to be a lot of gold chains showing up in the Washington NC pawn shops :sifone::rolleyes:

[Steve 1]

Geez and Who said failure does not pay well? The whole world has gone crazy!

[DollaBill]

crazy huh

[cigdaze]

Wow...that's crazy. Thank goodness I'm not a creditor.

[Magicfloat]

And all the vendors that lost money will be ready to send new product and write off the losses. The same thing will happen with Genmar. I have a lot of debt I don't want.Wonder what my creditors would say if I said I want the Fountain/Genmar plan?After they closed my business and took everything I own including my home,I would be out on the street,broke,and no job.Reggie and Irwin Jacobs will still have their mansions,their cars,and everything else,and still build boats.My daddy had a simple idea,you owe a debt,you pay it,which is what I will do somehow.Sadly,many companies do not.:(

[Davidmnc]

Who wants success when failure pays that well!

[Wrinkleface]

:willy_nilly:
Who wants success when failure pays that well!

[Slandrew]

Hey he's still floating:confused:

[BOJOE2]

I guess obama stimulus package kicked for reggie

[THEJOKER]

No way could I work for that.

[Offshoredrillin]

And all the vendors that lost money will be ready to send new product and write off the losses. The same thing will happen with Genmar. I have a lot of debt I don't want.Wonder what my creditors would say if I said I want the Fountain/Genmar plan?After they closed my business and took everything I own including my home,I would be out on the street,broke,and no job.Reggie and Irwin Jacobs will still have their mansions,their cars,and everything else,and still build boats.My daddy had a simple idea,you owe a debt,you pay it,which is what I will do somehow.Sadly,many companies do not.:(
I couldn't agree more, He only fought to protect his income, he has no business being employed as much as the factory employees. Welcome to the democrat bankruptcy plan... "fail, we will pay ya for it"

[Offshoredrillin]

Wow...that's crazy. Thank goodness I'm not a creditor., bet your bottom dollar there are companies that they owe less than his 260K per year, why not pay them and let the person that ran it into the ground live off his savings?:mad:

[RebarBox]

Let's hope everyone remembers this 2, 3, 4, years from now.

[DAREDEVIL]

Why is everybody jealous about Reggie ???? He made powerboats for over decades and he is alive.............

All of u wish to be a portion of his life he had and has ......

WHY CAN'T U ALL MIND YOUR OWN BUSINESS AND MAKE SOMETHING GOOD FOR THE NATION ?????????


SHOW HIM HOW ITS DONE BEFORE U GO AND BASH HIM !!!!!!!!


WHAT EVER !!!

[GENERAL LEE]

I'm indifferent about Reggie, but I understand he's being paid that, because he's the creator of what they bought..... Those guys don't know chit about his boats compared to him, so they want him around in some capacity to promote and progress the product. He still has huge marketing appeal to them as well. People on this very site go crazy for Reggie when they see him in person....posting pictures & chit, etc http://smiliesftw.com/x/haycool_2.gif (http://smiliesftw.com)


C'mon, $260-taxes = not that much to average, in comparison to other heads at major boat/marine companies.http://smiliesftw.com/x/hsughno.gif (http://smiliesftw.com)

[Offshoredrillin]

Why is everybody jealous about Reggie ???? He made powerboats for over decades and he is alive.............

All of u wish to be a portion of his life he had and has ......

WHY CAN'T U ALL MIND YOUR OWN BUSINESS AND MAKE SOMETHING GOOD FOR THE NATION ?????????


SHOW HIM HOW ITS DONE BEFORE U GO AND BASH HIM !!!!!!!!


WHAT EVER !!!
first off, why would I be jealous? I have no envy for a man that cant run a business properly, whom still has his mansion not far from the factory while his employees are laid off because of his poor judgment and greed. do you think his laid off employees are thankful today? do you think the small companies employees that wont get paid because of this action and may have to close are thankful today? there are more than a few of us on here that started our companies from nothing as well, and we did without when times got tough to make the company succeed. Reggie is the boating industry's Ken Lay.

C'mon, $260-taxes = not that much to average, in comparison to other heads at major boat/marine companies.

correct, it isn't the amount, its principal. I'm pretty sure there is a vendor somewhere that would love to have that amount over the next 3-5 years

[BUIZILLA]

sounds like the judge is prejudiced toward RF....

wierd judgement stuff going on here...

[Indy]

there are more than a few of us on here that started our companies from nothing as well, and we did without when times got tough to make the company succeed.

Yup...and we were always the LAST ONES TO GET PAID. This economy is tough for me, sold the boat, sold the Corvette, hunkered down...not fun. BUT...all my vendors are paid, my employees are paid, I don't owe one subcontractor a penny, I have no business debt, and if there's anything left over I get it...and it ain't much currently.

[Twin27Advantage]

General,
It WAS a major company. Now it is just like most other high performance builders with 10-15 employees. I am sure most other major high performance builders dont have chief financial officers making 150k and a secretary-treasurer making 104k. I would be willing to bet that some of the major builders presidents are not making 260k at the moment either.

They will be back in the same position soon. How can they expect to be profitable having to pay back this every month:
FB their 30k
salaries of him and the two mentioned above 42.8k + insurance + ss + comp
salaries of a few employees 13.5k (say 6 at 27k yr) + insurance + ss + comp
utilities
+



INDY,
Awesome!

[straightpriority]

just keep in mind he has basically dedicated his whole life to fountain and has undergone the daily massive stresses of keeping that company together for years and making sure that his "family" of employees had a home. How many company's were forced to let employees go recently? spent way to much money on race program?...... maybe. but also he wasnt the only one that ran that vehicle.:rolleyes: . i know there are alot of business owners here and they know how hard and stressful it is everyday. and everyone thinks we just sit back with our feet up and collect.

[Twin27Advantage]

If I recall...he had over 200 employees at one point and was/is down to 12 or so. I cant imagine he cared to much? employees were out while he was living it up. If he is so dedicated maybe he would cut his salary to 110k and hire 5 employees back at 30k each so they can have a home. Just for a couple years until the company is back on its feet. He is already rich...so 110k would be great pay for his passion.

Using INDY as an example. That is called puting your employees first and they can see it when toys start to go.

[DAREDEVIL]

If I recall...he had over 200 employees at one point and was/is down to 12 or so. I cant imagine he cared to much? employees were out while he was living it up.

Using INDY as an example. That is called puting your employees first and they can see it when toys start to go.

Well,,, most of them that i talked too,,he did care and they heard it before all went down. He also sold his plane and other stuff before it went down.

Have u guys actually ever talked to some of the employees ,,,or are u just quessing ?????

mmmmhh,,,,thought so.

[MOBILEMERCMAN]

Good, bad, or otherwise. Fountain has one of the nicest facilities in the country and it won't be long before things are rolling again.

[Slandrew]

Good, bad, or otherwise. Fountain has one of the nicest facilities in the country and it won't be long before things are rolling again.

True!

[Twin27Advantage]

Well,,, most of them that i talked too,,he did care and they heard it before all went down. He also sold his plane and other stuff before it went down.

Have u guys actually ever talked to some of the employees ,,,or are u just quessing ?????

mmmmhh,,,,thought so.

Guessing...yes! How many do you know? One of the bankruptcy articles said they had 450 employees in 06' and around 40 at the time of filing in late august. I would guess that you only spoke to a couple or maybe you spoke to all 40, I don't know. One of the articles said the 40 would be reduced to around 12 a week after filing. So 28 were the lucky ones to get a warning. Must not have been much of a warning because the jet sold in july if I recall, around the time they did the Jammin On The James videos. The other few hundred must not have been so lucky.

I like what he did for powerboats
I like the boats
I hope the company sticks around
I wish he was out and started a consulting company to show the other companies how to market and make their boats as fast as a fountain:)

Go search and read several of the articles about him, his quotes, and spending. Like this quote:
"What I'm going to gain is the right to have a job and work in my company," he says. "Somebody else is going to own it, but that's OK with me. I never took any money out of that company anyway, except just enough salary to get along. I do it because it's what I like to do."

Sure...

[DAREDEVIL]

Guessing...yes! How many do you know? One of the bankruptcy articles said they had 450 employees in 06' and around 40 at the time of filing in late august. I would guess that you only spoke to a couple or maybe you spoke to all 40, I don't know. One of the articles said the 40 would be reduced to around 12 a week after filing. So 28 were the lucky ones to get a warning. Must not have been much of a warning because the jet sold in july if I recall, around the time they did the Jammin On The James videos. The other few hundred must not have been so lucky.

I like what he did for powerboats
I like the boats
I hope the company sticks around
I wish he was out and started a consulting company to show the other companies how to market and make their boats as fast as a fountain:)

Go search and read several of the articles about him, his quotes, and spending. Like this quote:
"What I'm going to gain is the right to have a job and work in my company," he says. "Somebody else is going to own it, but that's OK with me. I never took any money out of that company anyway, except just enough salary to get along. I do it because it's what I like to do."

Sure...

Well,, i would believe him,!!!!!!!

What they don't tell u in those statements,,he owes one of the biggest law-firms in NY city, a lot of property in NY , NC and elsewhere all on his private name, not on fountain powerboats.
Do u really think for 1 moment that he made money doing this in the last 5 years ?????????
I am actually surprised that he kept it going for so long.
The BANKS,,,did not finance the boats at the dealers that where ordered from dealers and costumers,,,so he build them and shipped them and then got told ,,HEY REGGIE, u need to take those 400 1/4 mil boats back ,,,,because WE ( the bank ) stopped all activity !!!!!!!!

COOL, I ASK .......WHAT WOULD U DO ????????

Anyhow,,,he will be fine and fountain will be too ,just a matter of time.

HEY, OBAMA WILL FIX IT , America believes it and the war never happened. WHERE WE REALLY ON THE MOON IN THE 60's ???????????.:rolleyes:
Am i German ,,,,is my boat blue ????? WHO KNOWS !!!!!!!! WHO CARES !!!!!!!! THIS WORLD IS ALL ABOUT HEARSAY ,SO WHATS THE DIFFERENCE !!!!!!??????

I AM OUT !!!!!!!

[GENERAL LEE]

correct, it isn't the amount, its principal. I'm pretty sure there is a vendor somewhere that would love to have that amount over the next 3-5 years

Of course, of course. This is however, one of those situations where, "it is, what it is" no matter WHAT Reggie, or anyone else could have done. :(

The employees were laid off, because there aren't enough new boats being ordered to justify all of them! There's not a significant enough decision making process involved with that market condition, to be solely Reggies' fault. Reggie's style is just as cheesy to me, as anyone else views him. He didn't create the economic chitstorm however, and has to weather it just like everyone else.

Also just for clarity, the Fountain plane was a twin prop, not a jet......so he clearly showed SOME restraint with his corporate spending.....http://smiliesftw.com/x/kekekegay.gif (http://smiliesftw.com)

[Chris]

Bankruptcy in this country is a joke. A guy that owed me a significant chunk of $$ took that route. I knew he was a scumbag so I set out to find all his hidden assets. Once I did I hired a private detective to record him- he tried to buy some of his hidden car collection. Had him recorded bragging about hiding all this stuff from the court. The Bankruptcy judge couldn't have been less interested.

I like the idea of debtor's prison. :)

[Ratickle]

The Bankruptcy judge couldn't have been less interested.


There-in lies the problem.....:boxing_smiley:

[Bgchuby01]

Of course, of course. This is however, one of those situations where, "it is, what it is" no matter WHAT Reggie, or anyone else could have done. :(

The employees were laid off, because there aren't enough new boats being ordered to justify all of them! There's not a significant enough decision making process involved with that market condition, to be solely Reggies' fault. Reggie's style is just as cheesy to me, as anyone else views him. He didn't create the economic chitstorm however, and has to weather it just like everyone else.

Also just for clarity, the Fountain plane was a twin prop, not a jet......so he clearly showed SOME restraint with his corporate spending.....http://smiliesftw.com/x/kekekegay.gif (http://smiliesftw.com)

if it was a turboprop those are not cheap, yes cheaper than a pure jet but still alot of money

[Wildman_Grafix]

In large international companies this wouldn't even make the papers. The directors and CEO's of those companies make Reggie's wage look like peanuts.
Doesn't matter if they send the company in the tank or not.

It sucks but that is the way it is.

[Twin27Advantage]

DareDevil,
Most news articles do try to paint a bad picture and leave out other information. The quote I posted above was a direct quote from reggie in this article at TradeOnly.com:
http://www.tradeonlytoday.com/home/499982-reggie-fountain-buoyant-in-bankruptcy

They are reputable and seem to be non bias. I was cracking up about the Obama part in your post...this quote (from reggie) in the same article:
"We're just following suit with what everybody else is doing," Fountain says. "I see how General Motors did it, how Chrysler did it, how AIG did it. So I said, 'Well, I might as well get in on that deal.' Look at Irwin [Jacobs, Genmar chairman], he's been around a long time and he beat me to it."


Not sure how reputable this site is but the information is public. It gives a pretty good idea about the money he was making.

http://seekingalpha.com/article/49424-rough-seas-for-fountain-powerboat-industries-inc

The best two things in the above link:
1. Company has a net loss of 5.05 million in 07' and he increased his salary 40.5%, 170k to 520k from 06'

2. Fountain has a company that leased the plane to fountain powerboats. During Fiscal 2007, Fountain paid that company $297,785 in rentals.

I wonder just how much over the years they paid in plane rentals? It is normal to do, but just another way he was making money off the company. Other stuff in there as well, but they do not seem out of line.

He is a smart man looking out for himself and family first. Nothing wrong with that, but it shows that he really does not give a crap about his employees, or he does as long as he gets a huge chunk of money first.

[Slandrew]

:seeya:Wealthy man once said if you owe the bank 200k it's your problem owe them 200 million it's there problem:bump:

[DAREDEVIL]

http://www.youtube.com/watch?v=-vUUScLCFy8&feature=related

[Twin27Advantage]

Love it...I will own one of the ex canopy boats when the right deal comes along.

[Slandrew]

Love it...I will own one of the ex canopy boats when the right deal comes along.

The deals are here now!:USA:

[DAREDEVIL]

Love it...I will own one of the ex canopy boats when the right deal comes along.

The old BLACK PEARL raceboat is for sale !!!!!!!!

[McCaffertee]

just keep in mind he has basically dedicated his whole life to fountain and has undergone the daily massive stresses of keeping that company together for years and making sure that his "family" of employees had a home. How many company's were forced to let employees go recently? spent way to much money on race program?...... maybe. but also he wasnt the only one that ran that vehicle.:rolleyes: . i know there are alot of business owners here and they know how hard and stressful it is everyday. and everyone thinks we just sit back with our feet up and collect.

It's amazing how sooooo many people think they know what this guy is going through...what and why he did what he did - With his ego and status, this must be the most humiliating situation possible.

I am by far not a fan of Fountain, but the guy did one hell of a job over the years and accomplished more (for both himself and the industry) than most can dream of.

I personally would never own a Fountain, but I am sure he did his best and did what he thought was right - up until the last days.

[DAREDEVIL]

It's amazing how sooooo many people think they know what this guy is going through...what and why he did what he did - With his ego and status, this must be the most humiliating situation possible.

I am by far not a fan of Fountain, but the guy did one hell of a job over the years and accomplished more (for both himself and the industry) than most can dream of.

I personally would never own a Fountain, but I am sure he did his best and did what he thought was right - up until the last days.

:USA::iagree::iagree::iagree::USA:

[MarylandMark]

I guess I'd take a $1/4 Mil a year and free jumpsuits to run around in a demo boats all year. Tough job but somebody has got to do it. Please send my signing bonus ASAP so I can make the Dec poker runs to get our product out there!

[GENERAL LEE]

if it was a turboprop those are not cheap, yes cheaper than a pure jet but still alot of money

Good note, good note. I hadn't looked that closely when I saw it last on the tarmac, AND I was just playing around with my comment. http://smiliesftw.com/x/kekekegay.gif (http://smiliesftw.com)
No matter the brand, setup, or size, flying on your own terms is the most appreciated option, privilege, or benefit that can be enjoyed. :cheers2:

[T2x]

Good, bad, or otherwise. Fountain has one of the nicest facilities in the country and it won't be long before things are rolling again.

I think you are vastly underestimating how bad the economy is....and how far away recovery is.

This effort, and many others, will be nothing more than rearranging the deck chairs on the Titanic IMHO.

T2x

[Pete B]

I think you are vastly underestimating how bad the economy is....and how far away recovery is.

This effort, and many others, will be nothing more than rearranging the deck chairs on the Titanic IMHO.

T2x

I certainly agree there, and when that tidal wave hits the titanic it sure wont help.

[phragle]

I certainly agree there, and when that tidal wave hits the titanic it sure wont help.

Uhmmm...not to split hairs, but it's when the ICEBERG hits the Titanic.. :willy_nilly::willy_nilly:

[Salesmanship]

Uhmmm...not to split hairs, but it's when the ICEBERG hits the Titanic.. :willy_nilly::willy_nilly:


I think he meant " when the Germans bombed Pearl Harbor"

[Slandrew]

Not as many people have the coin but the few that do will spend which will slowly improve sales:rolleyes:Doom & gloom creates fear to middle income buyer not to spend:confused:When the market does come back Fountain will have the boat for him!AKA Baja:bump:

[DollaBill]

Not as many people have the coin but the few that do will spend which will slowly improve sales:rolleyes:Doom & gloom creates fear to middle income buyer not to spend:confused:When the market does come back Fountain will have the boat for him!AKA Baja:bump:

I think the middle income buyer should be scared to death. The worst is yet to come. I'm not happy about that or trying to keep up the doom and gloom as some say, but I'm also not going to burry my head in the sand after a nice big glass of the kool aid...

[Audiofn]

I think the middle income buyer should be scared to death. The worst is yet to come. I'm not happy about that or trying to keep up the doom and gloom as some say, but I'm also not going to burry my head in the sand after a nice big glass of the kool aid...

Who was that guy on the other board again? Probably bussy selling off his business because he gave such good advice!! :D

[Magicfloat]

Latest news from today,what a soap opera. www.tradeonlytoday.com

[DollaBill]

Who was that guy on the other board again? Probably bussy selling off his business because he gave such good advice!! :D

LOL. Hey I saw it coming in '06 and got out. I sweated every day for 6 months until I closed on Dec 23rd. If you didnt see it then you were blind

[phragle]

Latest news from today,what a soap opera. www.tradeonlytoday.com (http://www.tradeonlytoday.com)

As the beak turns, so is the gold jewelry of our lives....

[Offshoredrillin]

Uhmmm...not to split hairs, but it's when the ICEBERG hits the Titanic.. :willy_nilly::willy_nilly:
well in the essence of splitting hairs, technically, the titanic hit the iceberg, not vice versa.

tidal wave was the Poseidon...:bump:

[Offshoredrillin]

Not as many people have the coin but the few that do will spend which will slowly improve sales:rolleyes:Doom & gloom creates fear to middle income buyer not to spend:confused:When the market does come back Fountain will have the boat for him!AKA Baja:bump:
wow, you had a deep cup at the fountain well didn't ya? when the market does come around, why would you buy a boat from a company that is in bk protection? there are others that make a better product that arent throwing good money after bad to keep a name...AND have a stable company.

[MarylandMark]

Who was that guy on the other board again? Probably bussy selling off his business because he gave such good advice!! :D

Dean?

[Wildman_Grafix]

Latest news from today,what a soap opera. www.tradeonlytoday.com

I noticed the GENMAR update as well.

[Magicfloat]

Yeah,the Genmar soap opera is as crazy as the Fountain deal.I was a Glastron dealer for 30 years,actually considered getting back up with them for 2010 until all this came up.Glad I am no longer involved with Genmar,even tho I still have lots of friends at Glastron

[Slandrew]

wow, you had a deep cup at the fountain well didn't ya? when the market does come around, why would you buy a boat from a company that is in bk protection? there are others that make a better product that arent throwing good money after bad to keep a name...AND have a stable company.

People have hit hard by this economic crisis stable company:iamwithstupid:

[Matt Trulio]

For the record folks: Neither Mr. Fountain nor President Obama created this nation's current bankruptcy protection laws.

I am defending neither of them. Nor am I defending those laws. I want that to be crystal clear.

But what's happening here is anything but new or unique.

[Matt Trulio]

And I think the tidal wave hit the cruise ship Poseidon. In both movies. Though I could be wrong.

[Wildman_Grafix]

For the record folks: Neither Mr. Fountain nor President Obama created this nation's current bankruptcy protection laws.

I am defending neither of them. Nor am I defending those laws. I want that to be crystal clear.

But what's happening here is anything but new or unique.

Exactly, same old same old, my Dad lost his pension back in the eighties when Uniroyal went BK.

Moved plants to Mexico or China back then. It is not a new thing.

[Pete B]

Uhmmm...not to split hairs, but it's when the ICEBERG hits the Titanic.. :willy_nilly::willy_nilly:

No, the iceberg has already crippled the titanic, like being on a sinking ship a tidal wave wont help.

[GENERAL LEE]

Dean?


Speaking of.......whatever happened to that guy?

[MarylandMark]

Speaking of.......whatever happened to that guy?

Off topic: I still get emails from Deans company every so often.

I invested with Dean sort of. I paid him to review one of my 401K's. Although I am limited to about 30 Fidelity funds, there were enough options that I wanted professional advice.

Dean didn't solicit me any more than he did any other business on the boards. After talking with Dean a few times, I liked his attentiveness and what he had to say so I gave him the password to my 401k.com Fidelity account. I did this in the AM so if for whatever reason he tried to screw me and place some trades I could cancel them before the end of the trading day. This is a 401K- trades go in at the end of the day; not instant. Dean printed out some of my info and then I changed my password back.

After a week or so of looking at my info, Dean let me know what he could do for me. Very honest, very upfront, very available when I called with questions and so on. So I signed up with him and gave him access to my account. I knew some thing about the funds I have available so knew he really looked in to my options when he said he did and knew why he said to get in/out of some things. I already agreed with what he thought I should do and was about to make the same moves on my own when I sought his advice. I like people that are available- if you can't talk to me, answer the phone and tell me you are busy and will get back to me in an hour, week, 2 months or whatever. If I go to voicemail- call me back within a reasonable amount of time (depending on severity of situation even a week is reasonable) and tell me you can't talk right now. Maybe a waste of time for some; for me it is the determining factor if you get my business or not.

So anyway- Dean moved a few things around- some worked out, some didn't but overall I felt my limited 30ish funds didn't provide me enough options to really need the advice of a professional. If I picked all losers my 401K would be within 5% of picking all winners. Yes, 5% is a chunk but after Deans fees (which I felt were fair) it really wasn't worth it.

He disappeared from the boards but is still in business as of about 2 months ago when I got my last email.

Sorry for the hijack :)