Setback for Reggie?

[Magicfloat]

Looks like someone is trying to throw a monkey wrench in his plan. www.tradeonlytoday.com

[Magic Medicine]

rut row

[Sunsation96]

I really don't see how the court system works? Reggie's business is in the ground and owes 30 million to people in total and he can try a stop the Friday dead line something sounds messed up IMO...

[Offshoredrillin]

"calling it a last attempt of "founder Reggie Fountain to try and retain control of the company he stewarded into insolvency."

truer words have never been spoken.

[Chris]

What cracks me up is that Reggie may not retain control of the company and that most are shocked by that. The man is a survivor. And he took a shot.

[Magicfloat]

Since I am too computer dumb to cut and paste,maybe someone should post the article here,since the link will go to tomorrow's news in the morning.Someday I will learn more computer skills.

[Magic Medicine]

What cracks me up is that Reggie may not retain control of the company and that most are shocked by that. The man is a survivor. And he took a shot.

He had to be well aware of this considering he has a law degree

[BBB725]

Since I am too computer dumb to cut and paste,maybe someone should post the article here,since the link will go to tomorrow's news in the morning.Someday I will learn more computer skills.

Final hearing on Fountain sale is Friday
Posted on October 05, 2009 ShareThis
A final hearing to confirm the sale of Fountain Powerboat Industries' assets will be held Friday, despite a motion by Fountain to postpone the scheduled sale.

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In court papers filed in U.S. Bankruptcy Court in the Eastern District of North Carolina, Judge Randy Doub on Monday denied Fountain's request to postpone, saying the company must proceed with the sale. A final hearing to confirm the sale, and any objections that may be filed, is set for 9:30 a.m. Friday.

In court filings, FB Investments noted that its credit bid of $8.75 million was unopposed.

FB Investments, a corporation formed by the principals of California-based Oxford Investment Group for the purpose of acquiring the Regions Bank note on Fountain, had opposed Fountain's request, calling it a last attempt of "founder Reggie Fountain to try and retain control of the company he stewarded into insolvency."

Neither FB nor its attorney, or Reggie Fountain or his attorney, could be reached for comment this morning.

Fountain filed Aug. 24 for Chapter 11 bankruptcy protection. In its filing the company asked the court for permission to sell "substantially all" of its tangible and intangible assets.

However, in court documents filed in U.S. Bankruptcy Court in the Eastern District of North Carolina, Fountain says that on Sept. 17, creditor Regions Bank sold its note to FB Investments.

Meanwhile, Fountain said the company received an alternative proposal from Liberty Associates in which Liberty would provide financing that would allow Fountain to continue operations and fund a proposed agreed plan of reorganization. Liberty, as part of the deal, would keep Reggie Fountain on board as president of the company.

FB said that, in its talks with Reggie Fountain, it told him of its plans 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," according to court documents. "FB Investments had serious conversations with Mr. Fountain about coming to work for the new company to realize these ambitious plans but was not willing to offer him the position of CEO."

It was then, FB said in court documents, that Reggie Fountain told the group he did not want to work with them, and days later filed papers to stop the sale.

In its court filings, Fountain said it wanted to stop the sale because Liberty's proposal was in the best interest of creditors.

"The debtors believe that this alternative proposal from Liberty would appear to offer other creditors in this proceeding at least some opportunity to receive a distribution on allowed claims and, thus, may be in the best interest of the debtors' estate as compared to the proposed sale," Fountain said in court documents.

— Beth Rosenberg

[blackhawk]

A final hearing to confirm the sale of Fountain Powerboat Industries' assets will be held Friday, despite a motion by Fountain to postpone the scheduled sale.

In court papers filed in U.S. Bankruptcy Court in the Eastern District of North Carolina, Judge Randy Doub on Monday denied Fountain's request to postpone, saying the company must proceed with the sale. A final hearing to confirm the sale, and any objections that may be filed, is set for 9:30 a.m. Friday.

In court filings, FB Investments noted that its credit bid of $8.75 million was unopposed.

FB Investments, a corporation formed by the principals of California-based Oxford Investment Group for the purpose of acquiring the Regions Bank note on Fountain, had opposed Fountain's request, calling it a last attempt of "founder Reggie Fountain to try and retain control of the company he stewarded into insolvency."

Neither FB nor its attorney, or Reggie Fountain or his attorney, could be reached for comment this morning.

Fountain filed Aug. 24 for Chapter 11 bankruptcy protection. In its filing the company asked the court for permission to sell "substantially all" of its tangible and intangible assets.

However, in court documents filed in U.S. Bankruptcy Court in the Eastern District of North Carolina, Fountain says that on Sept. 17, creditor Regions Bank sold its note to FB Investments.

Meanwhile, Fountain said the company received an alternative proposal from Liberty Associates in which Liberty would provide financing that would allow Fountain to continue operations and fund a proposed agreed plan of reorganization. Liberty, as part of the deal, would keep Reggie Fountain on board as president of the company.

FB said that, in its talks with Reggie Fountain, it told him of its plans 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," according to court documents. "FB Investments had serious conversations with Mr. Fountain about coming to work for the new company to realize these ambitious plans but was not willing to offer him the position of CEO."

It was then, FB said in court documents, that Reggie Fountain told the group he did not want to work with them, and days later filed papers to stop the sale.

In its court filings, Fountain said it wanted to stop the sale because Liberty's proposal was in the best interest of creditors.

"The debtors believe that this alternative proposal from Liberty would appear to offer other creditors in this proceeding at least some opportunity to receive a distribution on allowed claims and, thus, may be in the best interest of the debtors' estate as compared to the proposed sale," Fountain said in court documents.

— Beth Rosenberg

[db71]

Any speculation on new ceo?? I bet oxford ends up with it and it sounds like they don't want reggie so who will it be

[mikes280]

Reggie

[Magicfloat]

All of this begs the question " What is Fountain without Reggie? He built the company,ran the company,he was the company.Without him,what does Oxford have?Would you buy a new Fountain if Reggie was not involved? I think the suits at Oxford have no idea what they are dealing with.

[mikes280]

All of this begs the question " What is Fountain without Reggie? He built the company,ran the company,he was the company.Without him,what does Oxford have?Would you buy a new Fountain if Reggie was not involved? I think the suits at Oxford have no idea what they are dealing with.

yep the brand is all about Reggie with out him it's just another boat builder

[Bgchuby01]

Without him its just another bayliner

[JupiterSunsation]

Reggie will be paid to run it albeit without the perks he has been accustomed to.....

[phragle]

All of this begs the question " What is Fountain without Reggie? He built the company,ran the company,

Then ran it into the ground... the economy changed, he wasn't prepared and he continued to spend money on fancy video editing and puboic displays of psuedo greatness that achieved nothing but contempt and ridicule by a large part of the performance community. He may be retained to be a figure head, but the reins will likely be held very tightly.

[Jassman]

All of this begs the question " What is Fountain without Reggie? He built the company,ran the company,he was the company.Without him,what does Oxford have?Would you buy a new Fountain if Reggie was not involved? I think the suits at Oxford have no idea what they are dealing with.

possibly that's where someone else in the boating arena that they have been working with steps in to help..

[THEJOKER]

I think Fountain builds a nice boat. Without the helicopters , cat killer promotions , and without the spend , spend , spend attitude - they could possibly be a profittable company. Take the MagicFloat business philosophy!

[db71]

You forgot the private jet and 100 million on advertising

[Chris]

What would Cigarette be without Don Aronow?