no more Fountain boats

[Michael J Giesler]

I was told at the chicago boat show that fountain is completely done :(there having a firesale and Reggie is in deep crap I thought merc saved him again :confused:

[Gorilla0178]

I would sure love to find out whats happening with all the molds!!!!!

[VELOCITY 3.6GT]

Thats a shame they make a nice boat. We'll have to see if someone picks them up.

[plasterer tim]

If they have gone into recievership a reciever will try and sell all molds and machinery and stock if they cant find a buyer to bail the company out it might go to an onsite auction, anything is possible, bad newqs if its true tim

[vnemous]

I thought I read somewhere that Hustler either bought or tried to buy Fountain. Must have fallen through.

[Fast-Trukin]

I thought I read somewhere that Hustler either bought or tried to buy Fountain. Must have fallen through.
Yes,they found some funny stuff going on and bailed out.

[Brabender]

why buy at normal sale
when in Receivership they can by for cents on the Dollar

[Mark75H]

I think we would have heard details here before you heard anything at a boat show ... Screamandfly has the inside track on almost everything relating to fast boats.

Fountain is in court and there are competing plans for it to continue. If it does go into full liquidation or become the property of another company ... I bet you will hear the exact details here on Screamandfly before the boatshow crowd knows which end is up.


why buy at normal sale
when in Receivership they can by for cents on the Dollar

Its been in receivership ... Hustler even bailed on that deal

[Brabender]

Its been in receivership ... Hustler even bailed on that deal

Look at what Jacobs just did on the Genmar deal.
The banks liquidated the less profitable brands and he was able to
buy his own company back at Cents on the Dollar.....

[Fandango]

I thought the deal was someone stepped in and bought out the note from the bank for like 40 cents on the dollar(it was like 20 mill on the note, and purchased for 9 or 10 mill, but memory is hazy), and they were in a prime position to take over the company when it went to liquidiation.

Reggie was able to file motions and get the bankruptcy court to agree to let him maintian owership and pay off the bank note to the new holder at something like $30,000 a month, and he maintained ownership/control.

So if there are new rumors going around that they wont make it, it seems to me that they are in the same spot they were a few months ago....they sell a very high end product in an economy were banks wont loan for such product, and they have tons of used stock floating around at major discounted rates.

Also, you can have interested buyers, they just cant close. Heard from several dealers here on LI recently that after Tobay boat show, up to half the deals they wrote fell through for financing reasons

Hope Fountain makes it through, but its tough out there!

[KIBBEY]

There not going anywhere,thay were bought by liberty associates.Which acquired Donzi and the pro-line brands earlier last year.Thay have to pay 29,375 per month toward oxford investment group.And reggie is still the CEO of the company.Liberty associates is the largest marine investor's in the game now.Hustler could not come up with enought to cover the warranty that is out there.

Power Boat dec 09' page 19

[99fxst99]

THis is a good site to keep up with what's going on in the trade. It's been interesting following the Fountain story, as well as the Mercury FonDuLac/Stillwater deal.


http://www.tradeonlytoday.com/

[bworner]

Hey Mike, It was a pleasure meetin ya, Oh, if you need a 250 HO for 2010 Blarneys let Brett or I know!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Or we could change the rules, Twin-250 Pros Vs 1-250 HO!!!!!!!!!!!!!!!!!!! You know Im kidding.Brannon

[QuarterHorse]

I've dreamed of owning a Fountain Power Boat for a long time. I hope they can get out of this funk and keep creating awesome boats.

[joed]

https://research.ameritrade.com/wwws/stocks/overview/overview.asp?symbol=FPWBQ&fromPage=overview&display=

This may interest you guys

[Mark75H]

The link is dead

[rchevelle71]

Fountain makes a great boat, Here is The last F-1 boat, was a fountain factory sponsored boat at one time(belonged to one of reggies sons) a 29 fountain that I crewed on, won SBI/APBA/UIM National, Florida, and World Championships in 2008. 2nd picture is 2009 at Lake harris, we were testing for running OPA that year, but ended up retiring the boat temporarily due to the economy, this was its last race testing session and first pleasure use:D Here is a link to the website, if you go under the team tab, you will see my pic as crew chief.

http://tntoffshore.com

[AirRide]

[QUOTE=Mark75H;1877080]I think we would have heard details here before you heard anything at a boat show ... Screamandfly has the inside track on almost everything relating to fast boats.

This is all very old news on the offshore powerboat sites, including the blow by blow details, for the last year or so. Scream & Fly has no interest in the offshore arena, thats obvious. As mentioned previously, if you want to follow the marine trade, minute by minute, as it happens, go to Soundings Trade Only, and sign up. You will recieve daily e-mail updates on the pulse of publicly traded & private owned marine businesses/boat manufacturers.