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  1. #46
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    #2 iron from the Mayo clinic, Fla. / Blue Ridge, VA.
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    Talking taxwise a positive move for them,

    Quote Originally Posted by joed View Post
    Good luck, when the people from NY realize how cheap a fellow living in a trailer in Beaufort Co NC will work, they will want to cut pay in NY. I Hope for all involved they can pull it off. Sure hate the thought of more gold chains and pinky rings in eastern NC though.
    Best of luck and a big thanks for doing something to keep this business alive. when sea ray chose to expand they went to the lowest per capita income county in fla, Flagler co. I lived in daytona and commuted. I never saw someone chew tobacco, smoke a cigerette, and eat lunch all at the same time before not quite the "Bada Bing" sort of crowd, I wouldn't worry to much about the neighborhood
    most overnite successes usually take at least 10 years


    Certified turd polisher,

  2. #47
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    WASHINGTON N.C.. I TOO HAVE A BOATING PROBLEM
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    The deal fell thru.

    Fountain will go on the auction block in October.
    JOHN MASON
    '83/VECTOR/MERC 200-- SOLD
    '98 Quartershot T-3/ MERC 200




    "If your not living on the edge, your taking up to much space"

  3. #48
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    Quote Originally Posted by WATERWINGS View Post
    The deal fell thru.

    Fountain will go on the auction block in October.
    that sucks...

    alhough I was talking with the neighbor that worked there and he indicated that several things could be afoot...

  4. #49
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    What gripes me, is that the rich consumer will spend well over a hundred grand on a overated center console,thinks that he is a fisherman,but then he hangs out on the sand bar drinking beer.Why doesn`t this person/s buy a high performance boat?I hear this too,oh its not a family boat,bulls$$$$T.My little 21 cougar seats 4 ,goes fast,I took my wife and teenage daughters out and they loved it!Imagine a big go fast offshore boat!That would be better,if I could afford the fuel!

  5. #50
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    What I hate, is I was hopein that all the people, (400 or so (?)) that lost jobs would be put back into work when the deal went thru.......

    Now we still have a TON of people in this fairly small town that don't have jobs.

    Just imagine if I lost my job tomorrow, how many people would be looking for the same job as me....(keep in mind this is fairly a small town)
    JOHN MASON
    '83/VECTOR/MERC 200-- SOLD
    '98 Quartershot T-3/ MERC 200




    "If your not living on the edge, your taking up to much space"

  6. #51
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    c/c's and comfort

    Yea and that big c/c may not run 100. but. If you want to bring a bunch of friends at a good rate of speed with a lot of comfort jamming and dancing to 12 speaker dual sub-woofer kick butt jams with more cooler space than you may ever need, along with the BBQ to the sand bar and back. And not worry about any boat wake or chop. That c/c does it better than any thing you can get. And
    fuel mpg is getting better all the time.

    ed

  7. #52
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    This was in todays paper........





    Fountain courts investment deal




    Company’s founder wants to reorganize Fountain’s finances
    By GREG KATSKI
    Community Editor
    Published: Tuesday, September 29, 2009 7:39 AM EDT






    CHOCOWINITY — Fountain Powerboat Industries Inc., parent company of Fountain Powerboats, is trying to restructure its Chapter 11 bankruptcy protection, according to its president and chief executive officer, Reggie Fountain.

    The new bankruptcy shield would allow Fountain to reorganize and retain its assets, as opposed to selling its assets at an auction set for Monday, an auction scheduled by the U.S. Bankruptcy Court in the Eastern District of North Carolina.

    A deal is pending between Fountain and Liberty Investments that would make the investment group majority shareholders in the company founded by Fountain. Liberty would help finance the reorganization of the company and help the company pay off its creditors. Fountain said he would be retained as the company’s president and CEO under the pending deal.

    Fountain said he is lobbying the bankruptcy court for Chapter 11 reorganization to ensure the future success of his company and its “family” of employees.

    “One of the most basic and important things in this whole process is to try to save the jobs of all our employees,” he said Monday. “It’s about taking care of the family of employees that has been here for 30 years.”

    The company has cut its work force from more than 400 workers to less than 100 employees over the past several years. After filing for bankruptcy protection in late August, Fountain said the work force at the company’s 65-acre plant on the south side of the Pamlico River would be reduced to 10 or 12 workers.

    Fountain said he has been looking for a chief investor in the company since filing for bankruptcy protection, and he feels confident about Liberty because of the investment group’s track record in the marine industry. Earlier in the year, Liberty became majority shareholders in two fledgling powerboat companies — Donzi and Pro-Line Boats. Fountain described the group of investors as “avid boat lovers.”

    Media reports surfaced last week that Hustler Speedboats was close to acquiring a bank note from Fountain’s largest creditor, Regions Bank. Fountain’s debt with Regions Bank is about $19.6 million. Shortly thereafter, Hustler issued a statement on its Facebook page that said the bank note had been purchased by the Oxford Investment Group.

    Fountain said the bank note had been purchased by Oxford, which has invested in more than 70 businesses since being founded in 1985, for some $6.5 million. Oxford is based in La Jolla, Calif.

    “We didn’t really want the bank to sell the note, but they did,” Fountain said.

    Fountain said he is not comfortable with Oxford, which has little experience in the marine industry, taking over the company’s assets.

    “Oxford was trying to circumvent the court process of a fair auction that might have put in enough money for me to take care of some unsecured creditors,” Fountain said. “The court probably won’t look in favor of that.”

    Fountain said he expects the bankruptcy court to rule in favor of restructuring the company’s Chapter 11 protection now that it has a lead investor in mind.

    On Monday afternoon, Fountain said the deal with Liberty was “being done as we speak.”

    If Liberty becomes the company’s majority shareholder, Oxford will be treated as a secure creditor and the company’s bank note will be paid off over time, according to Fountain.

    “We think Liberty is a much more reliable partner to see that we protect the jobs of all of our employees down the road, which is the primary goal for us,” Fountain said.
    JOHN MASON
    '83/VECTOR/MERC 200-- SOLD
    '98 Quartershot T-3/ MERC 200




    "If your not living on the edge, your taking up to much space"

  8. #53
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    would be cool if it goes through and moves forward in a positive way. The boat building industry has been hit hard here and there's a lot of talent running around without employment.

    I'm surprised that this was announced before the deal was inked... either not the smartest or something else is afoot?
    Last edited by wca_tim; 09-29-2009 at 07:20 PM.

  9. #54
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    Quote Originally Posted by 3togo View Post
    Yea and that big c/c may not run 100. but. If you want to bring a bunch of friends at a good rate of speed with a lot of comfort jamming and dancing to 12 speaker dual sub-woofer kick butt jams with more cooler space than you may ever need, along with the BBQ to the sand bar and back. And not worry about any boat wake or chop. That c/c does it better than any thing you can get. And
    fuel mpg is getting better all the time.

    ed
    You have a room in speedboats and a big sound system as well,Where are all the seats at in a c/c?I see people standing up trying to hold on to something,as for good rate of speed?what 30mph?Plus you look like everyone else.The offshore fountain boats don`t worry about chop.Center consoles are boring.Just my opinion.

  10. #55
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    c/c and fountain

    not all c/consoles are built the same. Now the hard core fish only yea those have few places to hold on.

    But many others are quite comfortable with spectator seating.

    As for speed, well yes no 80+. But but high 60 to 70. And something tells me that as good as a allison, hydrostream, action, stv are. And I like them all. When biscayne bay turns ugly and people down here know what I'm talking about. Those boats become pounder crafts.

    It's all good!

    ed

  11. #56
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    From Trade Only:


    Hearing set for Monday on sale of Fountain assets

    A hearing is set for Monday morning on Fountain Powerboats' motion asking to postpone the scheduled sale of its assets, though a California-based investment group is opposing that motion.

    An auction had been scheduled to take place next week.

    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 this week 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 LLC. FB Investments is a corporation formed by the principals of The Oxford Investment Group for the purpose of acquiring the Regions Bank note, according to Selwyn Isakow, chairman of The Oxford Investment Group.

    FB Investments is interested in acquiring Fountain's assets, according to court documents, saying FB intends to "credit bid the Region Bank indebtedness at the auction; however, one effect of the assignment of the Regions Bank indebtedness to a potential bidder has been to chill the bidding process and discourage other potential bidders."

    Fountain reported in the last few days that 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.

    "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.

    FB Investments, however, filed papers Thursday asking the court to reject Fountain's motion to postpone the auction, calling it a last attempt of "founder Reggie Fountain to try and retain control of the company he stewarded into insolvency."

    "On Sept. 28, 2009, Reggie Fountain states he did not want to work with FB Investments if it purchased the company; two days later, debtors seek to abort the sale for the 'best interests of the creditors,' " FB noted in court documents.

    FB also asserts Fountain has not provided a basis for canceling the sale process and that the benefits to canceling are "highly speculative and extremely unlikely to occur; the harm to FB Investments is real and substantial."

    "[The] bare bones, highly unusual ex parte motion seems to all appearances to have been triggered by Reggie Fountain's attempts to secure his own personal advancement, without a credible chance of benefitting the creditors," FB said in court papers.

    In related news, a Committee of Unsecured Creditors was appointed. Representatives from Composites One, Textron Financial Corp., Speed Boats of Texas (dba Legend Marine Group), and Dr. Jon C. Fisher were named to the committee.

    — Beth Rosenberg

    Ló fasz racing
    Joe Horvath

  12. #57
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    Another Trade Only update:

    Final hearing on Fountain sale is Friday

    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

    b.rosenberg@tradeonlytoday.com

    Ló fasz racing
    Joe Horvath

  13. #58
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    thanks for posting...

  14. #59
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    Once again:

    Reggie Fountain scheduled for court-ordered examination


    Reggie Fountain, founder and president of Fountain Powerboat Industries, will appear today before FB Investments for a court-ordered meeting, according to documents filed Wednesday in U.S. Bankruptcy Court in the Eastern District of North Carolina.

    Called a "2004 Examination," it relates to the acts, conduct or property or the financial condition of the debtor in a bankruptcy case.

    FB requested the examination saying it wished to examine Reggie Fountain as to any and all aspects of the case, including all matters related to the Debtor-in-Possession financing motion, all matters related to Fountain's business relationship with Liberty Associates, all matters relating to any plan of reorganization and the protection of FB's collateral.

    Fountain said it had no objection to Reggie Fountain appearing for the examination, but called the document request overly broad and said it "invades the providence of the debtor's negotiations and strategies regarding creditors and claims."

    The judge ruled Fountain must provide FB with the documents it requested, but any documents in which Fountain claimed an attorney-client privilege would be examined Friday by the judge.

    Today's examination precedes Friday's expected final hearing to confirm the sale of Fountain Powerboat Industries' assets, in which FB Investments' credit bid of $8.75 million is 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.

    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 Investments 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," but was not willing to name Reggie Fountain as CEO.

    Ló fasz racing
    Joe Horvath

  15. #60
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    This is starting to get interesting....

    Fountain tries to stop sale to FB Investments

    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.

    Ló fasz racing
    Joe Horvath

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