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YEP!!! Fountain will build it better too. Go Fountain
Fountain Acquires Baja Boat Line
Washington-based Fountain Powerboats will buy the Baja boat line from Brunswick.
Posted: 10:35 AM Mar 21, 2008
A major employer in Beaufort County is expanding its reach in the boat business.
Fountain Powerboats will acquire the Baja boat line from Brunswick.
Brunswick says it's closing an Ohio factory, laying off 285 employees. As the company sells certain assets to Fountain, Brunswick will stop production by late May.
Gary Baltz with Fountain tells WITN News that the purchase will help them expand their line. Baltz says it's still too early to say whether manufacturing will expand at their Beaufort County facility as a result of the acquisition.
Terms of the deal were not disclosed.
The Ohio plant will be the seventh boat factory Brunswick has closed or planned to close since 2007 as it realigns its business and cuts boat production.
Baja boats was owned by Brunswick corp among other brands.
Fountain will reign as King once more, believe that.
The only two True Deep-V Powerboat manufacturers in the world.
Best boats money can buy for the go-fast crowd and handling
big nasty water. Get in, sit down, and hang on.
Yes, im talking about the shares of Fountain. lol GLTA TFF
just say it, I was wrong and i did not do my DD?
it happens to all of us...
then say I'm sorry MWM for attacking you...
thats all i want...
EVEN UNDER THE WOOOORST SCENARIO....4M OS SHELL IS WORTH WHAT?? IF WE WERE TO PLAY YOUR GAME.
What is there to know, you think that the FPWBQ shell somehow now owns a minority interest in Liberty?
You don't know what you are talking about..,
This is more than obvious...
I see why you trade for food lol!
Wow, have you ever traded before? I have posted two articles that clearly state both Fountain and Baja(clearly you guys did not know Baja was bought by Fountain from Brunswick in 2008) were bought out of BK and are now owned by Liberty. Does Fountain own something else that would make the shell have value?
How long you been trading? this is the basics here buddy, just admit you were wrong and move on, I'm starting to feel sorry for you...
In November, the company made $300,000; in December, it made $1.2 million, Fountain said, adding that he hopes the company will be pulling in $3 million a month by March. With the rebound in production, the company has been able to hire 120 employees. As recent as October, the company had just 10 full-time employees, Fountain said.
If the company reaches $80 million in sales by the end of 2010, it can return its work force to 400-plus employees, Fountain said, adding that hiring more workers depends on how the market rebounds.
"With Doub’s approval Wednesday, Liberty became the majority owner of Fountain Powerboats."
SO WHO'S THE MINORITY OWNERS???
THERE IS SO MUCH YOU OR I DON'T KNOW.....HELL REGGIE DOESN'T KNOW BUT THEY ARE OUT OF BANKRUPTCY IS A START
What assets...show me? Was the Fountain name sold also...what are the details of liberty representing Donzi got for $7.4M
Attention board, the assets of Fountain have been sold, under-stand?
Fountain and Baja are great name brands but they are no longer owned by FPWBQ...
You mispelled argument...and I will keep adding
Spinning It? When you crank the wheel of a Fountain Powerboat
they dont spin. Fountains cut and turn harder than you can
even understand. It may even catch you by suprise, just as
FPWBQ will do shortly. GO Reggie, Go Fountain Powerboats.
Look there is a little thing called DD, you might want to try doing it before pumping a stock...
This is now a shell, it has no assets and that is why someone dumped those shares last friday...
If you want to continue this argument I will have some of my friends stop by to make fun of you for acting retarded, you were wrong and didn't do your homework, don't attack me for posting obvious DD that is all over the net...
WHERE IN THAT ARTICLE DOES IT STATE SHARES WERE CANCELLED...
LIAR
So is Beth Rosenberg full of shit too?
With a new owner, Fountain exits Chapter 11
Posted on February 04, 2010 ShareThis Fountain Powerboat Industries has emerged from Chapter 11 bankruptcy protection, company founder Reggie Fountain told Soundings Trade Only this morning.
The privately-held company is now owned by Liberty Associates, which also is the majority shareholder of Donzi Marine and Pro-Line Boats.
Fountain, who filed Aug. 24, 2009 for bankruptcy, said he's happy with the outcome of the case.
"We've been pretty fortunate all along," he said. "I think the judge noted that we had one of the lowest groups of payables to our vendors that he'd seen in a bankruptcy."
Fountain will stay on as president and CEO of the company and says he will buy back into the company, though not at the 51 percent of shares he once owned.
California-based FB Investments had attempted to buy the company, after it purchased the note from Regions Bank. After a court fight, however, the company recently approved Fountain's reorganization plan.
Fountain said Liberty Associates will pay FB Investments the money it is owed by mid-March, if not sooner.
There are currently about 120 employees at Fountain. That number had fallen as low as 20 last fall, Fountain said, adding he hopes to bring more employees back as the economy allows.
Several years ago, Fountain employed 350 people in its North Carolina facility.
"The economy is going to determine [when we can bring more employees back]," he said. "We can't force that, wouldn't want to force that after getting out of Chapter 11."
Fountain also noted the company is much leaner and running with less overhead than it once had - as much as $1 million a month less.
Back in 2006, he noted, Baja and Fountain combined did $160 million in business. He hopes to be back to at least half of that amount in three to five years.
"I'll be tickled if that happens," Fountain said.
For more on this story, see the March issue of Soundings Trade Only.
— Beth Rosenberg
community editor "GREG KATSKI" translation YOU ARE SO FULL OF CHIT!!!
You will be repaid for your kind generosity.
According to that article...
So the whole company was bought for $7.4M BULLCHIT,..
You posted that garbage news article from some editor.
You know better than I do that's not how it works
Why are you buying the stock, hoping for the tooth fairy to show up? don't duh me, I didn't buy the stock and then post about it...
Duh....It was a private equity firm buyout. Newspaper article...
wake up dude!
Weee? this stock is worthless, stop spinning it...
WEEEEEEEEEEEEEEEEEEEEEEE!!!!
Great DD here guys, wasted 15 minutes of my time...
Fountain out of bankruptcy
By GREG KATSKI
Community Editor
Published: Friday, February 5, 2010 2:18 AM EST CHOCOWINITY — Fountain Powerboat Industries Inc., parent company of Fountain Powerboats, is out of bankruptcy and back at work.
Following a hearing held in the U.S. Bankruptcy Court in the Eastern District of North Carolina on Wednesday, Randy Doub, chief bankruptcy judge, approved Fountain’s reorganization plan, lifting the company from Chapter 11 bankruptcy protection.
In late August 2009, Fountain filed for bankruptcy protection. Several weeks later, the company’s $19.6 million bank note was purchased by a third party, Oxford Investment Group. A bankruptcy auction of the company’s assets was set for early October, but the company instead moved to restructure its Chapter 11 bankruptcy protection and reorganize with Liberty Investments.
With Doub’s approval Wednesday, Liberty became the majority owner of Fountain Powerboats. Reggie Fountain was retained as the company’s president and CEO, and Bill Gates was named chairman.
According to Gates, Liberty Investments, which is based in Florida, also is majority owner of Donzi and Pro-Line Boats. Fountain called the investment group “avid boat-lovers.”
As part of the reorganization plan, Liberty agreed to pay Oxford Investments $6.9 million for the bank note and an additional $500,000 for unsecured debt. Fountain’s other creditors were awarded $500,000. The company also has transitioned from the public to private sector, and will not be traded publicly from this point forward.
“First of all, I’m pleased with the judge’s decision,” Gates said. “It was a little bit of a bumpy road, but we were confident all along.”
Gates, now the highest-ranking individual at Fountain, said he is optimistic about the future of the company.
“I’m confident Reggie can steer the company in the right direction,” he said.
Fountain said the success of the company that bears his name depends on the economy.
“If the economy comes back, Fountain comes back,” he said.
Fountain said the company’s performance at the Miami Boat Show, which starts Thursday, will be a “good harbinger for what to expect in the future.”
The company is shifting its focus from building what Fountain called “pleasure boats” to government-contracted boats to be used by the Navy, Coast Guard and other branches of the U.S. armed services.
Fountain referred to a 42-foot-long interceptor-type boat the company is working developing.
“It’s like the James Bond boat, but better,” he said.
The Bahranian government recently placed an order for 24 interceptors; the company has already built six, Fountain said.
After halting production for some time, the company began building boats again in earnest last November. Production was aided by Liberty, which helped finance Fountain operations during the reorganization process.
In November, the company made $300,000; in December, it made $1.2 million, Fountain said, adding that he hopes the company will be pulling in $3 million a month by March. With the rebound in production, the company has been able to hire 120 employees. As recent as October, the company had just 10 full-time employees, Fountain said.
If the company reaches $80 million in sales by the end of 2010, it can return its work force to 400-plus employees, Fountain said, adding that hiring more workers depends on how the market rebounds.
Gates expects it will take two to five years for the sportboat industry to recover.
“We understand that it’ll be slow to return,” he said, “but our vision is to lead the market.”
According to that article, Liberty now owns Fountain and Baja...
This stock is worthless...
Here is something interesting...
http://www.boattest.com/Resources/view_news.aspx?NewsID=4020
MWM I don't....I never said that
So what ultimately happened on Oct. 5 and after with said note?
Where do you see an offer for $6 a share?
This should fly hard another 300K of that 1.6 float
CEO interview on Hustlerboats buyout offer:
http://www.performanceboats.com/html/forums/showthread.php?p=839338
Reggie on the Sale of Fountain Powerboats
--------------------------------------------------------------------------------
Reggie Fountain took the time to talk to Performance Boats about the recent events surrounding Fountain Powerboats. Here's our conversation.
PERFORMANCE BOATS: There's been some activity lately with Fountain. First, Chapter 11, then the reports that Hustler was interested in acquiring the company, then new reports that Fountain was sold to an investment group. Is that correct?
REGGIE FOUNTAIN: Not yet, no. Nothing’s happened yet. That won’t happen until Oct. 5, and somebody will buy it. Originally it was the bank; now someone else has bought the bank's note. And that note will then be sold on Oct. 5 to the highest bidder, and that person will then own Fountain Powerboats. But it can’t be officially sold until sometime after Oct. 5.
PB: Tell us about what happened with Oxford Securities.
RF: There are several investment groups—maybe as many as a dozen or so—that are looking at that. And so, one of them certainly will be the one that’s already bought the note. And it’s not anybody known in the marine industry: it’s a company called Oxford Securities. And they bought the note. It doesn’t necessarily mean that they’ll own it after the auction; it just means that they are in a good position to own it if they want, since they own the note now. If somebody wants to bid it up, they could bid it up. It doesn’t cost them a lot to up bid it, because they’ve already bought it. They are pretty well in the driver’s seat to own it, if that’s what they want to do.
PB: What is your outlook for Fountain for the next year or so?
RF: I won’t know exactly how that’s going to go until all this is completely done. I’m not in charge of all the things that are happening. I can’t control them. Not having any control, and not exactly sure how they are going to turn out, I’m really not in any kind of position to make any projection into what might happen until I know how it turns out in October. I'll have a pretty good idea who the owner is then, and I’ll know how I can deal with it from that point forward.
PB: Are any boats being produced right now?
RF: Yes, we are still building boats right now. A few. Not many people are building many right now. We actually built quite a few boats over the summer...not many compared to what we used to way back, you know, 15 years ago when things were going good. We’re building 25 to 30 percent of what we built. But you know, we were building more than anybody else in the high performance sports boat market except Baja—and now we got Baja too. Needless to say, sales on all that stuff have gone down dramatically.
PB: Do you think Fountain will make its usual standout appearance at the upcoming Miami Boat Show?
RF: I would think so. I think Fountain would be there, sure. Depending on whoever owns it and however they decide to run it, I’d be surprised if they didn’t show up at the boat show.
PB: What about you personally? What will be your role at Fountain in the years ahead?
RF: Well, I’m in the process now of getting with the people that are investing in the company to see how it will turn out between me and them. It’s mostly from their point of view; their call as to whether they still need to have me helping them. If they do, it’s up to me to decide if I want to do that. Neither one of us has made our minds up except to say I’ve had an awful lot of opportunities dangling out there, at this time, in the event I wasn’t doing what I’m doing right now.
PB: Imagine your life as a free agent. Are you still building boats? Are you racing full time?
RF: Probably consulting with people how to build good boats that go fast. I’m pretty well noted for that, I guess. And I’ve got 315 apartments, a shopping center, a grocery store that will keep me from starving and having to go on the welfare lines. (Laughter) So I think I’ll get along all right on that. So, probably in the boat business, I'll probably be a consultant or something if I weren't working for this company. As Yogi Berra used to say, “It ain’t over 'til it’s over." I gotta just wait and see how it turns out.
Hustler powerboats made them an Oct. offer...Fountain said too low
http://www.hustlerspeedboats.com/
This is getting verrrrrrry exciting!
Especially as economy turns around.
Looking to add a few more
wow, could be a monster
0.055 x 0.09! Break out soon. Even at 0.09 the market value is still
less than $0.4M or $400,000. Who dumped the shares at 0.026 anyway?
fROM SEC FILINGS Outstanding Shares: 4,361,184 Shares.
Floating EST Shares: 1,663,000 Shares.
bYE...BYE!!!! TEEEEEENS I SMEELLL IT$$$
What is the float and number of s/o?
.05's UP we may trade half the float today!!
Funny you mention CEMJQ i was there at .035 too LOL
The buy-out price may be as high as $6 based on its $26M+ enterprise
value! Checked out the CEO's statement and strong confidence for the
business. I believe they will exit from the CH11 very soon. Website
is very cool! China would be the best rapid growth market to focus.
Could FPWBQ be the next CEMJQ (from 0.016 to 1.71) or SSCCQ (from 0.017 to 1.11)?
Fountain is the best name in powerboating Hands down....period
I'm betting they will be acquired.
Plus the economy is turning around...not like it was 2yrs ago.
Worth a bet here.
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Fountain Powerboat Industries Inc
Outstanding Shares: 4,361,184 Shares.
Floating Shares: 1,663,000 Shares.
Insider Ownership: 52%.
Fountain Powerboat Industries, Inc.
Whichard's Beach Road
Post Office Drawer 457
Washington, NC 27889
http://www.fountainpowerboats.com
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