Fountain Files Chapter 11

[Sparky1]

NEW YORK, Aug 25 (Reuters) - Fountain Powerboat Industries Inc (FPWB.PK), a maker of speed boats used by law enforcement agencies and at least one former U.S. president, has filed for Chapter 11 bankruptcy and hopes to sell the business as the recession slams demand for expensive speed boats, according to the company founder on Tuesday.

http://www.reuters.com/article/mergersNews/idUSN2520606020090825

 

[Sparky1]

"I didn't do what my momma and daddy told me and put a lot away for a rainy day," Fountain said. "Momma and Daddy were right."

http://www.newsobserver.com/business/story/1662322.html

 

[krush]

Sucks for him. Heh, I've seen lots of "successful" businessmen become much poorer over the last 2 years. Seems like they lived quite the high life a little bit ago.

I also seen lots of businessmen live nice and saved enough for the rainy day. "A fool and his money are soon parted".

 

[Sparky1]

I didn't realize Fountain had acquired Baja last year. This is really going to suck for MerCruiser and Brunswick.

http://tinyurl.com/m86kc7

 

[labrador]

Mercruiser was Baja's biggest creditor and basicly gave Reggie the Baja line hoping he could revive the co. Having my office here in Washington, N.C. I was told 6 weeks ago Reggie was going to file however that was on the QT and couldn't say anything. Doesn't look good going forward, however we don't need another totally bankrupt co. here in eastern N.C. Hope he can climb out of it!

 

[mobilemn1]

Reggie has had springs attached to his ass ever since he has been in the boating industry. He has been in this situation before, maybe not as bad, as Baja probably added to his demise at this junture. Somehow he always reinvents himself and the company and bounces back,,,,hopefully he will again as we need the jobs in this area.