Fountain

Fountain Powerboats, based in North Carolina, was launched in 1972 by former owner Reggie Fountain and it specializes in offshore racing boats. Fountain was acquired in 2012 by Baja Marine Inc., which is led by chief executive Johnny Walker.

Fountain receiver’s Chapter 11 petitions dismissed

Chapter 11 bankruptcy petitions filed by a receiver on behalf of Fountain and related entities have been dismissed by Judge Erik Kimball in the bankruptcy court of the Southern District of Florida. The order was in response to a motion by Joseph Wortley to dismiss the cases. Wortley is at least a partial owner of…more

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Fountain’s future is murkier than ever

Boatbuilder files for bankruptcy for the second time in three years, but the government objects When Fountain Powerboats emerged from Chapter 11 bankruptcy in 2010, company officials and namesake founder Reggie Fountain were confident that the boatbuilder would find its footing and again become a success. Two years later, Fountain and its affiliates again have…more

Government seeks dismissal of Fountain bankruptcy filing

A U.S. Trustee filed a motion to dismiss Fountain Powerboats’ Chapter 11 bankruptcy case or, in the alternative, appoint a Chapter 11 trustee. The motion, filed last Friday by U.S. Trustee Donald Walton, from Miami, questions whether Ronald Glass, who had been appointed the temporary receiver in North Carolina, had the jurisdiction to file the…more

Fountain Powerboats files for Chapter 11 bankruptcy again

Fountain Powerboats and its affiliates filed for Chapter 11 bankruptcy protection last week for the second time in less than three years. The filing was recorded Jan. 18 with the bankruptcy court in the Southern District of Florida, West Palm Beach. The company listed more than $53 million in liabilities and less than $50,000 in…more

Fountain receiver plans to resume production

A temporary receiver said Wednesday that efforts are under way to get Fountain Powerboats, ProLine Boats, Baja Marine and Donzi Marine back to building boats. “[Production] will resume shortly,” Ronald Glass, who last week was named receiver of the four builders and their assets and Palmetto Park Financial, told Soundings Trade Only. Glass, a principal…more

Judge grants receivership in Fountain court case

A North Carolina Business Court judge appointed a temporary receiver in First Capital’s case against Fountain Powerboats and other defendants. Last week, Judge James Gale named Ronald Glass and the firm GlassRatner Advisory & Capital Group as temporary receiver of all borrower defendants, all assets of all borrower defendants and all equity, capital stock and/or…more

More legal troubles for Fountain Powerboats

Lender First Capital is seeking $61.04 million in damages from Fountain Powerboats and other entities for the “borrower defendants’ ” breach of loan agreements, according to documents filed this week in North Carolina Business Court. Additionally, First Capital said Fountain has ceased operations in violation of its obligations to its lender and is asking the…more

Parties set timeline for Fountain lawsuit

It could be a year before the case between Reggie Fountain and Fountain Powerboats heads to trial, according to court documents filed Friday in North Carolina. According to a case management report to which both parties agreed, the case will be ready for trial no later than Sept. 1, 2012. Discovery will be completed by…more

Reggie Fountain seeks court win against former company

Reggie Fountain may have parted ways late last year with the company that bears his name, but the two parties continue to battle in court. The accusations range from the alleged stealing of trade secrets and intellectual property by Fountain to the company’s retaining trophies and other property Fountain said are rightfully his. The lawsuits,…more

New venture for Reggie Fountain

Reggie Fountain is back. Less than two months after announcing his departure from Fountain Powerboats, the company he founded 30 years ago and eventually sold after a Chapter 11 bankruptcy filing, Fountain told Soundings Trade Only this morning that he’s back in the boating business with a new company called RF, or Real Fast Powerboats.…more

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