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.

Judge upholds Fountain’s exclusivity period

A North Carolina bankruptcy court judge denied California-based FB Investments’ motion to terminate the period during which Fountain Powerboat Industries has the exclusive right to file a reorganization plan. Fountain filed its plan Nov. 20, though its exclusivity periods expires Dec. 22 and Feb. 20. “Given the fast-track nature of this case, the debtors have…more

Potential Fountain leader named by Oxford group

Industry veteran Alton Herndon will lead FB Investments if it is successful in its efforts to acquire Fountain Powerboat Industries, The Oxford Investment Group announced. “We are pleased to have Alton head our team to potentially oversee the expansion of Fountain operations in Washington, N.C., and build a more extensive luxury marine group platform, if…more

Fountain details its reorganization plan

Fountain Powerboat Industries’ reorganization plan divides the claims against the company into nine classes and calls for the “allowed unsecured claims” to receive a share of $1 million in full satisfaction of the claims. The aggregate amount of the claims is an estimated $3.39 million, according to court documents, so a cash distribution of $1…more

Sides continue Fountain battle in court

A flurry of documents were filed Monday regarding Fountain Powerboat Industries’ Chapter 11 bankruptcy case, including those confirming the company filed a reorganization plan with the court. The reorganization plan was not immediately available, however, and Fountain’s attorneys did not immediately respond to a request for comment. Among the filings were objections by Fountain and…more

Differing parties comment on Fountain’s future

The future of Fountain Powerboat Industries should become clearer in the next few months as company founder Reggie Fountain and FB Investments, the corporation that owns the bank note on the company, continue to disagree on what’s best for the powerboat manufacturer. Reggie Fountain told Soundings Trade Only he expects to file a reorganization plan…more

FB Investments still seeks ownership of Fountain

California-based FB Investments is not giving up in its bid to own Fountain Powerboat Industries and is asking a bankruptcy court judge to terminate the period during which Fountain has the exclusive right to file a reorganization plan. If the court grants FB Investments’ request, “FB could file a competing plan, allowing the creditors of…more

Court rules Fountain can reorganize

A bankruptcy judge in North Carolina ruled Fountain Powerboats can reorganize and is not required to sell to FB Investments. The judge said Reggie Fountain can remain president and CEO of the company and permitted it to reorganize with Liberty Associates, according to a story posted on WITN’s Web site. FB Investments is a corporation formed…more

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…more

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…more

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…more

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