Court rules Fountain can reorganize

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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 by the principals of California-based Oxford Investment Group for the purpose of acquiring the Regions Bank note on Fountain. It purchased the $19 million note at auction for $6.75 million, and had put in an unopposed credit bid of $8.75 million for Fountain.

The judge says Fountain must now make monthly payments of $29,375 to pay off that note.

Click here for the full story and reaction from Reggie Fountain.

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