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FB Investments unhappy with Fountain disclosure statement

FB Investments filed an objection to Fountain Powerboat Industries' disclosure statement, saying the document "lacks sufficient information to permit [FB Investments] or any creditor to make an informed decision" about the company's proposed reorganization plan.

The statement, submitted along with the plan last month, was conditionally approved Dec. 4 by a judge in U.S. Bankruptcy Court in North Carolina.

Interested parties have until Jan. 25 to object to the plan and the disclosure statement.

FB is asking for at least 12 additional pieces of information it says were not included in the disclosure statement, including: projected capital expenditures for the plan period; projected statements of cash flow and projected balance sheets and the assumptions used in developing the financial projections contained in the plan and disclosure statement.

FB Investments is a corporation formed by the principals of 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.

Fountain, however, opposed the sale to FB and asked the court for permission to reorganize with Liberty Associates. Permission was granted and Fountain must now make monthly payments of $29,375 to pay off the $19 million note FB Investments bought from Regions Bank.


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