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 a bankruptcy case.

FB requested the examination saying it wished to examine Reggie Fountain as to any and all aspects of the case, including all matters related to the Debtor-in-Possession financing motion, all matters related to Fountain's business relationship with Liberty Associates, all matters relating to any plan of reorganization and the protection of FB's collateral.

Fountain said it had no objection to Reggie Fountain appearing for the examination, but called the document request overly broad and said it "invades the providence of the debtor's negotiations and strategies regarding creditors and claims."

The judge ruled Fountain must provide FB with the documents it requested, but any documents in which Fountain claimed an attorney-client privilege would be examined Friday by the judge.

Today's examination precedes Friday's expected final hearing to confirm the sale of Fountain Powerboat Industries' assets, in which FB Investments' credit bid of $8.75 million is unopposed.

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.

Fountain said the company received an alternative proposal from Liberty Associates in which Liberty would provide financing that would allow Fountain to continue operations and fund a proposed agreed plan of reorganization. Liberty, as part of the deal, would keep Reggie Fountain on board as president of the company.

FB Investments said in court papers it planned to "utilize debtors' business as a platform to develop a broad-based branded boatbuilding business headquartered in Washington, N.C., with growing local employment utilizing local resources," but was not willing to name Reggie Fountain as CEO.


ABYC Foundation Seeks Nominations for Educator Award

The award recognizes “an outstanding instructor who is shaping future marine service technicians.”

P.R. Firm Rushton Gregory Signs ePropulsion

The Chinese manufacturer of electric propulsion products introduced a standardized lineup earlier this year.

Dometic Updates Pro-Trim System

The new design allows boaters to trim the outboard and adjust the jack plate without removing their hands from the wheel.

Brunswick Partners with Carnegie Robotics

Through the alliance, Brunswick aims to enhance its autonomous technology offerings.

Nicole Vasilaros to Depart NMMA

The group credits the senior vice president of government and legal affairs for “countless contributions to the protection and expansion of the recreational boating industry.”

Site Unseen

A website is often the first interaction a customer will have with a dealership, but it must provide more than an online brochure or they will click elsewhere.

C.G. Amends Documentation Rules

Federally documenting a boat now must be done every five years, rather than annually.

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.