Fountain Powerboat Industries says that a deal is pending between its executives and an investment group to save the company from being auctioned. A bankruptcy auction for the company's production facilities, tooling, and Fountain and Baja brands is scheduled for next Monday.
Reggie Fountain, president and CEO, told The Washington Daily News that the company has signed an agreement with Liberty Investments, which would make that group the majority shareholder. Fountain told the paper he would retain his position as CEO under the deal.
Fountain looks to investment firm to hold company together
The state announced Tuesday it's stepping in to help remove a beached whale from the north side of the York River in Gloucester Point. The whale was discovered near Allen Island sometime on Saturday.
A stranding response team representative from the Virginia Aquarium tells WAVY.com the state is trying to find a landfill that will take the whale. The state will be coordinating the effort, which involves placing the 25 foot female humpback whale on a flatbed and towing it from the scene.
Beached whale found in Gloucester | WAVY.com | Gloucester er, VA
What a sight! Marlin flags EVERYWHERE!! These private boats that went out this weekend, most likely overnight trips, prove that all the fish are moving down the coast right on schedule! These flags remind us of the days last year when our boats were pulling up to the docks with double digit flags just like yesterday. Even though the picture shows 4 boats, there were 2 others that showed up for the photo-op for a total of 6 boats lined up near our docks. Congratulations to all the anglers who fished yesterday and are probably resting from pulling in all those fish. Also way to go to the captains and mates of these boats for being able to hook up to such a catch!
September 20
Hustler Powerboats is reporting on its Facebook page that it is in negotiations to buy Fountain Powerboats in Beaufort County.
According to its website, Hustler Powerboats is located in New York and was started in 1979.
Here's what the company Facebook says:
"Hustler is currently in negotiations to purchase Fountain powerboats and all its assets. As of Oct. 5th, Fountain powerboats will go up for auction and no longer be doing business. Hustler Powerboats will move its operations to NC and re-build the Fountain and Baja Line to full capacity over the next 4 years and keep the Fountain Legacy intact as we feel it is a big part of Performance boat history and do not want to see it die off. We are dedicated to re-strengthening both Fountain and Baja, keeping the same look and feel with improved quality and workmanship. Over these last couple years, Hustler has been blessed with sales and is running strong and would like to give back to the boating community by saving these companies from being auctioned off piece by piece."
WITN spoke with a Hustler representative by phone Wednesday afternoon. He confirmed the information on the Facebook page and said the owner of Hustler is working with the bank and will be touring the Fountain facility Thursday.
WITN is working to contact Reggie Fountain for information.
In August, Fountain Powerboats filed for Chapter 11 bankruptcy protection. An auction is scheduled for the first week of October
Possible Buyer For Fountain Powerboats?
Hustler Powerboats said in a statement today that it is going into negotiations to purchase Fountain Powerboats and all its assets. Fountain filed for Chapter 11 bankruptcy protection on August 25, 2009.
Hustler said Fountain's assets are scheduled to go to auction on October 5. Hustler would move its operations from New York to Fountain's North Carolina facilities if the acquisition is successful.
Hustler to pursue Fountain assets
Big Boy Fishing gains rumors that Fountain Powerboats, (
www.fountainpowerboats.com), has been sold last week for under $7.0 million Dollars to a Russian Investment Group. We will inform you as information comes available.
BIG BOY Fishing Media Team
Several miles from shore, Capt. Greg Span radioed for help, panic in his voice.
"More flags. I need more flags."
At Fisherman's Wharf Marina inside Rudee Inlet, a dock hand leaped into action, gathering half a dozen plastic boxes containing small blue flags, each embroidered with a white billfish.
Span motored into the inlet and stopped at the Southside Marina, picking up the flags and hanging them from his outriggers, finishing off a dazzling collection of blue and white that fluttered from each side of his luxury yacht, the Canyon Express.
Rudee Inlet's anglers have blue-flag day for billfish | HamptonRoads.com | PilotOnline.com
While court documents show Fountain Powerboat Industries has $3 in assets, Fountain Powerboats, Baja by Fountain and Fountain Dealers' Factory Superstore, list substantially more assets than their parent company.
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North Carolina-based Fountain Powerboat Industries filed for Chapter 11 bankruptcy protection Monday in U.S. Bankruptcy Court in the Eastern District of North Carolina.
Fountain Powerboats lists nearly $18.4 million in assets, Baja by Fountain lists $3.7 million in assets and Fountain Dealers' Factory Superstore lists $3.2 million in assets.
Fountain Powerboat Industries' liabilities are listed as more than $19.6 million, which it owes to Regions Bank. The amounts are broken down as $13.2 million as a term loan to Fountain Powerboats; $4.3 million as floorplan to Fountain Dealer's Factory Superstore and $2 million as revolver to Fountain Powerboats.
Documents detail Fountain's assets
The number of boating crashes in Virginia is up significantly from last year, and cheaper gasoline may be part of the reason.
The Virginia Department of Game and Inland Fisheries has recorded 134 accidents offshore, in the Chesapeake Bay and on all freshwater through Sept. 9.
Va. boating crashes on the rise | Richmond Times-Dispatch
Raymarine was named the exclusive marine electronics supplier to Boston Whaler.
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Raymarine products are now factory-installed options on 18 of Boston Whaler's 2010 models. For all models, customers will also get three years of warranty coverage from both Raymarine and Boston Whaler.
Raymarine, Boston Whaler form partnership
The American Sportfishing Association (ASA) supports the reintroduction of legislation (H.R. 718 and S. 1557) that would restore reasonable off-road vehicle (ORV) access to Cape Hatteras National Seashore Recreational Area (CHNSRA). The legislation was originally introduced in 2008 during the 110th Congress. It was reintroduced this year by Representative Walter B. Jones, Jr. (R-NC) and Senators Richard Burr (R-NC) and Kay Hagan (D-NC). The bill would reinstate the Interim Management Strategy governing off-road vehicle use on CHNSRA, which was developed by the National Park Service to provide substantial protections for local wildlife while allowing for access to the beaches by ORVs.
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