Washington Powerboat Company Files For Bankruptcy Again

A popular Washington boat company that came out of bankruptcy nearly two years ago is now forced to file for it again, according to published reports.

Fountain Powerboats, which is based in Washington, filed for bankruptcy earlier this month in Florida for the second time in two years. The company listed more than $53 million in liabilities and less than $50,000 in assets according to court documents.

Liberty Associates bought Fountain Powerboats from Reggie Fountain after it went bankrupt the first time in 2009. The powerboat company was once a major employer in Beaufort County before filing for Chapter 11.


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  • by ME on Jan 27, 2012 at 01:42 AM
    Reggie has not been involved in Fountain Powerboats for quite a while now. He and his sons have moved on
  • by Sam Location: Kitty Hawk on Jan 26, 2012 at 06:22 PM
    What else is expected? A buddy of mine who went to ECU and is from Washington told me his dad works there and that Reggie Fountain is nothing more than one of the biggest crooks in Beaufort County right there with Hood Richardson.
    • reply
      by yess on Jan 26, 2012 at 07:31 PM in reply to Sam
      That's why nobody will back him in the future. If they do, don't cry when you loose your $$$$$$$.
  • by Tammy Brown Location: Washington on Jan 26, 2012 at 04:00 PM
    Here's the deal.We can blame it on the rain but it still means another job loss.
  • by john Location: farmville on Jan 26, 2012 at 03:20 PM
    sell the jet
  • by Jeffrey S. on Jan 26, 2012 at 02:29 PM
    I worked for FPB back in the 80's Reggie Fountain was Fountain Powerboat.He bleed pure high octane.Yes he did make some bad decisions But when he did He did it in what he thought was going to be the best for his company and for his employees.Nobody wants to lose money.Reggie was a great boss and the 5 years I worked there my check never bounced or was held back.I hope somebody with a large warchest will take over the company and put the capitain back at the helm.Just think of the money he brought into the Washington area with just the payroll he paid out to his employees.Everybody learns from their mistakes The bottem line is love him or hate him He will always be on top.
  • by Brian tax payer Location: Eastern NC on Jan 26, 2012 at 09:33 AM
    It's unfortunate that the company that bought out Reggie Fountain couldn't save what REGGIE ruined. While he was an excellent hull designer, he was a bad business man. In business you adapt and change with demand, and Fountain built boats that most people couldn't even think about buying. Instead, designing power boats in the 20 to 30 foot range that a middle class man ( or woman ) can afford to buy would have probably helped the company greatly. In the end it is all of us that actually PAY taxes that ends up paying for it. Not those who pay taxes and get a fat refund at the end of the year. What is really funny is listening to the people that are demanding those of us that pay, pay more, when they themselves get refunds each year of every dime they paid in... It sucks people are gonna lose their jobs....but it all goes back to Reggie, NOT the investors that tried to SAVE those very jobs....
  • by WOW Location: SOMEWHERE on Jan 26, 2012 at 07:20 AM
    I REALLY DONT CARE TO MUCH ABOUT THE PEOPLE THAT BROUGHT FOUNTAIN POWERBOATS IN THE FIRST PLACE,ESPECIALLY THAT JOHNNY WALKER GUY,HE LOOKED LIKE A CON ARTIST. WHEN THE OWNER OF THE COMPANY WAS NO LONGER AT THE COMPANY, BUILT FROM THE GROUND UP,THIRTY SOME YEARS,DO YOU KNOW HOW MUCH RESPECT HES GAINED OVER THE YEARS,ALL OVER THE WORLD,RECORD BREAKING SPEEDS,THE PRETTIEST BOATS YOU EVER WANT TO SEE,I WON'T EVEN MENTION THE SPEEDS THAT THESE BOATS PROCESS,SOMEBODY IS STUPID AS THEY CAN BE,THAT BUSINESS WILL NEVER BE THE SAME UNLESS Mr.Fountain IS BACK AT THE HELM,NOW PROVE ME WRONG JOHNNY WALKER RED!!!
  • by fred Location: martin co on Jan 26, 2012 at 07:00 AM
    Maybe Obama needs to give them a bailout,,or better yet, If they put some solar panels on these boats, they can get a grant
  • by Chris Location: enc on Jan 26, 2012 at 05:57 AM
    Xynthia,
    14 percent of 20 million dollars is a heck of alot more than 20 percent of 20 thousand dollars. I think paying 3 million in taxes vs 4 thousand is paying your fair share. Just a thought...
    • reply
      by agree on Jan 26, 2012 at 03:33 PM in reply to Chris
      Chris is right. Another point to note, the (rich?)people paying taxes at that amount are NOT living off of the system for their lifestyle, they go out and work their tails off to be in a position to afford the homes, vehicles, boats and benefits they can provide for their families instead of expecting the rest of the taxpayer base (less than half the population?) to offer up their money to pay for moochers to sit back, relax and enjoy. Look at who uses the benefits given by gov't vs. those who pay their own way. I say if you work for it, good. If you don't work for your own, buzz off.
  • by Native Location: Grantsboro on Jan 26, 2012 at 05:52 AM
    I hope the "99%ers" are happy. Another "evil, rich" corporation goes down. Hope they are also happy that more of their "99%" base will now be out of work too because another evil rich corporation "got what they deserved". To the other morons, at least they tried to build a new business out of the ruins of the other one, leave them alone, not everyone like to stay down in the mud and get the rest of the world to see them rolling in it, "poor me, poor me".
    • reply
      by ME on Jan 27, 2012 at 01:55 AM in reply to Native
      The economy is whats killing the marine industry having a business in the marine industry I can tell you times are tough in all aspects of it right now. Many Boat companies have gone under in this last year because lets face it when times get hard it's the pleasure aspect of peoples lives that are put aside. Making a living and supporting your family will always come first
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