Monday, November 23, 2009

Ongoing Fountain Bankruptcy Battle Continues in Court

Since filing for Chapter 11 Aug. 24 in U.S. Bankruptcy Court, the fight for control of Fountain Powerboats continues with A flurry of documents being filed, including documents confirming that the company filed a reorganization plan with the court.

PHOTO CREDIT: Fountain Powerboats.

Among the filings were objections by Fountain and Liberty Associates - which is working with Fountain on a reorganization of the company - to FB Investments' motion to terminate the period during which Fountain has the exclusive rights to file a reorganization plan. Fountain, which stated in court papers that it filed its plan on Nov. 20, pointed out that it had until Dec. 22 to file the documents.

FB Investments is the 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.

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