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Reggie Fountain: “Moving ahead slowly and cautiously”

Speculation that Reggie Fountain could soon return to reigns of Fountain Powerboat, the company he founded in Washington, N.C., more than 30 years ago is premature at best, according to Mr. Fountain. With a $61 million lawsuit filed by First Capital (FCC LLC) against American Marine Holdings, Liberty Acquisitions, Fountain Powerboats LLC and several other defendants, resolutions is months or even years away.

“I am moving ahead slowly and cautiously and observing how this thing plays out,” said Fountain, who resigned from Fountain Powerboats almost a year ago. “Right now, my sons and I are running Real Fast Marine, and we’re doing really good with service and upgrade business on some of the 10,000 Fountain powerboats we built over the years.”

Fountain said he’s been closely following the development in the lawsuit—he still has his own lawsuit against Fountain Powerboats—and even attended a court proceeding in Greensboro, N.C., where he offered his consulting and management services at no cost to a potential court-appointed receiver in the case, as well as a vice president for First Capital.

“I have offered my services free of charge if they need them in the next 30 days, but there has been no discussion about that,” said Fountain. “I certainly would be willing to help whoever ends up in charge, other than the people were just there.

“That offer is still standing,” Fountain added. “But I guess it will be in hibernation until we find out who really owns Fountain Powerboats and it’s all said and done.”