| Author | Message | ||
     Wolfridgerider |
and then... | ||
| Panshovevo |
"Pursuant to the Stalking Horse bid, Liquid Asset is entitled to a credit to the amount bid in the amount of $75,000, which represents a breakup fee". Can anyone explain this to me? Does it mean what it looks like in plain English? | ||
| Tibman260 |
I have a question for Bruce. Why not just outbid the liquidator? You are going to have to spend millions getting the company going (if you don't think that you are kidding yourself). It looks like you aren't that serious about building this company and are more interested in getting the assets cheap yourself and seeing if you can "make it work" with what's there. The 20 million in liabilities to the old suppliers is reason enough to say you'd have to put millions in to make the necessary relationships right to build the company and supplier base back up again. Unless you still planned on giving them the middle finger and tried to re-source everything. It's your money so whatever but to keep the playing the "woe is me" card is farcical. . | ||
| Panshovevo |
The "woe is me" card? I don't get it. Nor do I see it. | ||
| Tibman260 |
It started with "It's Hero's fault we couldn't pay for the auction" Now, only matching the liquidator and leaving it up to chance that the judge will rule in his favor with the only argument he presented per the court's document he posted is "I am better". I just find it hard to believe that a guy who makes comments like "I'm the most confident MF you've ever met." is squabbling about $250k in the grand scheme of things especially with the amount of money it will realistically take to right the company. Just my opinion and a question back to Bruce, that's all. | ||
| Hughlysses |
Well, consider that if Liquid Assets prevails, they'll want to sell it ASAP. Who out there wants to buy it? Bruce. So he could wind up paying them something more than $2.1M for their trouble and he still gets it. | ||
| Tibman260 |
Quite plausible Hughlysses. It would still seem weird to me to go this route vs just taking care of it through the auction. You'd probably "save" money on the lawyer's fees alone. | ||
| Classax |
The way I see it is it would appear that the Liquid was the straw horse bidder, since they are entitled to a $75K break up fee. The purpose of the straw horse is to prevent unreasonably low bids from wining. Back when the assets of the consulting firm were apart of the deal the company was worth much more, than it is now and it and Bruce won it with only $2.25M. Villain Motors paid 2.8 to get that part to keep themselves out of court, remember they are now facing three separate corporate espionage cases, and a bevy of other complaints from business partners. It would have take forever but I think EBR case was strong against them. The purpose of going into receivership instead of bankruptcy is to preserve companies and allow restructuring while they continue operations or shorten the time until they resume operations. This as opposed to simply either going out of business. Liquids purpose in this deal was to set the bidding floor but the reality is as a liquidator they are not the best bid, since they have intention of keeping it a going concern. More over I'm sure the court will also take into account the circumstances surrounding the first auction, and the funds already spent to retain key staff by Bruce and his partners. So add that to the mix and Bruce has already invested more than the staling horse bidder. Of course I reserve the right to be completely wrong. | ||
| Malott442 |
This is exactly what looking through a periscope is like: Very frustrating and limited to a very narrow glimpse of the world outside. I am sitting on pins and needles.  | ||
| Noone1569 |
Same poster there just updated and said court signed off on LAP's bid | ||
| Tibman260 |
Malott, can you expand upon "Bruce is not who he says he is..."? | ||
| Malott442 |
No, I can't. I'm not there, but I saw a significant update, and I attached a picture from the EBR owner's group. I know nothing further. | ||
| Bruce_belfer |
I am exactly who I say I am. And I was there throughout the entire proceedings, and shook Chaz' hand as I left. Beyond that: When you fight long and hard, and you know you left it all out on the playing field, win or lose, you walk away with the satisfaction of knowing that you did your best. I did my best. And I Never Quit. Today, in what was obviously a difficult decision for him, Judge Koss awarded the sale of assets of EBR to Liquid Asset Partners. With that said, and with respect to the Melvin family, I will leave them to make their own announcement as to the future. Please do not allow a repeat of the harassment they unjustly received before. Throughout this endeavor, I have been overwhelmed and humbled by the support and encouragement I have received from the EBR employees, the ridership, and of course, Erik himself. I thank you all. Bruce | ||
| Blackm2 |
Bruce Belfer may or may not be who he says he is. However Elliot Malzahn commented on his post and gave him kudos and high praise. Elliot being a long time Buell/EBR employee, that must say something. One thing I do know, being a Buell fan for many years as most of you, Erik has always had a plan. | ||
| Bruce_belfer |
Further, I don't have a "woe is me card" to play. Respectfully, this is not a spectator sport. Acquisition is a different process and sources differently than capitalization. And remember, I was the only party who ever showed up to buy EBR who wasn't a liquidator, a fact that saddens me and makes me concerned for our nation's future. Thanks again, Bruce | ||
| Buelliedan |
I guess the one thing that has me confused Bruce is your lack of communication with certain folks who might have been interested in partnering up with you and could have provided more funds to win the auction. I for one sent you several e-mails and left phone messages at your office wanting to talk with you about that and you never once called me. Pretty sure the 2 of us could have easily doubled the winning bid if we had combined our efforts. Not sure if that was over confidence that you could do it all on your own or something else but it seems like your plan failed and now you have nothing to show for all the work you put into it. (Message edited by buelliedan on January 14, 2016) | ||
| Classax |
" One thing I do know, being a Buell fan for many years as most of you, Erik has always had a plan." The trouble is Erik's business plans have mostly been calculated risks that blew up. Has revered as he is in the moto world, I've heard its practically just as toxic in the finance and business circles. It;s a sad day in America. For years we have been taught to compete with the world based on innovation and entrepreneurial spirit. EBR passing marks the moment when not even that is enough to make it in the US anymore. | ||
| Malott442 |
Here is every EBR owner's question now: 'What the F**k do we do now?' I still have hope. Not much, but a little: This does not spell the end for the support or the product. 100 to 1 odds are not easy to sleep with, though. | ||
| Badgerbueller1125 |
"Now, Liquid Asset Partners says it wants to develop a plan that could put Erik Buell Racing back in the business of making high-performance motorcycles." http://www.jsonline.com/business/new-owner-of-erik-buell-racing-says-the-firm-could-make-a-comeback-b99651784z1-365298921.html (Message edited by badgerbueller1125 on January 14, 2016) | ||
| Midknyte |
Question, not a speculation - Liquid Assets bought Buell the last time and it ended up back in Erik's hands (via Hero involvement) correct? If yes, there was a variable hope either way? | ||
| Buelliedan |
The plot thickens!! | ||
| Rick_fears |
LAP is just a stepping stone. | ||
| Steveford |
This is like the soap opera "As The Stomach Churns". I guess it ain't over yet. | ||
| Theshinenz |
Think this fiasco has left most people without faith in the brand so probably a good move on BB's part to not bid anymore... the brand is tarnished. The bikes are amazing but not enough people to support the brand, now with the dealer network gone and a year since the original liquidation, IMO if they are going to make a return is will need rebranding and maybe come back with a whole range of new bikes a few years down track.... what a shame. | ||
| Wolfridgerider |
"As The Stomach Churns" That's about right! I have met a bunch of wonderful people because I traded a RoadKing for a Uly. It sure would be nice for a new crop of Buell riders to emerge in a few....    | ||
| Greg_e |
Just because an asset partnership buys something, does not immediately mean that they will through it into the meat grinder. It's fairly common for asset groups to buy something of value at extremely low prices, and bring that business back to life. The HD/Buell deal might have stipulated that all assets be liquidated and destroyed, after all HD owned all the IP and trade marks. This might be a different type of sale, and maybe they see a bigger profit in getting it running again, and then selling the whole functional company. It's always a game of money and they might be looking at it differently this time. At least we can hope for this outcome. | ||
| Reepicheep |
I'm sure if we had been watching the Triumph rebirth, it would have been just as much a sausage factory. If there were enough people on this forum to save EBR, EBR would not have needed saving. We might make an interesting focus group, and maybe a good advertising target. But the details of this auction won't be important if EBR comes back and builds the right kind of motorocycles in the right volume to be successfull. Heck, I wonder how many people even know at this point how many times triumph went out of business. | ||
| Greg_e |
Was it 4 times? | ||
| Rick_fears |
LAP Is the same company that assisted Indian in their restructured emergence correct? | ||
| Chazaag |
I'm the one above that attended today. I just want to say for those of you who didn't meet either Mr. Belfer or Mr. Melvin - both are honest stand up guys who want to see the company going again. Don't believe me? Read the court transcript. Maligning either gentleman is off base. |
