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Hybridmomentspass
| | Posted on Wednesday, May 24, 2017 - 06:51 pm: | 
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I went there the last time they had an auction, wish I could do the same again |
Crusty
| | Posted on Wednesday, May 24, 2017 - 06:59 pm: |
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While it really isn't a big surprise, that news really sucks. |
Dave
| | Posted on Wednesday, May 24, 2017 - 08:16 pm: |
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Maybe OPPORTUNITY KNOCKING and someone just needs to answer.
I look forward to the next chapter for Buell Nation rather than focus on the rough patches. It seems overcoming challenge has been the Buell mantra. I was reading 25 Years of Buell yesterday and saw the letter from Erik explaining just how little capital was floating and the impact of a delayed shock delivery for the early Buells.
DAve |
Snacktoast
| | Posted on Wednesday, May 24, 2017 - 09:49 pm: |
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the words coming from Bill Melvin are so disrespectful IMO
This is the part from him that sounds "used car salesman" to me. I can't stand used car salesmen. Makes me think..."sunday, SUNday, SUNDAY ONLY..." 
“For any motorcycle fan the deals are too cheap to miss. You can buy anything from a race motorcycle, hand tools, and all the way to buying the iconic motorcycle brand itself. We sell at such huge discounts, people fly in from all over the world! Some people will start a new business just from buying these deals.”
I so wish any other company or person had bought EBR!
I do too, but as far as any of us know, there wasn't any other actual real tangible money at the table. Which is a huge bummer. Not only for the people that lose their jobs, but for the enthusiasts of the motorcycling world...and I'm not just talking Buell & EBR fans. |
1313
| | Posted on Wednesday, May 24, 2017 - 11:48 pm: |
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the words coming from Bill Melvin are so disrespectful IMO
Agreed!
(Message edited by 1313 on May 25, 2017) |
Buelljunkie
| | Posted on Thursday, May 25, 2017 - 10:07 am: |
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I learned about the liquidation less than 24 hours after purchasing my new RX. It is still sitting at the dealer awaiting pickup by Haulbikes. As is the case with just about any new bike deal, I paid for dealer prep, but after hearing the news about the liquidation I requested that they leave the bike as is. For whatever reason I had this increased sense of risk in having anyone wrench on the bike who wasn't me. Maybe irrational, but I had visions of stripped oil drain threads or some other catastrophe! Right now I have no regrets about buying the bike, and it can't get here soon enough! I have a lot of Buells and I love each and every one of them, and always will. Now when a bike needs repairs, I just have to expect that the search for the needed parts will likely be part of the project. In truth, if I look back on parts I've had to buy or repairs I've made to the many Buells in my motorcycle history(13, I think?), the list is really quite short. So I don't think I'm gonna let myself worry too much about parts I'll be needing until I actually need them. Instead I plan on truly enjoying these beautiful machines which are more special now than ever, at least to me. I'll never swing a leg over a Buell or EBR bike without thinking very fondly of the man behind them, and of the many whose hands and minds played a part in their creation. So let me raise my glass and send a heartfelt thank you to Erik and each and every member of the Buell family in East Troy, including all of you here on BadWeB, for all of the unforgettable miles. But our ride is not over! |
Noone1569
| | Posted on Thursday, May 25, 2017 - 10:11 am: |
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LAP Made it official with a press release and e-mail blast this morning:
FOR IMMEDIATE RELEASE
Liquidation of Iconic EBR Motorcycle Factory
EAST TROY, WI - EBR Motorcycles (Erik Buell Racing) of East Troy, WI, one of the largest American manufacturers of superbike motorcycles, has not secured a new investor and intends to consolidate its long-term parts for dealer and warranty support. Liquid Asset Partners, of Grand Rapids, MI will hold a piecemeal liquidation sale and live auction at EBR’s state-of-the-art factory for all remaining assets. They will sell the factory assets in a two month on-site liquidation sale starting June 7, with a live auction June 8 that will include the state-of-the-art intellectual property and tooling used to manufacture the EBR Motorcycles, all factory production equipment, and many historical artifacts in the factory.
“This is the motorcycle deal of a lifetime,” said Bill Melvin, CEO of Liquid Asset Partners. “For any motorcycle fan the deals are too cheap to miss. You can buy anything from a race motorcycle, hand tools, and all the way to buying the iconic motorcycle brand itself. We sell at such huge discounts, people fly in from all over the world! Some people will start a new business just from buying these deals.”
The sale will be held in three parts:
The onsite public liquidation sale will start June 7 at the factory with tons of parts, tools, and historical items for sale piecemeal and will continue for two months.
The public auction will be on June 8 at the factory and will include the factory production equipment, test equipment, and numerous additional lots, including the intellectual property of EBR Motorcycles and production tooling located at suppliers across the globe.
The excess motorcycle parts, over $15 million at retail worth of inventory will be liquidated through a discounting process through the standard parts ordering process.
“This will represent the largest factory liquidation of sport motorcycle manufacturing facility,” said Melvin. “These super bike parts and equipment, which are rolling art, are selling at enormous discounts, right off the factory floor. With the sale 30 minutes from Milwaukee, the motorcycle capital of the World, it is quite a sight to see the factory in person. The sale is open to the public, and they can buy not only the motorcycles parts, but also the tools and equipment from which they were made.”
“We have no illusions, the market is very soft and we are prepared to deeply discount everything,” said Melvin. “It’s stacked high and we’re selling it cheap. Everything must be sold regardless of cost or loss. The public won’t want to miss these deals.”
The liquidation sale starts Wednesday June 7 at 10:00 a.m., the live auction starts June 8 at 10:00 a.m. Buyers may view the assets online at www.LiquidAP.com or come directly to the factory on June 7, to see where and how they were made.
Contact: Marissa Winter (616) 719-5917
Email: Marissa@LiquidAP.com |
Toxic
| | Posted on Thursday, May 25, 2017 - 10:11 am: |
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It's not just the words that are disrespectful. It's the whole outfit and everything they've done. They're just a bunch of greedy sharks with dollar signs in their eyes.
Don't get me wrong - I've got nothing against making money, but when you lie to people and destroy a man's dream (as well as the livelihoods of the employees with BS promises of "5 year plans"), you don't get my respect. |
Mnscrounger
| | Posted on Thursday, May 25, 2017 - 10:53 am: |
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Toxic, I'm not happy about the outcome either. I, like Crusty, was still hoping for an all out touring model 1190(TX?).
But before you throw LAP into the snakepit of opinion, lets not forget they ponied up money when none else could, or would.
EBR could have been liquidated last March. If EBR could have recovered and rebuilt their dealer network, and sold inventory, I'm sure the doors would still be open.
I still blame this news on Hero Motors. The un-conscionable financial savaging they did to EBR was just too much to recover from without HUGE infusions of cash. Cash piles LAP was only willing to build so high. Erik Buell's bikes may speak to us on an emotional level, but accountants and investors don't deal in dreams. ROI is all that matters to them.
LAP bought EBR time. It seems now to appear not enough time, or invested enough money, but they were the only ones there with a checkbook open when the gavel fell. I believe there would be a five year plan if EBR had recovered.
It may still not be over. The IP assets, and inventory are for sale,and Erik probably could be persuaded to stay on for a fair wage. Anybody here willing to give it a go? |
Fmaxwell
| | Posted on Thursday, May 25, 2017 - 12:40 pm: |
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Mnscrounger wrote: "LAP bought EBR time. It seems now to appear not enough time, or invested enough money, but they were the only ones there with a checkbook open when the gavel fell."
I don't think LAP was ever serious about making a go of it with EBR. I think they did exactly what I predicted at the time of the sale:
"Liquid Asset told the receiver what he needed to hear in order to approve the sale. Now Liquid Asset will pretend to be seeking out investors for just long enough to say that they tried.
...
Liquid Asset Partners is a liquidator. I can find no evidence that they have ever partnered with anyone to revive any business whose assets they bought at auction. Ever. They sell the physical property, patents, and trademarks and then move on. Hoping for them to revive EBR is like hoping that a vulture circling over a dying man will fly away to summon help."
I really wish I had been completely wrong on that prediction. |
Henshao
| | Posted on Thursday, May 25, 2017 - 12:58 pm: |
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The good news, if one can see any, is that if anyone ever tries this kind of thing again, they'll have the wisdom and mistakes of Erik Buell and friends to learn from. At least, I hope so. Buell and team really, really came close.
There are footsteps leading to the promised land...through the minefields.... |
Mnscrounger
| | Posted on Thursday, May 25, 2017 - 03:59 pm: |
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Fmax I remember your prediction, and I concede you may be right. But if the company had been able to return a profit in the last year, or at least seen enough growth to predict when it would, I wouldn't see any reason why anyone would liquidate a profitable company. IF the company were to recover and grow, it only increases the LAP's ROI, and raises the sale price when they do find a buyer.
It might all be speculation now. Eventually the inside people will share details they cannot right now. |
Buelliedan
| | Posted on Thursday, May 25, 2017 - 04:06 pm: |
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What is really sad is I tried to work with LAP to stay an EBR dealer during this and all I got from them was arrogance. When I tried to explain to them the price point that they needed to sell the bikes to dealers all I heard was how they knew so much more than me.
I am very sad to see EBR die but I hope that LAP gets 2 cents on the dollar for their investment.
I was thinking about going to Homecoming next month but now I will not as I just am too angry with LAP to be around anything they are doing.
(Message edited by buelliedan on May 25, 2017) |
Greg_e
| | Posted on Thursday, May 25, 2017 - 05:15 pm: |
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It is often the case where the profitable company can be more profitable carved up and sold in chunks. We had what we though was a reprieve, but the cynical among us never really believed this was more than a way to move the almost built stock, and then carve up the rest and off to the next failed company to buy a 1/10th value and carve it up for as much as they can get.
The only good thing you can say is that they did sell some parts, and they did get a few more bikes finished and out where we could get them. A few people were probably happy when they could grab one of these, but now they are collector's items.
Yes this is sad in many different ways for many different reasons. And at least Erik gave it his all like he always does. No shame on him and best of luck to whatever he does next. Maybe he should try and consult with Indian and make a few more sporting machine for them. And mostly maybe he should sit back and enjoy his life and tinker with things in his garage and just be happy that he brought so many people together around things that he made that make us so very happy.
Thank you Erik Buell for making such a wonderful series of machines that many of us will treasure until they can't be fixed anymore.
(Message edited by Greg_E on May 25, 2017) |
89rs1200
| | Posted on Thursday, May 25, 2017 - 05:48 pm: |
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Could not have said it better myself.
Intend to be on my Buells till the day I die.
Thank you Erik.
(Message edited by 89rs1200 on May 25, 2017) |
Ourdee
| | Posted on Thursday, May 25, 2017 - 06:08 pm: |
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Erik is with a K. Just sayin'. Robert, Do you still have the trike?
Daniel, I understand not wanting to visit some of the memories.
Liquid Asset Partners is a liquidator. I never lost track of that. Not the first time or the second. I think Erik got stuck with the hand he was dealt and had to play it. I do not know if HD or LAP put more constraints on him.Either way he is a class act and will not tell everything. |
89rs1200
| | Posted on Thursday, May 25, 2017 - 06:21 pm: |
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My spouse Kim loves the trike.
Several trips down California coast, Northern Washington mountains, and the Olympic Peninsula. She loves it so much there are no plans to sell or trade.
Runs solid and straight up to 130MPH, Thanks to Erik's and Frankenstein Trike engineering.
http://www.mcworx.com/fstrike37.html
(Message edited by 89rs1200 on May 25, 2017) |
Ourdee
| | Posted on Thursday, May 25, 2017 - 11:16 pm: |
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I have to make sure my wife doesn't see it. |
Fmaxwell
| | Posted on Saturday, May 27, 2017 - 04:23 pm: |
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Mnscrounger wrote: "Fmax I remember your prediction, and I concede you may be right."
Thanks, but being right about that brings me no joy.
Mnscrounger wrote: "But if the company had been able to return a profit in the last year, or at least seen enough growth to predict when it would, I wouldn't see any reason why anyone would liquidate a profitable company."
It's hard to calculate profits when they were selling bikes built out of parts they acquired for a fraction of their initial purchase prices. Once the bike prices were slashed, they couldn't shoot back up to $19K in order to continue profitable production with new parts. Beyond that, the EBR 1190 line was getting on in years and it didn't exactly dominate World Superbike (let's be honest -- it was an underfunded fiasco that harmed the brand), so it's hard to sell against a field that is constantly being upgraded and replaced with newer models.
Barring some emotional attachment, what was the appeal to an investor? A slow-selling line of 3-4 year old Erik Buell Racing motorcycles that flopped in their only major racing effort, a brand name that went bankrupt, wary consumers worried about buying what could be an orphan bike, and nervous suppliers and dealers, some of whom had been burned and wanted nothing to do with EBR.
If LAP wanted to make a go of it, they would have needed to invest serious money in marketing the brand, advertising the bikes, and developing new bikes. I've seen no evidence that they did any of that.
(Message edited by fmaxwell on May 27, 2017) |
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