| Author | Message | ||
     Thumper1203 |
Ahh yess.. I'm a guy riding Erik Buell's masterpieces daily.. a die hard fan if you will. I sense good things to come.. a "phoenix" of sorts, per say. Much work ahead to be sure, but here's hoping it all comes to fruition. High hopes, fingers crossed & spreading positive words here in the Pacific Northwest.. Thump | ||
| Slaughter |
I hope Erik has chewed through the ropes that tied him to Hero. Just doesn't smell right from where I sit. | ||
| Snacktoast |
I hope Erik has chewed through the ropes that tied him to Hero. Just doesn't smell right from where I sit. Meaning? | ||
| Hughlysses |
Per this article, now that they've apparently made a deal for the Hero projects EBR was working on, Hero says they have no interest in purchasing the other remaining assets of EBR: http://www.livemint.com/Companies/51ZQM3D5s6k4VK4U Zu0R4O/Hero-MotoCorp-will-not-bid-to-buy-out-bankr upt-partner-EBR.html | ||
| Court |
I'll restate what I always preached to the kids ....... Anytime you think money will solve a problem ....... You don't understand the problem. | ||
| Poppinsexz |
Could it be that one who invested in a company, got a bit sneaky, however got caught at it and was just removed out of the company for a little money and some plans. Thus leaving a sole owner again???? Food for thought | ||
| Ourdee |
Court +1 (Message edited by Ourdee on July 29, 2015) | ||
| Ferris_von_bueller |
New date is now August 5th | ||
| Hybridmomentspass |
"I hope Erik has chewed through the ropes that tied him to Hero." Just remember who chose to take that rope. | ||
| Slaughter |
Just remember who chose to take that rope. Point taken. | ||
| Ratbuell |
Sometimes, though...a rope tied to a life preserver can drag you to a pirate ship. But it's still a life preserver. | ||
| Steeleagle |
“We define the brand now as performance and American muscle,” said Alex Hultgren, Victory’s new director of marketing..." at the launch of Victory's Empulse. Words of prophecy? http://www.motorcycle.com/manufacturer/victory/201 6-victory-empulse-tt-first-ride-review.html?utm_co ntent=more1&utm_source=newmo20150729&utm_medium=em ail&utm_term=Motorcycle%20Now%20Subscribers&utm_ca mpaign=motorcycle_now_may15 | ||
| Hybridmomentspass |
Steel - I thought someone posted a link to the company already saying that they had no interest in the company, could be wrong though | ||
| Hughlysses |
^ Yea, there was an interview with an official from Polaris a couple of weeks ago. With fellow American performance brand Erik Buell Racing (EBR), in financial upheaval, did Polaris consider a buy-out? “Not really,” Says Gray. “We need to build our own motorcycles, and that's more of a priority for us. Buell has done some really cool stuff over the years and I am sure Erik Buell is working hard to get EBR back up and running again.” Source: http://www.motorcycle.in.th/article.php/The-Future-of-Victory-Motorcycles Of course that's a public statement which could be complete BS because Polaris wouldn't want to tip their hand. OTOH I'd guess Polaris already has plans well along for new performance-oriented models at Victory and acquiring EBR might not mesh with that too well, so maybe what he said is the truth. (Message edited by Hughlysses on July 30, 2015) | ||
| Steveford |
Funny, I wore my grey Buell American Muscle tee shirt to work today... | ||
| Davegess |
Got a letter today from the receiver explaining the 2.8 mill deal with Hero. Hero claimed that ERB owed then 4 mil and a lot of physical and intellectual property. EBR had a counter claim of some unstated amount. The receiver negotiated with Hero to avoid a lengthly and every costly legal battle. The 2.8 mil gets Hero the IP they want and release them from any other obligations to EBR and vice versa. | ||
| Hybridmomentspass |
yeah thats really funny Steve... | ||
| Court |
Smart deal Good deal Big deal No one wants to enter into any venture with the prospect of a legal battle ...... With a giant firm ..... On the horizon. Kudos to the Receiver. | ||
| Theshinenz |
Anymore inside news on this yet? Still waiting impatiently to decude whether or not to purchase an SX going cheap. Dont want an expensive brick if it all turns to custard and cant afford to buy a spare bike in case of issues. | ||
| Hughlysses |
^ Google's not turning up anything except a couple more iterations of the same news reports from India. Let's just hope we're all celebrating the outcome a week from now. | ||
| Bob_thompson |
Any word on what the deal is with the supposed $20 million owed to EBR from Hero for engineering and other things that evidently sent them into receivership in the first place? And if that was true why in the world did EBR owe them?  | ||
| Davegess |
The 2.8 mil deal mentioned above removes any and all claims between Hero and EBR. Assuming the parties are not allowed to talk about it this is the last we will hear. | ||
| Reepicheep |
I guess you would have to work through the initial 49% investment, with the consulting fees paid on top of that, then subtract out the money Hero owed for outstanding work, and see what then net effect was, and see who ate what. But it doesn't matter... We now have a free and clear EBR for sale if somebody wants to buy it. This settlement is huge, without it, nobody in their right mind would have touched EBR for anything but auctioning off tools and scrapping materials. | ||
| Noone1569 |
Nothing in any of the reports said that Hero gave up their 49% stake of ownership. Merely the outstanding claims between hero and ebr have been settled. Big difference there. | ||
| Court |
The Receiver is not conveying an equity position in the existing entity. | ||
| Fuzzz |
Court said: "The Receiver is not conveying an equity position in the existing entity." Maybe I need more coffee, but I do not understand. I can only guess in my bleary eyed state that it means Hero holds no ownership of what is left of EBR. | ||
| Hughlysses |
Hero's letter to the India stock exchange says this:
I haven't stayed at a Holiday Inn Express recently, but I take that and Court's statement to mean Hero no longer has 49% equity in EBR.  One of the Indian stories yesterday re-stated that Hero has already written off their investment in EBR and stated something to the effect of the full extent of that write off would be determined after the sale of EBR, which also seems to imply Hero doesn't get squat from the sale of EBR, except a number to plug into their tax return. | ||
| Reepicheep |
That's my take. Once put into receivership, the funds from the auction go to pay off creditors. I don't know if principals get a cut of anything extra that might be left over after all creditors are paid. I suppose they might, and Hero gets a 49% cut, and other shareholders get their cut. But regardless of where any "extra" money goes, ownership by the previous principals is over, done, and transferred the moment that gavel falls and the best offer is accepted. That likely will result in Hero getting burned, which few of us will shed a tear about. But it likely burns Erik financially also.
I genuinely hope Erik's ride isn't over yet. I don't understand how people like him can do it day after day, but I respect it, and the world desperately needs more people like him. (Message edited by reepicheep on July 31, 2015) (Message edited by reepicheep on July 31, 2015) | ||
| Hybridmomentspass |
"Any word on what the deal is with the supposed $20 million owed to EBR from Hero for engineering and other things that evidently sent them into receivership in the first place? And if that was true why in the world did EBR owe them?" I hope this comes out at some point I stated this in the EBR section, but I wonder if it could just be a rumor that spread like wildfire (ie "HD has to make parts for 7 years" etc). Time will tell, hopefully the story comes out at some point | ||
| Fuzzz |
OK, I am a little more awake, it's been a rough week, but it makes more sense now. Wishing all the best for Erik and the Elves. |
