| Author | Message | ||
     Court |
I am happy to share with you that the window of time to communicate with dealers was less than I have to type this message. The restrictions were legal .... Not pack of character or concern. The handling was awkward and unfortunate .... But, genuinely, the best possible under existing conditions. When a plane crashes you miss the chance to gather your bags from the overhead bin. This is my PERSONAL OPINION based on minimal knowledge of the Wisconsin Statute. | ||
| Tpoppa |
I am happy to share with you that the window of time to communicate with dealers was less than I have to type this message. The restrictions were legal .... Not pack of character or concern. The handling was awkward and unfortunate .... But, genuinely, the best possible under existing conditions. When a plane crashes you miss the chance to gather your bags from the overhead bin. This is my PERSONAL OPINION based on minimal knowledge of the Wisconsin Statute. Are you saying the legal restrictions were in place BEFORE they filed for receivership? It takes 5 minutes to send an email blast to the dealer network. If even all the details weren't known at the time a communication could have been sent. How about "All the details aren't known, but there will be an interruption to business...etc, etc." Key stakeholders who have invested in you deserve that. Dealers who posted here on Badweb stated they received NO communication from EBR. | ||
| Thumper1203 |
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" 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" I get the warm fuzzies from these two posts.  | ||
| Hughlysses |
Are you saying the legal restrictions were in place BEFORE they filed for receivership? More RAMPANT SPECULATION here- but I can imagine there would be legal reasons that would prevent this. The slightest hint that EBR was entering receivership might have allowed Hero or the creditors to come in and file court papers preventing it, and forcing EBR to declare immediate bankruptcy (as opposed to entering receivership), in which case there would be no possible future as a company. Honestly, I don't know jack s**t about the legalities, but as others have said, I know enough about Erik to believe if he didn't notify the dealers, there were damn good reasons why he didn't and/or couldn't. That's why I think there must have been some legal reason preventing it. | ||
| Readyxb |
While this might have been a nice personal touch, how would it have helped the dealers from a business perspective?
Until the receivership process is over, EBR STILL doesn't know the company's future. What else would you have liked this communication to say that hasn't already been legally conveyed? EBR has stated what I believe they can legally state via their facebook posts, and Proof of Claim letters were sent to identified owners. If EBR knew, for example, they would at some future time be able to honor warranty work, don't you think they would have stated that? | ||
| Tpoppa |
While this might have been a nice personal touch, how would it have helped the dealers from a business perspective? It could have preserved a relationship that EBR may need in the future. Or at least shown an attempt to look out for the best interest of the dealer's business. In my profession, I regularly communicate with key stakeholders. Sometimes good news...sometimes bad...sometimes the communication is that information is not yet available. It's all necessary for the sake of the business relationship. | ||
| Reepicheep |
I've been involved in crafting emergency corporate statements. If it is a couple of sentences, and simple and straightforward, you will be very lucky to get it ready for release in less than 6 hour (more, if you are doing business in two hemispheres, like US and Australia). | ||
| Readyxb |
Tpoppa, that is a valid point. And I think Erik tried to convey that in this statement: "...I want you to know that looking ahead my focus is 100% on helping the receiver best maximize the value from EBR to benefit all, and I will make every possible effort to get the new organization to where it can support the dealers and customers first, and then help find investment to get back to full throttle." -Erik | ||
| Hughlysses |
If you want some more factual information on the case, someone has photo'ed the latest letter from the Receiver, which provides more details on the agreement with Hero, and posted it to the BuellXB page on Facebook. My synopsis: (1) On June 26, Hero sent a letter to the receiver "demanding" release of property and intangible assets that EBR was working on saying it belonged to Hero. (2) EBR countered that Hero had not paid for the work done and therefore Hero did not own the property and intangible assets in question. (3) The Receiver had an independent lawyer investigate the claims. (4) Hero and EBR made an effort to negotiate these and other claims. (5) The Receiver settled on a payment of $2.8M from Hero in exchange for the property and intangible assets and a promise that neither party would make any further claims against the other. The Receiver determined that this settlement was in the best interest of the creditors of EBR as the outcome of any litigation by EBR against Hero was not certain and could involve substantial legal fees. The actual Settlement Agreement is not included and no doubt includes additional details. Not a lot of detail, but it gives us a better idea of what went on. Feel free to go to Facebook and read the documents yourself. (Message edited by Hughlysses on August 01, 2015) | ||
| Ourdee |
When a plane crashes you miss the chance to gather your bags from the overhead bin. When you see me in a plane, everything I need is strapped to me. | ||
| Henshao |
As far as I know, I'm the only one who calls them "Villain" motorcycles so if you have an issue with my opinion, consider it duly noted. Now, would you like my opinion about your opinion about my opinion or shall we cease telling others what to think and continue the thread? | ||
| Hybridmomentspass |
Hey, if you want to keep spouting speculation and stuff, thats all on you. Me, I'll stick to facts. Have fun voting for Hilary is 2016! | ||
| Reepicheep |
Are you saying it is a fact that everyone speculating on the situation is going to vote for Hillary? And at the same time saying you will stick to facts? If so, you are a liar. | ||
| Hybridmomentspass |
No, not everyone. | ||
| Hughlysses |
OK, I posted some facts above. Any discussion on that? | ||
| Hughlysses |
Here's a concise FAQ of what happens in a receivership. The last bullet states what happens as far as the people who own stock in the company: http://www.pwc.com/ca/en/car/receivership-faqs.jht ml | ||
| Court |
CAVEAT: All Bankruptcy laws are federal. Not so, for Receivership and Wisconsin has it's own deal. The Canadian website may provide a flavor for the process but don't nail anything to the floor based on it. | ||
| Brighton |
Hughlysses posted: My synopsis: (1) On June 26, Hero sent a letter to the receiver "demanding" release of property and intangible assets that EBR was working on saying it belonged to Hero. (2) EBR countered that Hero had not paid for the work done and therefore Hero did not own the property and intangible assets in question. It seems that sex alone is just not enough to sustain a long term relationship. At first they looked like such a cute couple. They both seemed so right for each other: A match made in heaven, as the saying is. Now it's all "He's a drunken, lazy slacker" and "She's a cold, nagging witch. It seems both sides got so caught up in the heat of their new partnership that they really dropped the ball when it came to identifying and documenting the requirements, duties, and details of their new relationship. But hey, we've all been there: Me with that super hot Japanese global tech company I met at CES, and you with that gorgeous German industrial complex. And of course there's the kids. This couple needs to sit down with their dealers and consumers and explain to them that even though they just can't be together anymore, they both still love them, and that nothing will change that. | ||
| Henshao |
EBR has done a lot of engineering work for multiple parties and this is the first time someone has taken them to court that I am aware of. "It's not you, it's me" | ||
| Hughlysses |
Chris- the latest letter from the receiver states some interesting facts about that. EBR consisted of EBR, Inc. and EBR, LLC. Both companies are in receivership. EBR, LLC had two divisions- a motorcycle production business and a motorcycle design consulting business. It specifically says Hero (HMLC) was the sole customer of the motorcycle design consulting business. It doesn't say anything about EBR, Inc. | ||
| Hughlysses |
A little more news this morning; Hero's board of directors approved the agreement to pay $2.8M to the Receiver for Hero projects as announced last week: http://www.moneycontrol.com/stocks/stock_market/co rp_notices.php?autono=1350461 | ||
| Reepicheep |
Excellent. Now we just look forward. | ||
| Steveford |
Good bye and good luck, Villian, I mean, Hero! Ten bucks says they're not going to end up doing so well without Honda. | ||
| Midknyte |
They'll do fine without us malcontents. It's a big world and this won't even be forgotten for the most part because so few knew of the relationship to begin with. Not to discount, it does mean the world to "us" because we are at ground zero... (Message edited by midknyte on August 03, 2015) | ||
| Henshao |
It seems like they got what they wanted out of the relationship, otherwise I doubt funny business would have taken place. | ||
| Hughlysses |
I had sort of wondered if Honda might not step in and buy all the Hero stuff at the auction as a pre-emptive move against Hero. Perhaps Hero was worried about that too. 1 more day 'til the auction. I wonder if we'll hear anything tomorrow, or if no announcements will be made until the judge approves the deal(s) on Thursday? EDIT: Well, the judge hasn't approved the Hero deal yet and that's already been announced, so hopefully we'll know something tomorrow!  (Message edited by Hughlysses on August 04, 2015) | ||
| Henshao |
If eBay auction sniping has taught me anything, one can expect serious battle over coveted items at an auction. I can only imagine how corporations go at it. | ||
| Cyclonedon |
Is Wednesday or Thursday the big day? | ||
| Snacktoast |
Wednesday is the auction, Thursday is the day it is approved by the court. | ||
| Hughlysses |
Today's the day... |
