EBR Sale Scheduled

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Cross-posting from Facebook and Badweb:

Ok guys, I have some info.

A liquidator, Liquid Assets (Bill Melvin - liquidator) was the buyer at $1.6m - they are keeping it quiet waiting for the Judge to approve the sale this Monday in court - they don't want to create opposition to the sale by having employees show up to oppose the liquidation of EBR.

Anyone & everyone can speak to the Judge in court - it is a public hearing - if 10 to 20 employees would show up and tell the Judge how this effects them personally it would make a difference to buy more time - especially since there are other buyers interested in keeping the company intact rather than breaking it up - there is no reason why EBR had to be taken to auction so quickly.

if the employees can show up and tell the Judge the impact of liquidation on them personally - then ask the Judge for more time to find a buyer that would keep EBR intact ... it would have a significant impact -- especially since the creditors that are owed money are NOT forcing a quick sale of EBR (since they are take a BIG loss on what they are owed).

So we can help this. There are people trying to work out a deal to keep it together, just need more time.
Click to expand...
 
mrlogix said:
HUH? Bruce bid 2.25 the first time. I would think that he would still have that amount to try again since the first time never closed. Did he post on book of faces that he was outbid?
Click to expand...

Yes, he posted this:
Two days ago, we had the winning bid. Last night at 5:45, a well-crafted bid from another buyer was circulated, which required us to surpass his bid by more than we had available in time to close. Despite our best efforts, we lost the auction, but EBR remains intact. Out of respect for the buyer, this is all I will say on the subject, as I am advised he will be issuing his own press release shortly.
Thank you all for your support and encouragement throughout this endeavor. It made all the hard work worth it.
Never quit.
Bruce
Click to expand...

"EBR remains intact" does not seem to go along with it being sold to a liquidator.
 
Thanks Hugh, just checked out demetri's Facebook page. Dude seems like he is into bikes, rock and roll and mega cute chicks...WINNER? Hopefully.Belfer is on his page as well, maybe these two together can pull this off......fingers crossed.
 
That article doesnt look good for EBR. Bruce failed to meet deadlines twice and no one else stepped up to bid. The company that had the highest bid, buys companys for their machines and sells the machines. Another interested party was looking to operate EBR on a much smaller scale. I think he wanted the name. Either way, it doesnt look good for EBR.
 
I think I saw in earlier posts he couldn't meet the deadlines because hero couldn't or wouldn't resolve assets, so Bruce could not close with a uncertain asset sheet.
 
Yea, not Bruce's fault - Hero ****ed us a second time taking forever to finalize their end of the design sale. Without that done, and some uncertainty about what they were getting and how much it devalued the remaining entity, there wasn't any way underwriting/financing could occur. Bruce couldn't then meet the closing deadline of his winning bid. I am surprised that the article says there were no other bidders; he pretty clearly stated they had a winning bid until the final day of the auction.

All that said, CJ; I only have an outsiders perspective, but insinuating that Bruce failed in any way seems off base to me. We all want production to start again tomorrow (as an owner, I more than most), but these things just don't go that way. He may not end up with the remaining entity, but I think he's done both an admirable job trying to save it and an extraordinary job of communicating with all of us.
 
We're Buellers.......just the type of people who'll do a bit of extra work where others wouldn't. My bikes have been great to me; this is a chance to give back. Our intervention may fend off a liquidation and no hope for a future company. Who'll join me in writing a letter?
(Taken from the auction thread on badweb, but that's where Bruce is posting)

_______________________________________
Hughlysses:
Formal written objections to the sale to Liquid Asset Partners to be submitted to Judge Koss by January 6th. Hearing continuance till January 14th at 8:30am. I'd think you should include the information on the case number and judge in the heading of your letter to ensure it gets to the right person.

CASE# 15CV00247 - Branch I - CIVIL
Judge: Hon. Phillip A. Koss

Mailing address:
Walworth County Clerk of Courts
P.O. Box 1001
Elkhorn, WI 53121

Bruce Belfer:
What do these letters need to say?

How a liquidation would affect you. Your investment in EBR motorcycles. American manufacturing jobs. Basically just tell the Court why liquidation is a bad thing and why EBR should be kept alive and intact. Your personal reasons are fine, so long as they're real and truthful. Don't make things up. That's what these letters need to say, no more, no less.

Bruce has been paying salaries for the last six months to keep the talent aboard. Twenty minutes and a stamp is the least we can do to say thank you. Oh, while Bruce's post talks about those local, I think that showing a national following/dealerships/interest show the company's long term viability, so that's what I'll be including.

I'd post to the Lightning/Bold forums as well, considering the viewcounts they get, but I fear the banhammer :)
 
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Thanks for cross-posting this from BadWeb, Mope! I'll be writing a letter. Hope all the other Buellers here will do the same...sure would be great to see Buell continue on in some form or another! :up:
 

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