New Victorys and Indians

[ponch]

Originally Posted by glwilson

It was just released that Hero motors bought all of the assets EBR (Buell's failed company) for just $2.8mil free of all encumbrances.

Hero was a partner in the EBR project with around 49% ownership. Rumor has it that Eric will return to work for Hero as a consultant on the resurrected project.

Now that the dust has cleared, it seems the whole bankruptcy was nothing more than a financial ploy to not only get out from under the debt acquired, but also for Hero to buy the company back for next to nothing.

Sometimes it seems as if bankruptcy can be a completely sham, if not complete crookery, as this looks from the outside looking in.

So who got squeezed? Seems that he did, but I could be wrong.

[glwilson]

Originally Posted by ponch

So who got squeezed? Seems that he did, but I could be wrong.

No doubt he lost money; and certainly some of his credibility. But others lost more than he.

Even the employees were shorted well over $200,000 in pay that was never paid to them. I am sure that hurt them quite a bit.

Hero probably lost the most initially; but some of that was recouped with the 2.8mil deal in the courts.