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View Full Version : ANOTHER Auction for EBR!



Hughlysses
01-05-2016, 07:42 PM
January 13th, preceding the previously scheduled hearing on the 14th:

http://www.jsonline.com/business/court-orders-another-auction-for-erik-buell-racing-b99646379z1-3642 74051.html

:eek:

(Edit- link fixed)

buell-fan
01-05-2016, 08:23 PM
The link provided doesn't work. Another auction is best for all, I hope it works out this time.

zviadi
01-06-2016, 01:28 AM
http://www.jsonline.com/business/court-orders-another-auction-for-erik-buell-racing-b99646379z1-364274051.html

Hughlysses
01-06-2016, 08:27 AM
Some interesting potential bidders listed there, including S&S Cycles (who I believe has supplied engine parts to EBR) and Zero Motorcycles, where several former key Buell employees work.

I imagine the additional interest in the auction has the potential to make things more difficult for Bruce, but it would also seem to make it less likely that EBR will wind up being liquidated.

Scott
01-06-2016, 08:32 AM
http://www.jsonline.com/business/court-orders-another-auction-for-erik-buell-racing-b99646379z1-364274051.html


Wow. So if I read correctly, there was a bid from GP Holdings for $3.15 that didn't pan out. Bruce and others may have been able to beat the $1.6 of the liquidator but they thought they had to beat $3.15 so even though Bruce may have been willing to pay $2 million, he may not have realized until too late that he could actually get it for that. And remember Bruce's comment right after the auction that the company would stay together? That was probably based on the false belief that GP Holdings had been the high bidder.

So we have a lot more information now, and it seems like interested parties (based on court documents and not just our speculation) include:

Bruce
S & S Cycle http://www.sscycle.com/
Zero http://www.zeromotorcycles.com/
US Heritage Powersports (Demetri) https://www.facebook.com/US-Heritage-Powersports-253245458052544/
And GP Holdings USA http://www.gpholdingsusa.com/



Those are some intriguing possibilities, but clearly resources or other factors have stood in the way of any of those companies going full-bore through two previous auctions (though with each delay, they gather more information and have more time to secure financing).

It seems like any of those would be preferable to the liquidator, but Bruce is the only one who has expressed a clear intent. It's possible that some of those other companies might be interested in getting cheap equipment that could likely be useful in production of non-EBR motorcycles. But I suspect most of them are interested in it for more than just equipment.

One week from today. Will any members be attending who can give us updates?

Classax
01-06-2016, 11:10 AM
I think half that group is looking for tooling and that's all. Only two there I see that I thing actually want to continue operations. We shall soon see. My fingers are crossed.

Scott
01-06-2016, 11:44 AM
I think half that group is looking for tooling and that's all. Only two there I see that I thing actually want to continue operations. We shall soon see. My fingers are crossed.

We also have to keep in mind that some of the companies might have inquired just out of curiosity without ever being serious contenders.

But I think it's a little hard to judge motivation. I would assume GP Holdings is interested in getting them back up and running and both Bruce and Demetri have publicly expressed interest in doing that, so that right there is three versus the two you presumed would be interested.

As for Zero and S & S, it's a little hard to gauge without more information, but I don't think it's crazy to think both of them could be interested in expanding into the sport-bike world.

I think it would particularly make a lot of sense for Zero since they're being squeezed by Polaris and Harley. This could be a way they could grow to be more competitive with Polaris and Harley (or depending on their finances, it could put them under, but it would be a risk I would at least be interested in exploring if I were Zero management). And since Zero has developed a reasonably large dealer network, that makes it much easier for them than other entities to get up and running quickly.

S & S could just be interested in the engines and tooling, but I wouldn't be surprised if they were interested in getting into making sport-motorcycles. It certainly wouldn't be a crazy idea as a next step for them, but without more than a name on a court document, we can only speculate.

It is also possible that with each passing day other potential bidders could become intrigued.

mrlogix
01-06-2016, 05:11 PM
If I remember correctly, wasn't Erik at one time (at the beginning of EBR) working on a design consultation for an electric motorcycle? Anybody know who that entity was?

Hughlysses
01-06-2016, 09:07 PM
Another article with a little additional info:

http://www.biztimes.com/2016/01/06/new-auction-set-for-erik-buell-racing/

Scott
01-07-2016, 08:26 AM
Another article with a little additional info:

http://www.biztimes.com/2016/01/06/new-auction-set-for-erik-buell-racing/

I'm curious if this: "there had been interest from potential purchasers that did not attend or participate in auctions held in August and December."

Refers to S & S and Zero or if there are other, undisclosed parties that might be there next week.

It seem like in past auctions we've had rumors and speculation about multiple interested parties, but when it comes right down to it, it seems like very few people who actually bid.

There's an indication that nobody is matching the $3.15 million that GP holdings offered last time around, but I'm curious if they've been able to shore up their finances and may be prepared to make a run this time.

It seems like their phantom $3.15 million bid is what screwed everything up last time, but the fact that they even offered it shows they may have some serious interest. The extra time may have allowed them to line up financing.

Ed / AF1 Racing
01-07-2016, 12:52 PM
Interesting note about Zeros

We sold EBR a new Zero XU back in the day for the factory engineers to play with. Zero is the leader in electric MCs right now. The Brammo/Polaris is still behind Zero technology, and HD never made one production bike. HD building that prototype did wonders for Zero sales. We sold a bunch after that, and the Zero tech is still way ahead of HDs.

The new 2016 Zeros are awesome if anyone wants to ride one, we have a fleet of demos

Plotter
01-07-2016, 12:54 PM
I'm curious if this: "there had been interest from potential purchasers that did not attend or participate in auctions held in August and December."

Refers to S & S and Zero or if there are other, undisclosed parties that might be there next week.

It seem like in past auctions we've had rumors and speculation about multiple interested parties, but when it comes right down to it, it seems like very few people who actually bid.

There's an indication that nobody is matching the $3.15 million that GP holdings offered last time around, but I'm curious if they've been able to shore up their finances and may be prepared to make a run this time.

It seems like their phantom $3.15 million bid is what screwed everything up last time, but the fact that they even offered it shows they may have some serious interest. The extra time may have allowed them to line up financing.

Because there was so much time from the last auction to this one? The judge and receiver clearly doesn't want a positive outcome, otherwise they would actually work out a schedule between all the bidders and allow for sufficient time to obtain funding... I have a bad feeling about this auction...

Maybe they are, and I'm just being negative, but who knows...

I hope my fears are allayed during the auction...

bthibodeaux
01-07-2016, 02:16 PM
Because there was so much time from the last auction to this one? The judge and receiver clearly doesn't want a positive outcome, otherwise they would actually work out a schedule between all the bidders and allow for sufficient time to obtain funding... I have a bad feeling about this auction...



If the bidder needs time to raise funding just to pay for the assets, what are the chances that they will be able to fund ongoing operations....

Plotter
01-07-2016, 04:58 PM
If the bidder needs time to raise funding just to pay for the assets, what are the chances that they will be able to fund ongoing operations....

The problem with the world today is apathy... but who cares...

oddball
01-08-2016, 06:52 PM
I'll guess the court wants it done this time and will approve whatever happens on the following day.

RV7PILOT
01-10-2016, 10:28 AM
The problem with the world today is apathy... but who cares...

:lol:

Scott
01-11-2016, 08:59 PM
Interesting note about Zeros

We sold EBR a new Zero XU back in the day for the factory engineers to play with. Zero is the leader in electric MCs right now. The Brammo/Polaris is still behind Zero technology, and HD never made one production bike. HD building that prototype did wonders for Zero sales. We sold a bunch after that, and the Zero tech is still way ahead of HDs.

The new 2016 Zeros are awesome if anyone wants to ride one, we have a fleet of demos

The thing that intrigues me about Zero is they have experience launching a unique, high-priced US-made bike and getting it off the ground to the point it can sustain itself. In fact, I believe they are now the largest manufacturer of non-cruiser motorcycles in the US . . . right?

And they also understand these things don't happen over night. It requires a long-term investment and commitment. For all the Monday-Morning quarterbacking over EBR, I think the reason they failed is very simple. Their backer, Hero, wasn't willing to invest the time required to get things going.

Scott
01-11-2016, 09:08 PM
Because there was so much time from the last auction to this one? The judge and receiver clearly doesn't want a positive outcome, otherwise they would actually work out a schedule between all the bidders and allow for sufficient time to obtain funding... I have a bad feeling about this auction...

Maybe they are, and I'm just being negative, but who knows...

I hope my fears are allayed during the auction...

It certainly seems to be sloppy, but since it has dragged on this long (intentionally or not), anyone who was thinking about it in August should have been able to get the funds together by now . . . or it's never going to happen.

And there could be some surprises on Wednesday. I don't think any of us can do more than guess what will happen. Anyone could show up and anything could happen.

And while I don't want to defend how this has been handled, the judge and receiver have to balance allowing interested parties the time to get things together and closing this out in a reasonably timely fashion.

Scott
01-13-2016, 01:38 PM
Any news? Faint whispers or rumors? I thought on previous auctions information started trickling out by now.

Hughlysses
01-13-2016, 07:34 PM
JS Online says Liquid Assets won again with a bid of ~$2M.

http://www.jsonline.com/business/erik-buell-racing-manufacturing-assets-sold-at-third-auction-b99651291z1-365207811.html

BUT Bruce posted on Facebook that he matched their bid and judge has to decide who gets it.

Guess we find out final outcome tomorrow.

Hughlysses
01-13-2016, 10:44 PM
Link to Bruce's FB post:

https://m.facebook.com/groups/289943317829883?view=permalink&id=570841289740083

GJB
01-14-2016, 12:00 AM
For those of us who dont do social media, what is Bruce saying?

Bagger
01-14-2016, 01:33 AM
GJB
Bruce "At today's auction, where 3 bidders participated, AMG and our finance partner, Tiger Capital Group, matched the top bid by Liquid Asset Partners at $2.05 million. The decision as to who wins, and whether EBR lives or is liquidated, now rests with the Court. See you there, bright and early.
Never Quit."

AKA Marco
01-14-2016, 06:36 AM
when we will know the court decision??

d_adams
01-14-2016, 08:26 AM
Supposed to be today.

Scott
01-14-2016, 12:00 PM
Well it looks like Liquid Assets got it. So what's next? My speculation (and this is pure speculation) is Erik will buy the IP from Liquid Assets and start shopping it around. Someone like Polaris likely never would have built the bikes exactly as they were. They'd want to to re-think them and add their own elements and build them in their factory with their equipment and people. So I suspect Erik will be meeting with people like Polaris, Zero BRP etc. to see if he can interest them in adding a sport-bike based on the EBR designs to their line-up.

That sort of sucks for us, because if they aren't the exact bikes, we may not be able to get the parts we need, but I suspect Erik Buell will continue to make motorcycles with someone, and they probably will at least be similar to the bikes we know.

Bagger
01-14-2016, 12:10 PM
Scott,,,, perhaps a little hope......
http://www.jsonline.com/business/new-owner-of-erik-buell-racing-says-the-firm-could-make-a-comeback-b99651784z1-365298921.html

Scott
01-14-2016, 01:05 PM
Scott,,,, perhaps a little hope......
http://www.jsonline.com/business/new-owner-of-erik-buell-racing-says-the-firm-could-make-a-comeback-b99651784z1-365298921.html

:thumb: Let's see what happens . . . I guess we have no choice now but just to wait and hope for the best.

noone1569
01-14-2016, 02:59 PM
To say I'm discouraged would be an understatement.

My bike is nearing its 2 year anniversary as well.

Scott
01-14-2016, 03:11 PM
In hindsight, if Liquid Assets could have gotten it back in August, maybe we'd be moving forward by now. All the legal hoops have really dragged this out.

heagachongoose
01-14-2016, 05:23 PM
"Liquid Asset Partners will be seeking investors, or a buyer, for Erik Buell Racing."

"Their (EBR) bikes, out of the box, can go head-to-head with the top Italian race bikes. Our sale process will enable the proper exposure of the company and price flexibility that may better fit a new owner,"

"The next step for Buell could involve crowd-funding, a private investor or another motorcycle manufacturer. Melvin said he hopes that company founder Erik Buell and the rest of the Buell management team will remain part of the process."

"Our hope is that someone will continue to make these amazing motorcycles," Melvin said

This is a good thing. Sadly our own ignorance has delayed progress.

Hughlysses
01-14-2016, 07:09 PM
As I speculated what might happen a day or two ago, the results of the auction did nothing to quell our on-going speculation.

The major benefit I see with the current state of EBR compared to pre-auction is that Erik can now become officially involved. The sale has been approved, the receivership is officially over. The new owner is free to hire whoever they want.

This presents the possibility that they can market this as a much more complete package. "We have these designs, this manufacturing facility and equipment, and this (or these) guys to form the core of a new company." That may be a much more marketable thing than some IP and a building full of equipment and a bunch of motorcycles with no assurance that any of the people that were the brains of this operation would be around. Maybe that's what is needed to get companies with DEEP pockets interested in continuing the production of American sport motorcycles.

Scott
01-14-2016, 08:52 PM
As I speculated what might happen a day or two ago, the results of the auction did nothing to quell our on-going speculation.

The major benefit I see with the current state of EBR compared to pre-auction is that Erik can now become officially involved. The sale has been approved, the receivership is officially over. The new owner is free to hire whoever they want.

This presents the possibility that they can market this as a much more complete package. "We have these designs, this manufacturing facility and equipment, and this (or these) guys to form the core of a new company." That may be a much more marketable thing than some IP and a building full of equipment and a bunch of motorcycles with no assurance that any of the people that were the brains of this operation would be around. Maybe that's what is needed to get companies with DEEP pockets interested in continuing the production of American sport motorcycles.

I actually think (and I could very easily be wrong) that this is likely the end of motorcycles manufactured in East Troy. When Polaris bought Indian, they did some major re-engineering. When they bought Brammo, the re-design wasn't as major, but they did pause and re-work things.

I can imagine someone like Polaris or Zero being interested in reviving the brand, but if so, I would imagine them starting with CAD drawings and making changes to things they don't like. I can imagine a 2018 Victory sport-bike based on the 1190SX, but with some modified styling, improved fit and finish, exhaust that's more neatly integrated, traditional dual disc brakes etc. I would imagine such a bike being made in an existing Polaris manufacturing facility with existing polaris employees. They might add some equipment and personnel, but I don't imagine it as a stand-alone facility in East Troy.

With that hypothetical (or other similar hypotheticals involving other manufacturers), Polaris would be interested in Erik and his designs . . . but not most of the hard assets. They wouldn't want the existing parts because their bike will be different and they'd start fresh. The specific jigs, fixtures etc. would be designed for the current bike so might not work with a redesigned version. Most of the general tools, machines, computers, office furniture etc. would be redundant for a company like Polaris since they have those things already, so they wouldn't want to bid on the whole thing and get a bunch of junk they don't need and would need to spend time getting rid of.

I'm just using Polaris as an example, but similar things would be true for other potentially interested parties. And while Polaris has always seemed a good fit, we don't have any reason to believe they're really interested (though I do remember that when Liquid Assets name first came up, somebody said there was a rumor that they were working with Polaris, so it is possible that Polaris has been backing LA without wanting to get directly involved.

And that raises another interesting point. If Polaris or a similar company were interested, they would want to tread very carefully and keep a low profile and provide a clean break between their efforts and previous EBR efforts. If Polaris swooped in, bought up the assets and then dismantled everything, they'd be seen as the bad guy. If Liquid Assets buys it and then Polaris purchases key components and makes their own Erik Buell bikes, they'll be the knight in shining armor coming to save the day.

Also by creating that kind of separation between them and EBR, they could leave some of the EBR/Buell baggage behind them. Perceived quality issues, blown Superbike engines etc. would be put behind them as things that belonged to a different company.

Hellgate
01-15-2016, 04:00 PM
"Liquid Asset Partners will be seeking investors, or a buyer, for Erik Buell Racing."

"Their (EBR) bikes, out of the box, can go head-to-head with the top Italian race bikes. Our sale process will enable the proper exposure of the company and price flexibility that may better fit a new owner,"

"The next step for Buell could involve crowd-funding, a private investor or another motorcycle manufacturer. Melvin said he hopes that company founder Erik Buell and the rest of the Buell management team will remain part of the process."

"Our hope is that someone will continue to make these amazing motorcycles," Melvin said

This is a good thing. Sadly our own ignorance has delayed progress.


Crowd funding? That's not much of a plan...

Scott
01-16-2016, 08:20 AM
Crowd funding? That's not much of a plan...

Nope.

But here's the good news for anyone who's feeling really down now:

It's in Liquid Asset's best interest to sell this as a complete motorcycle manufacturing operation. They have done their research and they understand much better than us the market and potential buyers and the chances this will get going again and I believe they're betting on it being re-sold to someone.

I don't think they would have gone as high as $2 million if they thought it was going to be sold as scrap. We cringe at the images of the Buell bikes in dumpsters, but the harsh reality is it actually costs money to tear these things apart and dispose of things (think about environmental issues and the cost of properly disposing of things like tires, solvents, paints, cleaning solutions etc.). They will get some value from selling off the big-ticket items like CNC machines, but even those will have limited value because they'll have to find someone interested in that specific piece of equipment, and they'll likely be selling them for much less than they cost new.

I suspect that when you subtract the cost of disposing of unwanted things from the revenue they'll get from selling file-cabinets etc., they'll be lucky to come out $1 million on the plus side, so I believe they're betting, based on their knowledge of the industry and potential buyers, that they'll be able to find someone or some group who will be interested in making motorcycles.

They can do things the receiver couldn't do. They can make deals, they can put different parties together, they can find people who are interested in running things and put them in contact with people who are interested in financing things and they can create contracts with complex responsibilities and liabilities. They're likely burning up the phone lines right now wheeling and dealing. The court and receiver couldn't do those sort of things. They could only operate under the very strict guidelines of the sale: "Here it is. What's the highest anyone is willing to pay?" Remember that bid of $3.15 Million that GP Holdings was floating but didn't pan out? Liquid Assets could potentially put them and Erik together. "GP Holdings, If you can raise $2.7 million over the next few months AND acquire the backing capital you'll need to really make this work, we'll sell you 90% of the company and Erik Buell 10% of the company (for $300,000) and we want to see the two of you move forward with this thing. What's that? You don't have the cash and backing right now but you're working on it? Okay, see what you can do. While you do that, I'm going to be talking to S & S, Zero, Polaris and a few others, so let me know what you can do and if nobody beats you to it, the offer will remain on the table."

And if the worst happens and we start seeing those heart-breaking photos of bikes being thrown into dumpsters, we have to keep in mind that the intellectual property can't be destroyed. Someone will have a nice, neat package of CAD drawings, specifications, logos, supplier lists etc. In the case of Buell, Harley owned that IP and they didn't want anybody to have it. In this case, LA owns it and they want to sell it. Maybe they'll sell it to Erik or maybe they'll hold onto it until somebody who's serious will offer them a big check for it, but it won't cease to exist.

I feel somebody, somewhere at some time will give this another go. I just don't know who or when. But we're in a situation now in which time isn't hanging over the whole thing like a sword of Damocles. We don't have to bite our fingernails and hope the right person with the right resources will show up just before the deadline.

Now things can happen in a more methodical way.

There will no longer be any legal barriers holding parts hostage, and we should soon have the opportunity to buy some of those parts that are currently collecting dust in the shuttered factory.

So while things seem grim, we haven't come to a hard, certain end. It may be years before we see another shiny new American sportbike rolling off an assembly line, but I remain optimistic that when it happens, it will be done right by somebody who has the right goals and resources. And when that happens, we'll see things bigger and better than they ever where before.

zviadi
01-16-2016, 04:04 PM
Meanwhile, Eric's website is still running.

crispy
01-16-2016, 06:32 PM
I thought Erik was the CEO of GP Holdings. Think I saw it somewhere.

Hughlysses
01-16-2016, 10:08 PM
I thought Erik was the CEO of GP Holdings. Think I saw it somewhere.

The terms of the receivership forbid anyone who was a principle with either EBR or Hero from bidding on the assets. If GP Holdings intended to place a bid, Erik could not have been their CEO.

crispy
01-16-2016, 11:12 PM
Yes, fair enough too.

Google "GP holdings usa equity net"... seems he was indeed CEO at some point. I couldn't see him on their website these days so that relationship may have ended some time back.

Hughlysses
01-17-2016, 08:46 AM
Interesting.

Scott
01-17-2016, 11:59 AM
The terms of the receivership forbid anyone who was a principle with either EBR or Hero from bidding on the assets. If GP Holdings intended to place a bid, Erik could not have been their CEO.

Here's a scary thought: Now that Liquid Assets is the owner, and those restrictions are no longer in place, could Hero be talking to Liquid Assets? On the other hand, I'm sure Erik is talking to GP Holdings and others and he's no longer restricted. He can probably also talk to Bruce more freely than he was able in the past.

Hughlysses
01-17-2016, 05:31 PM
Yea, that is a scary thought about Hero. Of course with backing, Erik could buy it as well.

Demetri Melekos posted on Facebook a while back that prior to the auction, Erik was allowed to talk to prospective buyers but he was specifically prohibited from showing any favoritism. Now, I would think a firm contract could be worked out for EBR's assets that specifically includes Erik's participation, prior to the assets being sold by LAP.

Hughlysses
01-18-2016, 04:21 PM
Another thought- here's another article on the sale: http://www.digitaltrends.com/cars/erik-buell-racin g-has-a-new-owner/ (http://www.digitaltrends.com/cars/erik-buell-racing-has-a-new-owner/)

The article states that following the sale of the primary EBR assets:


Following this, “excess assets” will be sold off to help trim costs and increase efficiency.

According to several sources, there are ~350 1190's (SX's and RX's) in the factory. Perhaps these bikes are the "excess inventory" to which they're referring? The new owner of EBR may want nothing to do with the products of the old EBR.

IIRC, 250 bikes are complete and ready to go while ~100 are not completely assembled, although all the parts required are staged, and these parts are separate from an inventory of spare parts ready to be shipped. If LAP sold these bikes at just $6000 each, they would recover their original investment in EBR of $2.1M. Any money they generate from selling the remainder (machinery, tooling, Intellectual Property, trademarks, spare parts, etc.) would be pure gravy.

I could conceive of two companies coming out of the remains of EBR: One company could sell the remaining bikes and provide replacement parts for these and all existing EBR's. Heck one big former EBR dealer, or a coalition of several smaller ones might be interested in taking over the left over bikes and parts. A second company might be formed to produce completely new motorcycles having little or nothing to do with the "old" EBR.

It's been suggested that these bikes can't be legally sold at present as the manufacturer no longer exists, so any approvals required from the EPA, NHTSA, etc. are null and void. You'd have to hope this situation could be rectified with some discussion, legal correspondence, and payment of associated fees: "We are Acme Motorcycle Company. We have 350 motorcycles manufactured by EBR in 2014 and 2015. These motorcycles met all environmental and safety requirements at the time of their manufacture. We would like to have these approvals transferred to us so that these motorcycles can be sold, titled, and licensed."

This would allow a truly clean break between the old company and the new one, while not abandoning existing EBR owners to the wind.

Thoughts?

heagachongoose
01-18-2016, 04:41 PM
^ That is almost exactly what I'm suspecting will happen Hughlysses.


Remember that bid of $3.15 Million that GP Holdings was floating but didn't pan out? Liquid Assets could potentially put them and Erik together.

Here, scroll down: https://www.equitynet.com/c/grand-prix-holdings-usa

Hughlysses
01-18-2016, 04:53 PM
^ That is almost exactly what I'm suspecting will happen Hughlysses.



Here, scroll down: https://www.equitynet.com/c/grand-prix-holdings-usa

I wonder if Erik was listed as CEO prior to the auction? Supposedly anyone who was a principle in either Hero or EBR was forbidden from participating in the bidding.

Scott
01-18-2016, 07:33 PM
^ That is almost exactly what I'm suspecting will happen Hughlysses.



Here, scroll down: https://www.equitynet.com/c/grand-prix-holdings-usa

So that page indicates GP Holdings is currently actively seeking investment to buy EBR. Does that seem like an accurate interpretation?

oddball
01-18-2016, 09:05 PM
The dealer you speak of has stated he's reaching out to LAP to buy inventory. I think he wants to be "the" source for parts from now on.

noone1569
01-19-2016, 09:25 AM
I wonder if Erik was listed as CEO prior to the auction? Supposedly anyone who was a principle in either Hero or EBR was forbidden from participating in the bidding.


He definitely was not. I checked this page a few times when news of GP Holding's interest came out.

Scott
01-19-2016, 11:03 AM
He definitely was not. I checked this page a few times when news of GP Holding's interest came out.

It would be interested to know exactly what's going on, but I suspect if they can raise the capital they'll get things back up and running with Erik heavily involved.

This is where Liquid Assets may have provided a key service by keeping things together and giving them more time to get funds together.

. . . though if Erik and GP Holdings are working together and trying to raise capital, I'd sort of expect them to be more vocal about it. Maybe they only want to talk to serious investors and don't want the noise they'd get from a broad announcement and/or maybe they're still working on a plan and want to wait until they have that more formalized before making noise.

heagachongoose
01-20-2016, 04:16 PM
This is where Liquid Assets may have provided a key service by keeping things together and giving them more time to get funds together.

Bingo. Now his hands aren't tied anymore and the negative assets have been "taken care of" by the receivership process.