This was posted to EBR's Facebook page shortly after noon EDT today:
The sale of EBR assets has now been scheduled. It will be done in a bidding process on July 21st between a number of potential buyers at an event managed by the receiver. Then all bids are subject to court approval, scheduled for July 23rd. Looking forward to moving ahead soon!
I'm really wondering what "moving ahead soon" means. Still hoping for the best...
Nice! In just a little over 3 weeks, we should know something.
Also posted: "To be clear, this sale is not a selling off of individual pieces, but as it states in the court documents, it is selling off in large blocks as an ongoing concern sale."
I'm willing to bet there are at least 2 entities (and maybe more) that would like to continue making motorcycles. Should be very interesting.
I got a gaggle of lawyer speak notice in the mail today about the two receivership proceedings. Seems to me just from scanning them, that it's a no hope death knell.
Originally Posted by LineArrayNut
I wouldn't get too hung up on the legalese.
- "Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on."
That's the stated goal of the July 21 auction. We don't know if they'll achieve that or not, but the auction is happening pretty much to the day at the earliest it could occur. If there weren't entities who had expressed serious interest in buying the company as a going concern, the auction would likely be delayed while the receiver attempted to attract more parties who would be.
I interpret the date of the auction to be a VERY good sign.
Posted by EBR to their facebook page 16 hours ago:
- The brand name is in the lot of intangible assets and intellectual property. The assets have to be broken into segments like this by law, but it is a going concern auction and a number of bidders are coming with the intention to buy all the lots necessary to move the company forward again. The outcome is of course unknown, but it actually looks very good to us.
^ That sounds very positive.
Yeah, I think all the legal procedures can be disconcerting and confusing, but since the announcement of the auction, I have felt very optimistic.
Once things were set in motion, they had to have an auction. It's just part of the process. Imagine the day after receivership Erik and a group of investors told the receiver they would buy the company for $1 and honor all debts. But wait a minute. Polaris might be willing to pay $2, so the receiver couldn't just hand it over to anyone without an auction.
People are reading their notices and thinking things sound dour, but we knew the day after the receivership was announced that there would have to be an auction. And we knew it couldn't happen less than 90 days after notices were sent out. The fact that it's occurring as soon as possible is a good sign and the EBR facebook comments are a VERY good sign.
Finally, a mention of the sale in the US moto-press, although they have a fundamental detail (1 lot only) wrong:
http://m.autoevolution.com/erik-buel...uly-97474.html
Interesting. I don't know the procedure, but maybe they offer the complete package with a certain minimum bid. If nobody offers that minimum bid, they offer the individual pieces independently?
Just speculating/guessing, but they report it as if they know, and I'd assume they must have talked to somebody involved before writing the story.
In any case, I would love to be able to watch the bidding live. If they offered a streaming version at $10 per viewer, they'd probably be able to make a few bucks to put toward the debt.
Last edited by Scott; 07-04-2015 at 01:35 PM.
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