The Milwaukee Journal Sentinel reported yesterday that the receivership drama for Erik Buell Racing continues after a judge “declined to approve the sale of manufacturing assets of Erik Buell Racing to a liquidator” earlier in the week.
Things had been looking up for EBR just a few months ago. In August 2015 we reported on the announcement that Atlantic Metals Group CEO Bruce Belfer had agreed to purchase the remaining assets of Erik Buell Racing. Belfer, at the time, talked about his plans to reopen the beleaguered motorcycle company but since then he’s failed, twice, to meet deadlines associated with the purchase.
Last week a second auction was scheduled, but an offer from Liquid Asset Partners LLC arrived before the auction took place. No other bids were received during the auction.
The court-appointed receiver for EBR, Michael Polsky, brought a $1.6 million dollar offer from Liquid Asset Partners LLC to Walsworth County Judge Phillip Koss this week in an effort to sell the company’s remaining assets. Koss declined the sale because he was “concerned that opponents of the deal didn’t have enough time to submit objections,” according to the Journal Sentinel report.
Belfer is one of the parties to raise objections to the sale to Liquid Asset Partners. Demetri Melekos, owner and chairman of US Heritage Powersports, also objected, according to the Sentinel. Melekos has expressed an interest in purchasing EBR, but has been unable to raise the necessary funds.
Liquid Asset Partners LLC is in the business of “maximize(ing) the recovery value of underperforming assets, while minimizing our client’s risk,” according to their website. Should Liquid Asset Partners acquire EBR, it’s unlikely we’d see the brand resurrected. The Sentinel explains that Liquid Asset Partners conducted the sale of many of the “hard assets” of Buell Motorcycle Co. in 2010.
Another hearing is scheduled for January 14th.