We remember the days when the $$ were rolling into the old OCC retail store. Not any more. Paul Sr. has filed for bankruptcy protection for OCC's merchandising unit.
No sooner did the Discovery Channel pull the plug on American Chopper
than the residual effects are being felt.
According to a Dealernews.com
report, Paul Teutul, Sr. of Orange County Choppers
has filed for bankruptcy protection for OCC's merchandising unit with liquidation of assets pending. The motion was filed last week in Poughkeepsie, NY.
In the filing, Hudson Valley Merchandising LLC, the OCC merchandising branch, listed $1.12 million in assets against $1.44 million in debts. After its assets are liquidated, proceeds will be distributed to existing creditors.
The bankruptcy applies to OCC’s merchandising branch only and not the parent company. At one time, Orange County Choppers apparel was flying off shelves and its logo was everywhere, but OCC’s popularity began to wane long before the Discovery Channel finally cancelled the long-running series in December. The well for high dollar theme bikes has since run almost dry too, eliminating another staple income source that helped keep the company afloat.
The Teutuls are no strangers in New York courts. Father and son have sued each other over the company, a 2007 lawsuit was filed claiming bankruptcy fraud on behalf of Turner Construction, and Paul Sr. has had a back-and-forth battle with lender GE Commercial Finance Business Property Corp. with threats of foreclosure on OCC’s 92,000 sq. ft. World Headquarters in Newburgh.