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Are Erik Buell's assets sold?

17th January 2016

 

Erik Buell | Liquid Asset Partners | Bruce Belfer 

 

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Going ... going ... gone. That appears to be the current situation regarding the assets of Eric Buell Racing which have just been "sold" for $2 million. The buyer was Liquid Asset Partners, a firm that hails from Michigan and ... well, liquefies assets. And these assets have ridden a rocky road over the past few months. There have been two attempts at disposing of them and settling with Buell's creditors (click the link for Sump's earlier story on Erik Buell's auction woes). But the simple story is this:

 

Erik Buell went bust.

The assets went to Auction 1.

An official receiver was appointed.

His name is Michael Polsky.

$2.25 million was the asking price.

A guy name Bruce Belfer made a bid.

But Belfer couldn't raise the funds.

Judge Philip Koss gave him more time.

At Auction 2, Belfer didn't show up.

But Liquid Assets Partners appeared on the scene.

Liquid Assets offered $1.6 million.

Judge Philip Koss said no way, Josť.

Belfer was still the preferred bidder.

Belfer planned to re-launch Buell.

A new auction date was set.

At Auction 3 Liquid Assets set a higher bid.

$2 million was offered.

Receiver Michael Polsky has accepted.

Judge Philip Koss needs to ratify it.

 

Now we just have to wait and see if the glue sticks. But if it does, it looks like the end of all hope for Erik Buell Racing. Liquid Asset Partners are not, as far as we're aware, in the motorcycle business.

 

Keep watching folks in case the situation changes.

 

UPDATE (20th January 2016): We've since received a press release stating that Liquid Asset Partners are indeed looking to see if anyone is interested in buying the Buell assets and relaunching the brand. So far, no one has come forward.

 

 

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