You may remember a while ago Iron Horse went into liquidation after three far eastern manufacturers filed an involuntary petition against them for Chapter 7 bankruptcy protection to recoup their $5 million losses. The full details of the story can be read here: www.bicycleretailer.com/news/newsDetail/2543.html.
It has now been announced that Iron Horse has been purchased by Pacific Cycles, which is owned by Dorel; which owns Cannondale, GT, Schwinn as part of the Sport and Leisure empire. The bidding went back and forth over a 6 hour period, with various interested parties including Outdoor Cycle Group, a company owned by the son of Iron Horse president Cliff Weidberg.
Dave Weagle, who famously designed the DW link used on Iron Horse range of world cup winning Sunday bikes is also pursuing litigation against Iron Horse. This responsibility will now fall into Dorel hands.
Future Iron Horse 2010 models were rumoured to have the Ellsworth designed ITC link. No announcements have been made regarding their future designs.
Further news regarding the acquisition can be found here: http://www.bicycleretailer.com/news/newsDetail/2931.html
Comments (8)
Comments Closed
So basically they were trying to sidestep paying for inventory they bought and then resell the ill-gotten gains through a new shell-company? Nasty.
Thats quite a legally ‘dodgy’ comment you’ve made there Hora, better hope it doesn’t come back to bite you.
sorry Hora, how did you come to that conclusion?
Have you not read the attached link?: http://www.bicycleretailer.com/news/newsDetail/2543.html
yes
Well if it’s good enough for Obama and General Motors.
There was a private law suit against GM that was side-stepped to allow GM to enter Chapter11. Bet the Plaintiff was well chuffed about that! On the above.
Dave Weagle called… he wants his royalty cheque! 🙂