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Still Down But
Not Out
Most
of you are probably rather tired of hearing about
Excelsior-Henderson. But the saga is far from over and E-H
is far from dead. For those of you who have forgotten the
events of the past year here's a quick recap. In September
of 1999, E-H laid-off half of its work force in attempt to
save cash. The Super X was in production but the company
wasn't turning a profit. Not too long after that the rest of
the work force was let go. E-H had spent close to 100
million to bring their bike to market and was now out of
money. In December E-H filed for bankruptcy and began an
attempt to reorganize. E-H founders Dave, Dan and Jeanie
have been shopping around for someone to infuse cash into
E-H. The rumors have been flying like moths around a light
bulb. The more credible ones included Artic Cat and
Harley-Davidson both eyeing E-H. In late March E-H announce
that they had entered into a tentative agreement with a
party only identified as E-H Partners. The details of the
agreement were kept rather sketchy but the deal was
reportedly for 12.5 million with all of E-H's creditors
getting in line for a piece of what ever money is left. Now
a recently filed reorganization proposes a board of
directors to include three Floridians. Deborah Dentry, Fred
Cohen and Norman Taplin along with Dave and Dan Hanlon are
the proposed members of the board. The three Floridians
continue only to identify themselves as E-H Partners. In the
deal Dan and David Hanlon would also receive five-year
employment contracts for 150K per year. The bad news is the
deal would liquidate any interests stockholders have in E-H.
The stock, which sold for as much as 10.75 only a year ago,
is currently listed at roughly 70 cents.
Le Scooter
This past month automaker Renault, best known in the
U.S. for it's luxury coupe the "Le Car" and Benelli, not
really know for much other than being a great marquee form
long ago, have joined forces to create a new line of
scooters. The Benelli name was relaunched in 1997 by Italian
concerns and currently holds 6% of the European scooter
market in the 50cc to 250cc range. The scooters will be
branded with the Renault name but will incorporate
technology and designs from both firms. The first models are
expected to be available in 2001 and are to be marketed
worldwide. Look for exotic designs stemming from Renault's
Formula One experience, like electro-magnetically operated
valves or pneumatic shifting.
Motor
Auction
On Saturday, April 14, MMM attended the 12th Annual
Mid-America Motorcycle Auction at Aldrich Arena in St. Paul.
If you've never been to an auction, they are quite the
spectacle. Throw in approximately 160 "vintage, classic and
special interest" bikes, and you have the fixin's for quite
an event.
Even if you
weren't buying, it was well worth the $5.00 admission. No
matter what your taste or interest, there were interesting
cycles to see (or buy.)
Like old British
iron? Highlights included a '35 BSA 500cc, museum quality
restoration; two interesting Nortons, a'51 Model 7 (sold for
$5,000) and a '51 Manx (bid up to $19,500, no sale;) as well
as three '50's Velocettes..
If the gentleman
prefers things Italian, you could have bid on a '48 Gilera
Saturno, (sold for $7,000;) a '75 Laverda SF, (sold for
$3,100;) or your choice of three recent Ducati's.
For those looking
for modern, reliable transportation, several bargains were
available. How about a non-butchered stock '82 Kawasaki GPz
550, sold for $1,050? Or, for the cruiser fan, a nice '84
Honda Magna, sold for $1,000.
Also present were
examples of "one man's trash is another man's treasure."
$750 for a '70 Arctic (Cat) Prowler mini-bike?!? Or no sale
@ $17,000 for an Excelsior Henderson?
These and other
bargains were yours for the bidding. Mid-America's cycle
auction is a great kick-start to the Spring riding season.
They can be reached at 651.633.9655
Tired of riding
alone?
Make God your co-pilot, or at least hedge the bet on
your insurance, by attending the 7th annual Blessing of the
Bikes, Sunday, May 21, in Lakeville. Presented by Cross of
Christ Community Church of Eagan, event highlights include a
service that features bikes and riders, a free picnic lunch,
parking lot security, live music and motorcycle rides for
kids. The event benefits Special Olympics, and a $10
donation is suggested. Location is Kenwood Trails Jr. High,
2 miles east of I-35 on County Road 50, in Lakeville. For
more information or directions, call 651.454.5773
M.M.M.
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