Iron horse bike sale license#
In an email, Ellsworth said the license is not currently in effect because of Iron Horse’s status and that he doesn’t know what will happen with the designs that were to become Iron Horse ICT bikes. Iron Horse appeared to bounce back from that blow, however, by acquiring the license for Tony Ellsworth’s Instant Center Tracking to replace the DW Link on 2010 Iron Horse bikes.
Many gravity riders hailed Iron Horse’s DW Link Sunday as one of the best downhill bikes on the market. The year before, suspension guru Dave Weagle decided not to renew the license for his DW Link with Iron Horse. Just before Barnett left, Iron Horse pulled its high-end bikes out of the specialty channel, opting to sell the bikes exclusively through Weidberg’s son’s online store. When Stew Barnett, Iron Horse’s former president and one-time co-owner, left the company last September after 29 years, Weidberg dispelled the rumors saying people were confusing the bicycle company with American Iron Horse, a motorcycle supplier that went bankrupt a year ago. Rumors about Iron Horse’s financial state have been circulating for several months. Iron Horse has until March 25 to file objections to the motion. "There was considerable back and forth on terms and conditions, however no deal was ever reached," Leckner said.Ĭreditors also allege financial misconduct on behalf of Iron Horse principals including writing off receivables owed by Randall Scott Cycle Company, a company owned by Weidberg’s son, and putting their spouses on company payroll in exchange for little or no work. The sale, allegedly for an undervalued $2 million, apparently did not go through.ĭorel’s spokesman Rick Leckner said that Dorel did undertake talks with secured creditors of Iron Horse. In that motion, the creditors allege Iron Horse’s lender, the CIT Group, attempted to initiate a private sale of the company’s assets to Dorel Industries more than a year ago without proper notice or compliance with the Uniform Commercial Code. In a subsequent motion, the creditors asked a judge to grant an opportunity for a hearing and order the examination of books, records and other documents of Iron Horse, its executives and other affiliates. Bankruptcy Court.Īccording to the filing, Iron Horse owes Fairly $1.44 million Shenzhen $2.76 million and Acetrikes $942,500, and did not pay debts as they became due.Ĭalls to Cliff Weidberg, chief executive officer of World Wide Cycle Supply, Iron Horse’s parent company, and Iron Horse’s attorney were not returned on Wednesday. The petition for relief under Chapter 7 bankruptcy protection was filed March 2 on behalf of Fairly Bike Manufacturing Co., Ltd, of Tuchen City, Taiwan, Shenzhen Bo-An Bike Co., Ltd., of Shenzhen, China, and Acetrikes Bicycle Co., of Taicang City, Taiwan, in the Eastern New York district of U.S.
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