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GLOBAL MOTORSPORT GROUP, INC., AGREES TO SALE WITH DAEI-IL USA

Global Motorsport Group, Inc., (GMG) announced that it has agreed to sell its assets to Dae-Il USA, Inc., as a going concern. According to their press release, the sale includes all of GMG’s US operations – including Custom Chrome, Motorcycle Stuff and Jammer divisions, and the stock of Global Motorsport Group GmbH, which manages all of GMG’s European operations. In order to facilitate the sale process, the Company said they filed a voluntary petition for reorganization under Chapter 11 of the US Bankruptcy Code. The filings were reportedly made in the US Bankruptcy Court for the District of Delaware.
The Company announced that it has reached an agreement with its lender to provide debtor-in-possession financing, subject to Bankruptcy Court approval, to fund the Company’s business operations while it completes the sale process. This financing will reportedly provide the Company the necessary funds to continue operations in the normal course of business, keeping all of the Company’s distribution facilities open on normal schedules and fulfilling customer orders. The Company does not foresee any changes in employee numbers or facility locations.
The release said, the purchase agreement is subject to the approval of the Bankruptcy Court. Definitive documents will be filed with the court, along with bidding procedures noting that qualified bidders will be provided an opportunity to make higher and better offers for the purchase. It is anticipated that the sale will be completed in March.
“We are pleased to have entered into an agreement to be acquired by Dae-Il USA and we are confident that this transaction will position GMG to reestablish its leadership position in the marketplace,” said Scott Avila, chief restructuring officer of GMG. “We have carefully reviewed our options and believe that a sale will provide the best long-term prospects for the Company’s customers, vendors and employees.”
“We look forward to supporting GMG’s success and continuing operations as a stand-alone business,” said Nace Panzica, president of Dae-Il USA and the original founder of Custom Chrome. “We are committed to investing in GMG’s product lines and outstanding customer service. With the continued support of our faithful employees, loyal customers and valuable vendors, I am confident GMG’s future will be a success.”

YAMAHA SEEKS INTERPRETATION OF NEW MONTANA LAW

Yamaha Motor Corporation, USA, announced its request for further interpretation of a new Montana law, entitled Motorsports Vehicle Manufacturer Unfair Trade Practices, which was passed into law in 2007. “This new Montana law was passed after little open dialogue between manufacturers and dealers. As such, select dealerships in Montana expressed concern directly to Yamaha about the effect the new Montana law would ultimately have on them and their business,” explained Public Relations Manager Van Holmes. He told us the company modified its wholesale sales and incentive programs to comply with the new law, which later resulted in one of Yamaha’s dealers, Team Bozeman Motorsports, complaining to the Montana Attorney General’s Office with allegations of discrimination and threats to sue Yamaha for its change in programs. According to Holmes, “In response to such actions, Yamaha Motor Corporation, USA, has filed a lawsuit seeking only declaratory relief in Montana Federal District Court, Missoula Division, against two of its authorized dealers, Team Bozeman Motorsports and Tingley’s LLC.” At issue is how the new law should be interpreted, said Holmes, and there is confusion over key elements of the statute, which could result in serious penalties for all motorsports manufacturers and distributors in Montana. (Subscribers to Rick’s Motorcycle Industry e-Newsletter got the full story. Log onto www.mimag.com/enewsletter for your subscription.)

EXCESSIVE SPEEDING COULD COST FLORIDA RIDERS THEIR BIKES

WWSB ABC 7 Florida’s Web site reported that a bill filed in the Florida House could make it so that riders charged with reckless driving or exceeding the speed limit by 50 miles per hour could be arrested and have their bikes seized. “Riders later convicted of those offenses could lose their motorcycle licenses for 10 years,” the site explained, adding, “The bill’s sponsor, Republican Representative Carlos Lopez-Cantera of Miami, says the state needs to send a tough message to motorcyclists who drive recklessly on the highway.” Members of the House’s Committee of Infrastructure have reportedly postponed passing the bill until they can address concerns regarding the severity of the punishments in it.

 
VANCE & HINES ACQUIRES WHITE BROTHERS OFFROAD EXHAUST LINE

Vance & Hines announced it has acquired the White Brothers offroad exhaust line of products and technology. “The addition of the White Brothers line will enable Vance & Hines to serve a wider range of market segments and accelerate the development of new products by combining the resources and expertise of two leading companies that hail from opposite ends of the motorcycle aftermarket,” stated spokesperson John Potts. He added, the joining of these two companies enables Vance & Hines to deliver premium, cutting-edge offroad products to motorcycle enthusiasts worldwide. “Having focused our efforts on addressing the explosive demand in the on-road aftermarket, bringing the White Brothers offroad products under the Vance & Hines umbrella will allow us to provide leading offroad products as well,” said President Terry Vance, who concluded, “It will open new avenues for the expansion of our fuel management technology under the Fuelpak brand.”
 
JC MOTORS TEAMS UP WITH KAWASAKI

JC Motors and Kawasaki Motors will team together to provide motorcycle transportation services to the growing Riders of Kawasaki (ROK) member benefits, thus making JC Motors the premier motorcycle shipping company of ROK members, stated spokesperson Matt Ellis. He told us, “To celebrate this new relationship, ROK members will receive $50 off motorcycle shipping each one-way shipment and $100 off any round-trip motorcycle moving, door-to-door delivery to a business or residence and a dedicated account representative to follow the process with them and answer questions.” The company will also reportedly offer step-by-step, 24 hour real-time tracking on its Web site, www.motorcycleshippers.com, and will also include a free motorcycle cover with every transport.
AMA SEEKS HEALTH INSURANCE BILL SUPPORT

The American Motorcyclist Association (AMA) announced that over 100 members of the US House of Representatives have co-sponsored a bill that would end health insurance discrimination against motorcyclists and others who participate in legal recreational activities or use their motorcycles for transportation. AMA Vice President for Government Relations Edward Moreland stated, “The AMA is calling on motorcyclists and others who face health insurance discrimination to urge their Representatives to support H.R. 1076, known as HIPAA Recreational Injury Technical Correction Act.” The bill is reportedly designed to close the loophole created in the original HIPAA legislation, passed in 2001, which allowed insurance companies to deny benefits to people who are injured while participating in legal recreational activities such as riding a motorcycle or offroad vehicles, horseback riding, skiing and other activities.
brought to you by; Motorcycle Magazine

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ROB LEIS - 1972-2007
 

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