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Daily News 6/2/98
But Bankruptcy Gets Boyd
STANTON, Calif., June 1 -- A liquidation of substantially all of the
physical assets of Boyds Wheels, Inc. will take place during a public
auction June 3, 4, and 5 at 10:00 a.m. held on-site at 8380 Cerritos
Avenue in Stanton. This sale comes by order of the U.S. Bankruptcy
Court.
The auction is unprecedented in the wheel and related industries
according to Adam Reich, senior vice president and partner of Hackman
Capital Partners LLC -- an asset recovery firm and one of the entities
managing the auction. The auction is expected to attract a world-wide
audience for both its magnitude, and its timing following the
ever-popular Indianapolis 500 race.
All Boyds Wheels assets including billet and other wheel rim
inventory, machinery, custom Harley Davidson and Boyds' Speedster
motorcycles, Boyds sportswear and office equipment are among the items
for sale.
The auction comes as a result of the recent Chapter 11 filing of Boyds
Wheels, Inc. in January and part of its reorganization plan.
Boyds has been evaluating the merits of several offers that it has
received from competitors and others to acquire the remaining assets
of the company, including intellectual property and wheel designs,
through a merger.
Boyds Wheels, Inc. posted substantial losses last year when its sales
plummeted to $16 million from its highest year in sales of $27.9
million in 1996. The downfall is blamed on a slump that hit the market
after Boyds spent millions on expanding its manufacturing facilities.
After an intensive review of the environment and the company's
operations, its Board of Directors determined that a major
reorganization and Chapter 11 filing was necessary.
Founded in 1988, Boyds Wheels, Inc. designs, manufactures and markets
high-quality aluminum wheels and related products for the specialty
automotive and motorcycle aftermarkets.
Drive Safe,
Joe Dille
(joe@dille.montgomery.pa.us)
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