General

Eric Buell Racing saved?

Assets bought at auction for $2.25 million

THE still-warm remains of Erik Buell Racing was snapped up at auction this week for a mere USD $2.25 million – a tiny figure compared to the $25 million that Indian firm Hero paid for 49.2 per cent stake in the firm in 2013.

Added to the $2.8 million paid by Hero to buy the consultancy arm of EBR from the firm’s receivers, the sale of the company has raised just over $5 million. Court records showed that it had $20.8 million in assets and $20.4 million in liabilities.

The new buyer is a mysterious company going under the name Atlantic Metals Group LLC. While the Walworth County Circuit Court which handled the sale didn’t reveal any details of the firm, it’s believed to hail from New Jersey and was represented by a man named Bruce Belfer. 

The sale included all the assets needed to manufacture EBR’s bikes, including tooling, machinery and the inventory of remaining bikes and parts. It also includes the firm’s intellectual property.

While there’s so far been no official statement from Erik Buell or the buyers, Bruce Belfer is believed to be a New Jersey-based businessman, owner of an electrical firm called the Belfer Group.

A poster going under the same name has written: “EBR is alive and well and back in the business of making motorcycles. Thanks for keeping the faith. More to come” on the EBR 1190 Owners Group Facebook page.

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