The long saga of Erik Buell’s foray into making motorcycles doesn’t show any sign of letting up.
The assets of Erik Buell Racing were auctioned off this past summer with many large companies said to be interested in attaining Buell’s production machinery and intellectual property. Companies like Polaris and others were said to be ready to bid it out over the assets of Buell Racing, and were likewise prepared to back him in a new bike making endeavor.
Erik Buell Racing claimed about $20 million in assets and liabilities in their filing of what is essentially Wisconsin bankruptcy.
Polaris and the rest of the heavy hitters didn’t bid for Buell’s assets. In the end, Hero Motocorp, who had backed Buell originally, paid $2.8 million for Buell’s consulting business and property last August while motorcycle enthusiast and machinist Bruce Belfer bought Buell’s manufacturing assets for $2.25 million.
Belfer, who owns several businesses in New Jersey, wasn’t able to obtain financing for the Buell assets. Court records show he was working as a concert security guard last summer.
Belfer said that he was bidding against bankruptcy liquidators for Buell’s assets.
Erik Buell Racing’s manufacturing assets will go back on the auction block in early December.