We’ve had just about enough of the long, drawn-out tease over
the fate of Indian Motorcycle’s assets.
We’ve had just about enough of the long, drawn-out tease over the fate of Indian Motorcycle’s assets.
While we appreciate that Credit Managers Association of California, the company in charge of liquidating the defunct company’s assets, has a duty to get the highest price possible for Indian’s creditors, our sympathies are with the laid-off workers in Gilroy who are hoping that Rey Sotelo will be able to revive the storied company here and with the lost Indian dealerships and motorcycle owners who are wondering about parts and service.
CMA originally promised a decision by Thanksgiving, which has come and gone. Although more bidders are involved in the process of trying to purchase Indian’s assets, it seems from our perspective as if that process is falling apart. Instead of holding out for more money, it looks like prices are dropping.
Sotelo told reporter Peter Crowley that he’s lowered the bid he submitted on Oct. 24.
“The more we got into this thing, the less value we found,” Sotelo said. “(For instance), they say they’ve got $4 million worth of machinery, but then you find it’s all leased.”
Instead of buying equipment, real estate and the Indian trademark, it looks like every asset might be sold separately, lowering hopes of laid-off Indian workers that the company will reopen in Gilroy.
We aren’t trying to hide the fact that we’re rooting for Sotelo’s bid to win the trademark, at least, if not the real estate and equipment as well. The reasons? Sotelo’s got the vision, the team and the track record to make Indian successful, and he’s committed to keeping the company in Gilroy.
“If I’m involved, it’s in Gilroy,” Sotelo said.
That’s music to our ears – and to the ears, no doubt, of the 380 Indian workers who lost their jobs during former Chief Executive Officer Frank O’Connell’s watch. Sotelo promises that if he wins the auction, Indian will restart production – no doubt with many fewer workers, at least initially, in 30 to 90 days.
But before that can happen, the auction has to happen. The city, the laid-off workers, the Indian owners and fans and Sotelo and his investors all need to know who will own Indian’s assets, especially its trademark.
Let’s hope Sotelo emerges the winner and let’s hope it happens soon.
