**** Business Bankruptcy Headlines for 5/6/2003 ****
Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
For more information on Cannondale: www.bankruptcydata.com/BDR.asp?ID=1955
In article <[email hidden]>, [email hidden] says...
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This was on bankruptcydata.com this morning: **** Business Bankruptcy Headlines for 5/6/2003 **** Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
This sounds like good news. Is it? They get to separate the bicycle business from the motorcycle business and they won't sell to the vultures, Pegasus Partners. ----------------- Alex __O _-\<,_ (_)/ (_)
Alex Rodriguez <[email hidden]> wrote in message news:<[email hidden]>...
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In article <[email hidden]>, [email hidden] says...
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This was on bankruptcydata.com this morning: **** Business Bankruptcy Headlines for 5/6/2003 **** Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
This sounds like good news. Is it? They get to separate the bicycle business from the motorcycle business and they won't sell to the vultures, Pegasus Partners. ----------------- Alex __O _-\<,_ (_)/ (_)
I don't know enough about the situation to say whether it's good news, although it sounds good. It seems like they're easing Montgomery out of the picture (isn't he the guy criticized for getting below-market-rate loans from the company and other sweetheart deals?). However, where do you get the idea they're not selling to Pegasus? They're selling all their assets to affiliates of Pegasus.
In article <[email hidden]>, [email hidden] says...
Quoted message said:
Alex Rodriguez <[email hidden]> wrote in message
news:<[email hidden]>...
Quoted message said:
Quoted message said:
In article <[email hidden]>, [email hidden] says...
Quoted message said:
This was on bankruptcydata.com this morning: **** Business Bankruptcy Headlines for 5/6/2003 **** Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
This sounds like good news. Is it? They get to separate the bicycle
business
Quoted message said:
Quoted message said:
from the motorcycle business and they won't sell to the vultures, Pegasus Partners.
Quoted message said:
I don't know enough about the situation to say whether it's good news, although it sounds good. It seems like they're easing Montgomery out of the picture (isn't he the guy criticized for getting below-market-rate loans from the company and other sweetheart deals?). However, where do you get the idea they're not selling to Pegasus? They're selling all their assets to affiliates of Pegasus.
Oops. I mis-interpreted "closed the sales" to mean were not going to go through with, not that they finished all the paper work. So as you say, maybe this is not good news. ----------------- Alex __O _-\<,_ (_)/ (_)
Does this mean that they won't be aloof and flakey anymore to the general public?
"Gary Young" <[email hidden]> wrote in message "]news:[email hidden]... This was on bankruptcydata.com this morning:
**** Business Bankruptcy Headlines for 5/6/2003 ****
Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
For more information on Cannondale: www.bankruptcydata.com/BDR.asp?ID=1955
Does this mean that they won't be aloof and flakey anymore to the general public?
"Gary Young" <[email hidden]> wrote in message "]news:[email hidden]... This was on bankruptcydata.com this morning:
**** Business Bankruptcy Headlines for 5/6/2003 ****
Cannondale Sale Closed, Executive Changes Announced Cannondale Corp. announced that it has closed on the sales of the assets of its bicycle and motorsports divisions to affiliates of Pegasus Partners II, L.P. Going forward, the bicycle business will be incorporated as the Cannondale Bicycle Corporation. In addition, the Company is recruiting a chief financial officer and a chief operating officer to bring additional stability to the business. Company founder Joe Montgomery will be a consultant to the Company.
For more information on Cannondale: www.bankruptcydata.com/BDR.asp?ID=1955
"This sounds like good news. Is it? They get to separate the bicycle business from the motorcycle business and they won't sell to the vultures, Pegasus Partners." -----------------
Alex,
Anytime your company is in bankruptcy and you risk folding, selling your business to a company that wants to revitalize your core strength (bicycles, not motorcycles) is good news.
"kwalters" <[email hidden]> wrote in message "]news:[email hidden]...
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And, whose Pegasus?
A creditor. Pegasus loaned money and took a security interest in all of Cannondale's assets. Cannondale restructured in Ch. 11 by selling-off its assets to its secured lender and paying its suppliers. Pegasus now owns the American assets, which I assume include the name. -- Jay Beattie.
