the latest on Cannondale

Discussion in 'Cycling Equipment' started by Gary Young, May 6, 2003.

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  1. Gary Young

    Gary Young Guest

    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
     
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  2. In article <[email protected]>, [email protected] says...
    >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 _-\<,_ (_)/ (_)
     
  3. Gary Young

    Gary Young Guest

    Alex Rodriguez <[email protected]> wrote in message
    news:<[email protected]>...
    > In article <[email protected]>, [email protected] says...
    > >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.
     
  4. In article <[email protected]>, [email protected] says...

    >Alex Rodriguez <[email protected]> wrote in message
    news:<[email protected]>...
    >> In article <[email protected]osting.google.com>, [email protected] says...
    >> >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.

    >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 _-\<,_ (_)/ (_)
     
  5. Jake Bellows

    Jake Bellows Guest

    Does this mean that they won't be aloof and flakey anymore to the general public?

    "Gary Young" <[email protected]> wrote in message
    news:[email protected]... 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
     
  6. Kwalters

    Kwalters Guest

    And, whose Pegasus?

    Jake Bellows wrote:

    > Does this mean that they won't be aloof and flakey anymore to the general public?
    >
    > "Gary Young" <[email protected]> wrote in message
    > news:[email protected]... 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
     
  7. dennisg

    dennisg New Member

    Joined:
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    "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.
     
  8. Jay Beattie

    Jay Beattie Guest

    "kwalters" <[email protected]> wrote in message news:[email protected]...
    > 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.
     
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