Norton trouble

MxMartin said:
I wouldn't be surprised if this isn't the plan.... at last minute the new investor steps in to buy at a bargain price that just keeps the creditors happy and all other debts written off.
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And what happens to all those with a residual on the warranty? All the anniversary models have at least 6 months left....and when the bikes inevitably go wrong, with no way to unlock the ECU...Fecked!
 
The twat should have kept the crowd funded buy-in going, and $300k in a Tax debt is not exactly millions down the hole so sounds bizarre to go into admin over that, somethings a foot me thinks........ Hopefully a Triumph or the like can keep it doing as a bespoke Marque brand but have parts and like manufactured more economically to make it viable.

It ain't over yet !!
 
As soon as the Wind Up Petition was in place he was stuffed, it was raised before the Crowd funding which no doubt had a WUP exclusion clause which meant it had to be cancelled and the investor was a cover story.
 
Zongshen will just keep using the name no matter who buys it, so in reality the TM is now worthless. Not many succeed in challenging a Chinese company in TM issues, patent copying etc.

Looks like the administrators have a challenge in offloading a country estate that is high maintenence, some dodgy hotels, a new warehouse with no electric, and a motorcycle manufacturing company that has a TM firmly planted in a Bank that used it as security for nearly £7miilion.

Even the administrators must be highly optomistic about turning around the company to the point that they can sell it as a going concern. It is also not clear who appointed the administrator and for what reasons.
 
kommando said:
As soon as the Wind Up Petition was in place he was stuffed, it was raised before the Crowd funding which no doubt had a WUP exclusion clause which meant it had to be cancelled and the investor was a cover story.
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You are no longer allowed to raise security once a WUP is issued.
 
It would be like admitting to knowing you are trading whilst insolvent - an offence.
 
The thing is...
SG will still come out of this as a rich bloke and everyone will lose their jobs, deposits, support etc. Zongshen announced last year that they had the right to build the 650 engine in China - you can get that SG had a contract drawn up where he gets paid for the use of the Norton marque
 
Eljahara said:
And what happens to all those with a residual on the warranty? All the anniversary models have at least 6 months left....and when the bikes inevitably go wrong, with no way to unlock the ECU...Fecked!
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I'm one of the 'lucky' ones, my warranty has run out so I can do as I please... not sure if I should laugh or cry, or just poor another large brandy :D
 
MxMartin said:
I'm one of the 'lucky' ones, my warranty has run out so I can do as I please... not sure if I should laugh or cry, or just poor another large brandy :D
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Probably be more cost effective for you to replace your ECU with one that you can access rather than Chase the code to open the Norton one - many o& your issues could then be programmed out
 
Eljahara said:
The thing is...
SG will still come out of this as a rich bloke and everyone will lose their jobs, deposits, support etc. Zongshen announced last year that they had the right to build the 650 engine in China - you can get that SG had a contract drawn up where he gets paid for the use of the Norton marque
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He might well have done but he don't own the TM. Norton motorcycles UK Ltd are the registered owners, but the holding group used it and the licences to secure funds from Metro Bank. The security has not been settled.
 
Madnorton said:
He might well have done but he don't own the TM. Norton motorcycles UK Ltd are the registered owners, but the holding group used it and the licences to secure funds from Metro Bank. The security has not been settled.
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Gotcha on that one
Still.. I bet he has a way out that means he still keeps his cash
 
MxMartin said:
I'm one of the 'lucky' ones, my warranty has run out so I can do as I please... not sure if I should laugh or cry, or just poor another large brandy :D
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I must have form..
Bought F1 Sport Norton went bust,
Bought 961 ,Norton went bust..
Pouring a large whisky now!
On the up side have had F1 for 30 years & 961 is definitely a keeper.
Long live Norton.
 
Eljahara said:
Probably be more cost effective for you to replace your ECU with one that you can access rather than Chase the code to open the Norton one - many o& your issues could then be programmed out
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Or.... might be less headache to pick up an early 850 unit and plonk it into the chassis, or even an HD-XR or Buell 1200 unit, and use the 961 lump as a base for a coffee table or convert it into a beer pump :)
 
MxMartin said:
Or.... might be less headache to pick up an early 850 unit and plonk it into the chassis, or even an HD-XR or Buell 1200 unit, and use the 961 lump as a base for a coffee table or convert it into a beer pump :)
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I think the 1200 thruxton engine might fit!
 
Sad day, will be interesting to see what develops. Is this the end? Or can they be rescued somehow?

Do the people with deposits on V4’s and Superlights loose their deposits? I really hope not.
 
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