AIH CLOSES THE DOORS
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RE: AIH CLOSES THE DOORS - 2/6/2008 11:46:49 AM
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pjb
Posts: 114
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full story not being told here. read the memo from AIH.
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RE: AIH CLOSES THE DOORS - 2/20/2008 4:01:52 AM
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Thongs2U
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From: Franklin, Tennessee
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I believe the truth is somewhere between the two conflicting stories. AIH did shut down production for a short period of time (no different then Harley in December). Textron owns AIH, supposidly down to 12 employees at Ft Worth, 300 bikes sitting between Ft Worth and the Textron warehouse in Kentucky. My inside source claims AIH will be fire selling bikes at Daytona Bike Week (similar to what they did at Sturgis 2007). Time will tell, but Textron will be feeling the bump with floor planning 100's at dealerships nationwide.
< Message edited by Thongs2U -- 2/28/2008 7:41:02 PM >
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RE: AIH CLOSES THE DOORS - 2/23/2008 11:19:34 PM
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tombarrett80
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if american ironhorse has any pride they will stay closed! i own one and you talk about a sorry piece of crap! there isnt a part on this bike i don`t thing i havent had to replace! the dealer acted like i was his bastard step child when it came time for warranty work (come to find out the reason he didnt want to do it was because ironhorse didnt want to pay their dealers for doing this work) and the factory wouldnt return a call when you had any type of issue with your bike. aih has to be one of americas sorriest businesses ever. the only way i got them to do the repairs on my bike was i ran a negative ad on ebay and then they were begging me to allow them to fix it, what a shame a person has to resort to such tactics to get service. i personally am happy they folded, they deserve it.
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RE: AIH CLOSES THE DOORS - 2/25/2008 4:33:46 AM
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pjb
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I had an 04 texas chopper for 3 years and now an 05 LSC. I have had minor problems with each. The 04 needed the speedo replaced 3 or 4 times, but the last one seemed to be great. The 05 needed a new speedo and needed a crank position sensor. All problems were handled very well by my dealer. Most bad experiences seem to be related to bad dealer service. Anybody remotely close should check out Mark Long AIH, Fredericksburg VA. I doubt you will find better service/people. I also know several other AIH riders and not one of them thinks their bike is a "sorry piece of crap".
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RE: AIH CLOSES THE DOORS - 2/25/2008 4:28:18 PM
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Forget About It
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i hads an 04 texas chopper that was the biggggggggggggggest piece of crap i ever owned bought it brand new and it didnt even make it home the damn inside of the tank coating was pealing off and pluggin fuel filters and a ton of electrical problems
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RE: AIH CLOSES THE DOORS - 2/29/2008 8:26:33 AM
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tombarrett80
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oh you do know people that are happy with their american ironhorse bikes huh? well i hope they like them now that the company folded and they can take their warranty paper work and use it has toilet paper. i`d also bet for every "happy" person you can find i could find 20 that would state the opposite! if you find one of these "happy" people that wants another "good" bike tell them they can buy mine!!!
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RE: AIH CLOSES THE DOORS - 2/29/2008 8:35:56 AM
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pjb
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sorry about your luck.
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RE: AIH CLOSES THE DOORS - 2/29/2008 11:55:56 AM
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2blackbelts
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I actually posted this information several days ago on a couple of different sites. But this thread is the nail in the coffin I was waiting for, and hadn't heard yet.
Again, this is the problem with so many "factory customs". They build expensive, though nice bikes, and end up being too costly to sell, especially when HD has come out with so many new and affordable bikes.
Another problem is dealer service, which ultimately falls onto the factory. If the factory won't back them, they usually can't or won't back you. Hundreds of us had this problem when Indian went south (again) a few years ago.
I just hope that everyone with AIH has a good relationship with their dealer, and their bikes run forever.
2 bb
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RE: AIH CLOSES THE DOORS - 2/29/2008 11:57:25 AM
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Steve Sears
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Glad I joined the forum as I had not heard anything about this. I had some minor troubles with my 02, but I would say it was more the dealer service I had a problem with.
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RE: AIH CLOSES THE DOORS - 3/1/2008 4:18:31 AM
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Thongs2U
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From: Franklin, Tennessee
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Does anyone have any press that states AIH has folded? I was at Arlin Ness in Boulder Station, NV last week and they swear up and down that AIH had suspended production for a couple of weeks (just like Harley), but back up and running. When they called, AIH was back in production. Ness knew I have a 2008 Big Bear, from the South, and no intention of buying an AIH, so they would have no reason to lie. I am not blind nor stupid, but could this be just another rumor? Although any builder that cannt build a bike with a working speedometer, or reliable transmission, has their days limited.
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RE: AIH CLOSES THE DOORS - 3/1/2008 8:39:50 AM
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GEARMASHER
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quote:
ORIGINAL: Thongs2U
Does anyone have any press that states AIH has folded? I was at Arlin Ness in Boulder Station, NV last week and they swear up and down that AIH had suspended production for a couple of weeks (just like Harley), but back up and running. When they called, AIH was back in production. Ness knew I have a 2008 Big Bear, from the South, and no intention of buying an AIH, so they would have no reason to lie. I am not blind nor stupid, but could this be just another rumor? Although any builder that cannt build a bike with a working speedometer, or reliable transmission, has their days limited.
February 5th. Below is the letter that Buck Hendrickson, CEO, just sent to all American IronHorse Dealers.
"This letter is intended to address dealers concerns with American IronHorse. Despite rumors, we are not closed, we have not filed bankruptcy, and we are not abandoning our dealers. We are currently in a production hold, in an attempt to prevent overproduction from the factory, or overloading individual dealers. This same overproduction and overloading of dealers has led to the majority of problems that you each see on a daily basis. As a manufacturer, if we do not take action to prevent a repeat of a problem, we are committing a huge injustice to each of you, and to ourselves. We are still offering incentives to dealers to help sell bikes, and hope that you will take advantage of these programs. As a manufacturer, we are also working diligently on projects to ensure a quality future both for us, and each of you. Moving forward, we will keep our network of dealers informed of all happenings, and hope that you will do the same. We thank you for your patience, and your loyalty to American IronHorse Motorcycles" Buck Hendrickson, CEO American IronHorse Motorcycle Company
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RE: AIH CLOSES THE DOORS - 3/3/2008 3:51:53 AM
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pjb
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the above memo is a month old. no one seems to know what the current story is. I spoke to my AIH dealer Friday and he doesn't know anything. He is one of AIH's top dealers and a good friend. When he says he doesn't know whats going on I believe him. If he doesn't know then who does?
I'm satisfied with the quality of my AIH, and my previous one also, and I have enough confidence in my own mechanical skills that I'm not worried about being able to enjoy it for many more years. I've figured out the source for many of the OEM parts and have dealt directly with the OEM's a few times, so parts shouldn't be to hard to come by, even if AIH does fold. I wish them well and still stand up for their bikes. Like someone else said - some people whine about every tiny thing and have zero skills to take care of anything themselves. They are the ones crying because they take their bike and drop it off at a dealer who is slam full of service work and they can't even look at it for 2 weeks. They lose a couple of weeks of riding time for something that any person of average mechanical skills could have taken care of at home, then cry that their bike is a peice of crap and want to invoke a lemon law because their battery cable needed to be tightened. They should have never been on the bike in the first place, and are probably the ones selling their bikes on ebay with 200 miles on it because "the wife says its gotta go". I say good riddance, not to AIH, but to those "riders".
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RE: AIH CLOSES THE DOORS - 3/6/2008 4:46:13 AM
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Thongs2U
Posts: 502
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From: Franklin, Tennessee
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PBJ... I believe AIH is faced with the same plague as most car and bike dealers are today. Currently sales suck... no if, and's, or but's about it.... vehicle sales currently suck. Once gas hit $3 it took some of the fun out of driving, banks are finally smart enough not to lend to losers, the market is flooded as a result of over production, there are more production companies than ever, it's cold out, and did I mention that sales currently suck. AIH will make a comeback, but they really need to fix the small problems that continue to haunt them. For example, you should be able to clean your bike without having to go get a new speedometer afterwards.
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RE: AIH CLOSES THE DOORS - 3/6/2008 8:04:56 AM
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pjb
Posts: 114
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completely agree. I'm just tired of the ninnies that say AIH makes a junk bike.
Is AIH unloading bikes in Daytona?
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RE: AIH CLOSES THE DOORS - 3/6/2008 8:44:56 AM
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2blackbelts
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I don't think AIM made junk, but like all custom mfg., thry had quality control issues.
2 bb
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RE: AIH CLOSES THE DOORS - 3/6/2008 10:16:12 AM
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pjb
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I'm keeping my fingers crossed that they have finally resolved the speedo issues. I have had about 6 different ones on my 2 Ironhorses. The most recent one for each bike has been solid, even after getting caught in some major down pours on the road.
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RE: AIH CLOSES THE DOORS - 3/6/2008 6:28:25 PM
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GEARMASHER
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Some of the latest drama........
Individual investors sue American Ironhorse
March 5th, 2008
Apparently the recent liquidation sale at the Texas motorcycle company, American IronHorse hasn't helped with the company's cash flow issues.
According to Fort Worth's Star-Telegram, a group of disgruntled creditors have petitioned to have Fort Worth-based American IronHorse Motorcycles forced into involuntary bankruptcy for failing to make any payments since January.
The creditors who have retained an attorney to file the legal paperwork are individuals who invested from $30,000 to $120,000 in American IronHorse with an understanding it could later be converted into stock.
However, with the custom motorcycle manufacturer is also falling behind on its credit facilities with Textron Financial Corp. The attorney representing the group of investors would like a reorganization or liquidation of American IronHorse before a larger creditor such as Textron Financial forces the company's hand.
While some industry experts feel American IronHorse is a victim of the softening economy and slowdown in consumer purchasing of luxury goods, others accuse the manufacturer of questionable quality and uncertain warranty coverage on it's motorcycles.
Whatever comes next for the Texas company, it's CEO R.B. "Buck" Hendrickson feels certain that IronHorse has a future.
"I was brought 17 months ago to turn IronHorse around," said Hendrickson to the Fort Worth Star Telegram, who described himself as a former GM and Chrysler executive with 25 years' experience who has worked to revive distressed companies over the past 13 years. "The company is going to be here for a while."
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RE: AIH CLOSES THE DOORS - 3/9/2008 1:50:28 AM
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tangster9
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Ask an experienced securities atty for the next clue. You gotta wake up early in the mornin and angels will loosen lips so stay tuned, Stel
_____________________________
"If there's gonna be any f***ing going on... it's gonna be by me"
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RE: AIH CLOSES THE DOORS - 3/9/2008 9:28:24 PM
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Pickard USA
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we are in the dallas fort worth area where AIH is based. My friend that lives in ft worth said he read in the ft worth newspaper last week that AIH officially shut its doors. I believe Textron was the main financial backer for AIH and they pulled financial support. I havent read that article but that was what i was told.
_____________________________
Custom Wheels for your Harley Davidson. www.pickardusa.com
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RE: AIH CLOSES THE DOORS - 3/11/2008 10:21:32 AM
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JimiB
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Very well stated. Could not have been said better Thongs! The dealers better wake up in this country and realize we are headed (or are already in) a recession and start to deal instead of holding onto their bikes and demanding thousands over MSRP or there are going to be more doors closing up!!!!
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RE: AIH CLOSES THE DOORS - 3/11/2008 2:43:44 PM
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GEARMASHER
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Article in Dealer News Magazine
Creditors Seek to Force American IronHorse Into Bankruptcy
Mar 5, 2008
By ennis Johnson
A trio of creditors has filed a petition in U.S. Bankruptcy court to force American IronHorse into involuntary bankruptcy for failing to pay debts that could total $2 million.
According to a filing with court's Northern Texas district, Fort Worth-based American IronHorse owes $60,000 to AG Nichlos Jr. and $30,000 each to William E. Buford and Jim Graham. According to involuntary bankruptcy laws this indicates that AIH has 12 or more creditors, in which case only three creditors owed a minimum of $10,775 in total need file the petition.
Troy D. Phillips, attorney for the creditors listed on the petition, confirmed that the three are representative of a larger group of investors. Phillips couldn't say how many other creditors there are but estimated the total due them is about $2 million.
Phillips says the group petitioned the bankruptcy, in this case Chapter 11, because it wants to force American IronHorse to share reported refinancing plans. The custom manufacturer now has 30 days to respond to the filing and can choose to contest the petition, convert the Chapter 11 to a Chapter 7 and liquidate its assets or go forward with the Chapter 11 and reorganize.
American IronHorse CEO and president Buck Hendrickson could not be reached for comment.
In early February a source close to AIH said that a Dallas-based group was seriously considering buying the company and was vetting the OE's operations. Hendrickson told Dealernews at the time that the company is always looking for ways to bring in cash to help the business grow and advance, but wouldn't go into any detail.
A conference regarding the involuntary bankruptcy is scheduled for March 31 at 9:30 a.m. in the U.S. District Court in Forth Worth.
A move to force bankruptcy is often viewed as a last resort for creditors as a ruling against them could result in them paying damages and attorney's fees. It is usually initiated to force a debtor to face all its creditors at once, rather than have it parcel out money to select creditors. It can also be filed to stop a troubled debtor from using all its assets before finally filing for bankruptcy.
American IronHorse announced in February that it was ceasing production in an effort to stave off overproduction and prevent dealers from stacking up inventory. At the time, Hendrickson called the layoffs temporary and said the company was still in business and moving out on-hand motorcycles.
"We're looking at trying to be open back up some time in the middle or the third week of February," he said at the time. There is no new information as to when the company will reopen its doors.
Then, last week, the custom V-twin manufacturer initiated a sale through a Michigan-based auction and liquidation house to move $10 million in obsolete and discontinued inventory. Hendrickson said the sale was a means for the company to get rid of inventory that doesn't fit AIH's lineup for 2008 and 2009. "It should have been sold off years ago," he told Dealernews.
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RE: AIH CLOSES THE DOORS - 3/12/2008 3:54:45 AM
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Thongs2U
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I don't believe that $2M in bad debt would bankrupt a company the size of AIH. There is half that much in 2007 AIH inventory on cosignment thru Textron Financial sitting at our local dealers showroom. There must be $20M inventory sitting at the Textron AIH warehouse in Kentucky alone. That would be like Blockbuster wanting you to voluntary forfit your house over the $11 owed on past due movies. Don't get me wrong, I am not sticking up for a company that has continued to stumble and suck the living daylight out of their customer base, but I don't see $2M sinking AIH. Did they have the Ft Worth dealership fire sale bikes at Daytona last week (similar to Sturgis last summer)? Wonder how Bruce Rossemeyer took that.
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RE: AIH CLOSES THE DOORS - 3/12/2008 3:44:33 PM
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GEARMASHER
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You can't build bikes when no one will sell you material to build them with. I'm sure S&S , Performance Machine and all the rest want what's owed to them before the put out anymore engines or brake parts. Not to mention utility bills and the like.
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RE: AIH CLOSES THE DOORS - 3/17/2008 9:52:20 PM
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1nuckenfut
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You are implying that if you cannot work on a motorcycle then you shouldn't own one. That's rediculous! Should we not buy automobiles if we are not mechanics? If your philosophy stood true then only about 10% of the population would own a vehicle. I don't think that after spending $42,000 on a piece of machinery that it's to much to ask that it run without constant problems. I purchased a new 06 Slammer at Xmas 06'. Jan. 12, 07, started leaking motor oil. Feb. 07, brought it in for a tranny leak, late Feb. 07, speedo crapped out, then 5 days later the starter crapped out. March 17, 07 out riding and stopped for gas. The bike would not start up again. Wouldn't do anything! Total electrical system failure. I brought it back to the dealer and told them to shove it and give my money back. I had to get an attorney but 4 months later I had my money back plus court cost. Now don't start telling me I should have had more mechanical skills to fix that piece of crap. Incidentally I had a Big Dog before that and was plagued by oil leaks and finally a cracked frame. Customs just don't have the quality control on thier side. If you talk to alot of AIH owners there are alot more unhappy ones than happy ones. AIH is getting what they deserve for putting out a shoddy product and NEVER making a decent effort to correct constant and repeated problems across the board of all thier models. I got rid of that crap. Bought a new $15,000 Harley. Raked the frame and did other custom work to her. I've got $26,000 invested on this bike. It looks awsome and other than oil changes has been completely reliable for 18 months. Sympathizers can flame me but everything I said is solid truth.
One last thing. The Houston dealers and Dallas are closed. Employees gone. Doors chained.
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