The Indian Motorcycle brand is scheduled to be auctioned off
today, but those involved in the sale are keeping quiet.
The Indian Motorcycle brand is scheduled to be auctioned off today, but those involved in the sale are keeping quiet.
CMA Business Credit Services of Burbank is handling the auction for Indian’s intellectual property – i.e. trademarks and logos – but CMA estate manager Michael Joncich said Monday his firm is not releasing any information at this time.
Joncich in May said his firm would not announce a winner until July 14, to give CMA and Indian officials time to verify whether the high bidder has the promised funds.
Gilroy resident Rey Sotelo, who brought Indian to town in 1999 and bid on its remnants after last fall’s closure, did not bid this time around, according to business partner George Nobile, of Santa Clara. Instead, the two men are starting up their own, as-yet-unnamed motorcycle company, beginning with a unique new engine designed by a Ventura engineer.
Sotelo’s group was the only previous Indian bidder that remained committed to keeping the company in Gilroy, where it was based from 1999 until it folded in September 2003.
Nobile, who worked with Sotelo for Indian, said he and Sotelo haven’t closed the door on working with the historic brand, but they would be cautious in re-involving themselves with it.
“Should someone buy (Indian’s intellectual property) and want to hire either Rey, myself or both, we’ll look at the offer presented and who’s behind the proposal before making a decision,” Nobile said Friday. “We certainly do not want to work for an Audax-type company.”
Audax Group, a Boston-based private equity firm, has been Indian’s majority owner since 2001.
Peter Crowley can be reached at pc******@gi************.com or 847-7109.
