Piaggio launched its Vespa scooter brand at last January’s Indian Auto Expo to much fanfare but sales have fallen short of expectations. The Vespa LX125 launched in Indian showrooms in April as the first new Vespa scooter offered in the country in 13 years, but Piaggio has only sold about 25,000 units. That might seem […]
Vectrix Files Bankruptcy, Assets Set For Auction June 18
On June 18, assets of electric motorcycle startup Vectrix will be on the block at the company’s former headquarters in New Bedford June 18 in a liquidation auction approved by the federal Bankruptcy Court.
Items to be auctioned off include 75 complete VX2 motorcycles, about 100 new Lithium Ion batteries and more than 1.6 million dollars’ worth of replacement parts. The sale will also include the company’s intellectual property and other information assets.
Vectrix International Limited, a related company based in Hong Kong, holds the businesses’ registered patents and trademarks. Court records show that late last month the Vectrix, LLC trustee filed a lawsuit claiming that those intellectual property assets should be available for creditors.
According to bankruptcy trustee Warren E. Agin, “the lawsuit is in its early stages – the June 18 sale will not include any intellectual property currently owned by Vectrix International. I am, however, planning to sell the trade secrets and copyrights Vectrix, LLC developed, as well as the right to sue third parties for infringing those rights.”
In addition, the auction will include electronics, office equipment, assembly plant machinery and an extensive selection of machine shop and manufacturing equipment.
Online bidding will be provided through BidSpotter. Paul A. Saperstein & Co.’s complete auction guide is available online at http://bit.ly/vectrix.