Mark Seeger, Mission Motorcycles CEO, has filed for Chapter 7 bankruptcy, stating in a letter that the company has so little money it can’t afford to hire an attorney.

Mission Motorcycles, of course, gained notoriety as the electric superbike that could potentially challenge its internal combustion counterparts. Steve Rapp rode the company’s RS model, a limited production model with upgraded components, during a TTXGP race at Laguna Seca, setting a best time only 10 seconds slower than a MotoGP machine. Mission was also set to produce an R model with slightly lower-spec components, but without a production cap.

The company’s troubles stem from lawsuits involving Seeger and fellow Mission co-founder, Vincent Ip. According to www.northjersey.com, Mission Motorcycles filed a suit in December 2013 claiming Ip signed a stock restriction agreement that allowed the company to buy his shares if he left the company. The company terminated Ip in November 2013. Ip then filed a countersuit alleging he was tricked into signing the agreement.

The proceeding legal battles resulted in the court allowing Mission’s attorney, Lowenstein Sandler, to withdraw from the case because Mission wasn’t paying its bills. However, Sandler is also a defendant in the case, and Ip has stated that, despite Mission Motorcycles being protected under Chapter 7, he would still pursue legal action against Seeger and Sandler individually.

To date, there have been no reports of customers who submitted a deposit actually receiving their Mission RS or Mission R motorcycles.

Seeger was not available for comment.

[Source: NorthJersey.com]