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> From: Bruce {EVangel} Parmenter > To: Multiple recipients of list EV > Subject: EVLN(Bricklin's marketing timing 'Goes Yugo', Warrior wimps-out)
> Date: Monday, June 23, 1997 11:47 PM
> > EVLN(Bricklin's marketing timing 'Goes Yugo', Warrior wimps-out)
> [The Internet Electric Vehicle List News. For Public EV informational
> purposes. Contact source for reprint rights.]
> ---
> Saturday, June 21, 1997
> Real Visionary Has Come Up Flat . . . Again
> Bankruptcy: Malcolm Bricklin's electric bikes, Yugos and gull-wing
> cars may have been riding ahead of their time.
> By CHRIS KRAUL, Times Staff Writer
> [F]or the third time in 20 years, Malcolm Bricklin was either ahead of
> his time, over the top or out of his element. His Electric Bicycle
> Co. of Burbank, a visionary manufacturer of electric-powered mopeds,
> has gone bankrupt and is being liquidated after filing for protection
> from creditors under Chapter 11 of the federal bankruptcy laws in
> February.
> > Bricklin's failure is also costly for a number of high-profile
> investors, including St. Louis Rams owner Georgia Frontiere and author
> Sidney Sheldon, sources said. Bricklin went bust in 1975 trying to
> build a gull-winged sports car and then again in 1991 as an importer
> of the Yugo hatch-back automobile.
> > Ironically, word of his bicycle company's collapse comes at a time of
> renewed interest in electric bicycles and scooters as cheaper, more
> powerful and longer-lasting electric models are being developed.
> > There are 10 to 12 companies trying to bring electric two-wheelers to
> market, including Peugeot, Vespa and several U.S. and Japanese firms,
> said Robert Hayden, executive director of Electric Vehicle Assn. of
> the Americas, a San Francisco-based group of some 45 companies in the
> industry.
> > Retired Chrysler Corp. () Chairman Lee Iacocca last week announced the
> formation of EV Global Motors to make electric bikes in a venture with
> Taiwanese bike maker Giant Co. and Unique Mobility of Golden, Colo.
> > One of Bricklin's initial investors, retired Hughes Aircraft chief
> executive Malcolm Currie, recently started up his own electric bike
> company in Van Nuys called Currie Technologies. Currie was briefly an
> executive in Bricklin's company, but the two had a falling out last
> year.
> > The company converted its bankruptcy filing to Chapter 7, a
> liquidation, on May 23, according to court documents. A creditors'
> meeting is scheduled for July 11.
> > Messages left for Bricklin on a recording machine at the Electric
> Bicycle office in Burbank were not returned.
> > After rolling out the EV Warrior electric bicycle last summer amid
> much fanfare at the Petersen Automotive Museum in L.A., Bricklin's
> company attained some success, selling several hundred bikes through a
> dealer network that included Webb Automotive Group () of Irvine and
> Marvin K. Brown of San Diego.
> > But the company produced electric bicycles faster than its ability to
> market them, according to sources who asked not be named. The electric
> bicycles were also relatively expensive, at $1,400 to $1,800.
> ...
> http://www.latimes.com/
> Copyright Los Angeles Times, (800) 252-9141, (timeslink@latimes.com)
> (feedback@latimes.com) Letters to the Editor: (Letters@latimes.com)



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