Orange County Choppers faces the chop!

robkinuk
Profile picture for user robkinuk
Posts
4266
Joined
5/16/2007
Location
Ashbourne GB
robkinuk
Edited Date/Time 1/27/2012 1:16am
Article in latest issue of UK dealer News on OCC's demise!

|
Dirtysmile56 10/3/2011 9:48am
10/3/2011 9:48am Edited Date/Time 10/3/2011 9:49am
Big surprise there, another testament to bad lending practice's
NetMXer
Profile picture for user NetMXer
Posts
583
Joined
4/1/2008
Location
Woodstock, VA US
NetMXer 10/3/2011 9:52am
10/3/2011 9:52am
That's old news. I think they've resolved the problem now.
newmann
Profile picture for user newmann
Posts
24438
Joined
4/1/2008
Location
US
newmann 10/3/2011 9:56am
10/3/2011 9:56am
$110,000.00 a month building note.....yikes and LMAO at whoever thought that was a good idear (pun intended).
sbarrington314 10/3/2011 9:58am
10/3/2011 9:58am
is that building necessary?

The Shop

See All »
bvm111
Profile picture for user bvm111
Posts
10076
Joined
7/1/2008
Location
Las Vegas, NV US
bvm111 10/3/2011 9:59am
10/3/2011 9:59am Edited Date/Time 10/3/2011 10:00am
Welcome to last year.... Its called debt reorganization every business goes through it at some point!

Oh and this is moto how, the site is called vitalmx not vital lame ass choppers!
akmx17
Profile picture for user akmx17
Posts
2706
Joined
3/5/2007
Location
Palmer, AK US
akmx17 10/3/2011 9:59am
10/3/2011 9:59am
Maybe if he didn't waist all his money on pointless lawsuits against his son he would be able to make those ridiculous payments.
DirtyFilter75 10/3/2011 10:00am
10/3/2011 10:00am
restructuring is a common business practice especially when assets depreciate.
newmann
Profile picture for user newmann
Posts
24438
Joined
4/1/2008
Location
US
newmann 10/3/2011 10:03am
10/3/2011 10:03am
bvm111 wrote:
Welcome to last year.... Its called debt reorganization every business goes through it at some point! Oh and this is moto how, the site is called...
Welcome to last year.... Its called debt reorganization every business goes through it at some point!

Oh and this is moto how, the site is called vitalmx not vital lame ass choppers!
Every business faces foreclosure? Really? I must have missed that class...
GuyB
Profile picture for user GuyB
Posts
35722
Joined
7/10/2006
Location
Aliso Viejo, CA US
GuyB 10/3/2011 10:08am
10/3/2011 10:08am
Wow...I visited there this summer. It was like a t-shirt/Paul Sr. bobblehead shop with some of their bikes on display. I think the merchandising was a little out of control.
flarider
Profile picture for user flarider
Posts
25496
Joined
4/1/2008
Location
Daytona Beach, FL US
flarider 10/3/2011 10:11am
10/3/2011 10:11am Edited Date/Time 10/3/2011 10:11am
He mortgaged at $12M and now wants to re-fi for it's now appraised value of $7M
He just wants the bank to eat $5M

Think the bank is going to re-fi your house like that

and it's not old news, http://www.dealernews.com/dealernews/LATEST+NEWS/Lender-files-foreclosu…
Team Sakai Racing 10/3/2011 10:11am
10/3/2011 10:11am
In case you haven't been watching the show this is very old news. In fact Paul Sr. has already started the process of building a brand new location. He considered moving back into the old building right next door to PJD but during a snow storm a major portion of the roof collapsed...Sooo, A new building it is.
rg4
Profile picture for user rg4
Posts
163
Joined
1/9/2011
Location
Eastern, WA US
rg4 10/3/2011 10:16am
10/3/2011 10:16am
OCC's story is really a symbol of the boom and spend times of the 2000's. Sorry Senior, the party's over.
Dirtysmile56 10/3/2011 10:16am
10/3/2011 10:16am Edited Date/Time 10/3/2011 10:16am
bvm111 wrote:
Welcome to last year.... Its called debt reorganization every business goes through it at some point! Oh and this is moto how, the site is called...
Welcome to last year.... Its called debt reorganization every business goes through it at some point!

Oh and this is moto how, the site is called vitalmx not vital lame ass choppers!
newmann wrote:
Every business faces foreclosure? Really? I must have missed that class...
Smile Come on Newman.. get with the program, everybodies doing it. Borrow big,default,reorganize ,repeat.... easy as 1,2,3
Landshark 10/3/2011 10:19am
10/3/2011 10:19am
Paul and OCC were doing a "strategic default"....to bring the lenders to their side in order to restructure the loan(s). From what I understand, they have agreed to terms, so business as usual.
rg4
Profile picture for user rg4
Posts
163
Joined
1/9/2011
Location
Eastern, WA US
rg4 10/3/2011 10:21am
10/3/2011 10:21am
bvm111 wrote:
Welcome to last year.... Its called debt reorganization every business goes through it at some point! Oh and this is moto how, the site is called...
Welcome to last year.... Its called debt reorganization every business goes through it at some point!

Oh and this is moto how, the site is called vitalmx not vital lame ass choppers!
newmann wrote:
Every business faces foreclosure? Really? I must have missed that class...
Dirtysmile56 wrote:
Smile Come on Newman.. get with the program, everybodies doing it. Borrow big,default,reorganize ,repeat.... easy as 1,2,3
Ture capitalism in the good old US of A. Grinning
bobbygrin22 10/3/2011 10:22am
10/3/2011 10:22am
Just another economic cycle. I wish my bank would give me $5mil to refinance...
rg4
Profile picture for user rg4
Posts
163
Joined
1/9/2011
Location
Eastern, WA US
rg4 10/3/2011 10:24am
10/3/2011 10:24am
bobbygrin22 wrote:
Just another economic cycle. I wish my bank would give me $5mil to refinance...
You know, free market principles are out the door when banks/businesses are to big to fail.
DirtyFilter75 10/3/2011 10:25am
10/3/2011 10:25am
everyone is doing it!

Pit Row

See All »
jmar
Profile picture for user jmar
Posts
14154
Joined
2/11/2007
Location
Oklahoma City, OK US
jmar 10/3/2011 10:32am
10/3/2011 10:32am
flarider wrote:
He mortgaged at $12M and now wants to re-fi for it's now appraised value of $7M He just wants the bank to eat $5M Think the...
He mortgaged at $12M and now wants to re-fi for it's now appraised value of $7M
He just wants the bank to eat $5M

Think the bank is going to re-fi your house like that

and it's not old news, http://www.dealernews.com/dealernews/LATEST+NEWS/Lender-files-foreclosu…
That depends on whether the banks want this on their books or not.

It's not uncommon for the banks to agree to take less than the note in todays bad market.
bvm111
Profile picture for user bvm111
Posts
10076
Joined
7/1/2008
Location
Las Vegas, NV US
bvm111 10/3/2011 10:38am
10/3/2011 10:38am
newmann wrote:
Every business faces foreclosure? Really? I must have missed that class...
Dirtysmile56 wrote:
Smile Come on Newman.. get with the program, everybodies doing it. Borrow big,default,reorganize ,repeat.... easy as 1,2,3
rg4 wrote:
Ture capitalism in the good old US of A. Grinning
so you are saying every business goes out gets a loan and prospers on the first try? There isnt another businerss that has to reorganize... only OCC?

the truth is the banks wont even talk to you about restructering/refinancing your loan until you default... so all OCC did was default on the loan to force the banks to come to the table. They were succesful and are still in the building after the reorganization, again this is old news from last year... oh and the real world is nothing like the classroom you truly should know that newmann!
flarider
Profile picture for user flarider
Posts
25496
Joined
4/1/2008
Location
Daytona Beach, FL US
flarider 10/3/2011 10:42am
10/3/2011 10:42am Edited Date/Time 10/3/2011 10:43am
Either way, they've had their time in the limelight, the market is shit, the Harley & Chopper fad bubble popped and he'll never cover his nut on that place, even on a $7M note + expenses and payroll

He should've dumped it and started new, but his ego got in the way again
ocscottie
Profile picture for user ocscottie
Posts
69092
Joined
8/16/2006
Location
Redding, CA US
ocscottie 10/3/2011 10:51am
10/3/2011 10:51am
He has plans for an OCC restraunt chain and all sorts of other shit, i remember reading something about how many products they have their name licensed on and it was over 150, from bubble gum to OCC coffee, its almost ridiculous!
mxtech1
Profile picture for user mxtech1
Posts
1968
Joined
7/21/2011
Location
Galesburg, IL US
mxtech1 10/3/2011 10:54am
10/3/2011 10:54am
A local builder in Illinois had the same scenario. He built some really good bikes out of his garage and was selling every bike he made + a waiting list. He moved to a small shop and hired about 5 employees where the sucess continued. After about 2 years he just started spending everything he was making, racking up loans left and right, bought a huge rig to take bikes to shows, and started planning for a huge new building w/ machining centers. Unfortunately, all his loans defaulted, couldn't pay his parts bills, customer down payments were used to pay off bills etc. He ended up with several lawsuits against him for bankruptcy and some type of illegal case where he spent customers down payments and then never produced bikes.

Had he stayed in that small shop and just cranked out bikes with his 5 employees, he would probably be living quite large now. But it's just another case of bringing on too much debt and hoping business boomed. all this happened from about 2001-2005.
Dirtysmile56 10/3/2011 11:00am
10/3/2011 11:00am Edited Date/Time 10/3/2011 11:01am
The best thing to come out of the chopper/Harley fad is the Southpark episode where they officialy change the meaning of the word Fag Smile One of the funniest,truest South Park episodes ever!

motosmith
Profile picture for user motosmith
Posts
2046
Joined
11/8/2010
Location
Washougal, WA US
motosmith 10/3/2011 11:14am
10/3/2011 11:14am
rg4 wrote:
OCC's story is really a symbol of the boom and spend times of the 2000's. Sorry Senior, the party's over.
Exactly what I was thinking. Senior thought he could sell choppers for 100k each forever. There is not too many people spending in excess anymore. I'm guessing his client base has shrunk a little.
Friday
Profile picture for user Friday
Posts
2773
Joined
9/10/2007
Location
Playa Del Rey, CA US
Friday 10/3/2011 11:14am
10/3/2011 11:14am
Jr. is what made that place, though Sr. had the shop to start with. Jr. made that place grow because of his design ideas and when Sr.'s ego busted them up,things went down hill for OCC, but Paul Jr. Designs is taking off. In the bike build off competition they did against each other,Jr. crushed Sr. It was pretty funny because Dad sues Paul Jr. and bashes his son left and right constantly and is obsessed with what's going on at his son's shop. None of the son's talk to Sr. so it serves him right. Screw your family over and lose your bid-ness.Tongue
peelout
Profile picture for user peelout
Posts
18334
Joined
1/6/2011
Location
Ogden, UT US
peelout 10/3/2011 11:18am
10/3/2011 11:18am
Dirtysmile56 wrote:
The best thing to come out of the chopper/Harley fad is the Southpark episode where they officialy change the meaning of the word Fag :) One...
The best thing to come out of the chopper/Harley fad is the Southpark episode where they officialy change the meaning of the word Fag Smile One of the funniest,truest South Park episodes ever!

best episode ever, by far
Rizzo
Profile picture for user Rizzo
Posts
1019
Joined
2/2/2010
Location
US
Rizzo 10/3/2011 11:25am
10/3/2011 11:25am
Friday wrote:
Jr. is what made that place, though Sr. had the shop to start with. Jr. made that place grow because of his design ideas and when...
Jr. is what made that place, though Sr. had the shop to start with. Jr. made that place grow because of his design ideas and when Sr.'s ego busted them up,things went down hill for OCC, but Paul Jr. Designs is taking off. In the bike build off competition they did against each other,Jr. crushed Sr. It was pretty funny because Dad sues Paul Jr. and bashes his son left and right constantly and is obsessed with what's going on at his son's shop. None of the son's talk to Sr. so it serves him right. Screw your family over and lose your bid-ness.Tongue
The Cadillac episode, Sr pulls up on his turd and puts the kickstand down, gets off and flexes/waves. Jr pulls up on his bike and presses the button on the air ride suspension, the bike drops to the frame and sits with no kickstand, Sr was fuckin speechless. That was classic! Larry Buffer "and winner by TKO"..............
MOTODAD422
Profile picture for user MOTODAD422
Posts
430
Joined
9/26/2008
Location
Easton, PA US
MOTODAD422 10/3/2011 11:29am
10/3/2011 11:29am
rg4 wrote:
OCC's story is really a symbol of the boom and spend times of the 2000's. Sorry Senior, the party's over.
motosmith wrote:
Exactly what I was thinking. Senior thought he could sell choppers for 100k each forever. There is not too many people spending in excess anymore. I'm...
Exactly what I was thinking. Senior thought he could sell choppers for 100k each forever. There is not too many people spending in excess anymore. I'm guessing his client base has shrunk a little.
Those high end chopper buyers are few and far between,they have all bought their bikes,and don't replace them every 1 or 2 years like dirt bike buyers do.His window has passed.

Post a reply to: Orange County Choppers faces the chop!