We always read these stories wistfully. . . imagine raising $300 million with a $1.65 billion valuation and then five years later selling your company in a bankruptcy auction for $13 million. What fun they must have had turning $300 million into $13. And that’s exactly what Rad Powered Bikes just did, according to a story on GeekWire.
The auction on Jan. 22 attracted five bidders according to a U.S. Bankruptcy Court filing for the Eastern District of Washington (below). An initial bid of $8 million was eclipsed by Life EV’s bid of $13.2 million, which, after accounting for assumption of liabilities, had a total value of $14.9 million. Retrospec’s $13 million bid serves as the “backup” if Life EV’s purchase falls through.
This purchase will allow the Florida based Life EV to have a least a couple bikes that don’t look like they were designed by the dork patrol. Then again, we hate ebikes. So who cares. If it’s got a motor, it’s a motorcycle. There. Said it.
[Link: GeekWire]
