BAD NEWS


ablock

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On the flipside, IF you were the principles at Alta AND discovered/developed/utilized some new tech that eliminated many of the main complaints (range, weight, thermal limiting) BUT said tech was incompatible with much of their production platform making them essentially obsolete AND you were losing money big time to boot, wouldn't you pull the plug on the company and sell off all the old/obsolete inventory before you form a new company based on the new tech with all the lessons learned from the defunct venture?

Unless the board and company lawyers were completely asleep at the switch, all employees would have signed PIIAs that assigned to Alta anything they invented while employed there. You can't just loot a company of its assets (even intangible intellectual property or know-how) and roll those assets into a new venture.
 

Rix

Self proclaimed macho man extraordinaire
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So I was driving into Reno for work this morning, I commute 145 miles each day, and I was thinking if there was a ray of hope for Alta coming back. And in the crappy weather, there was small clear sky patch, and it highlighted down town Reno, where I work. Could this be a sign from above for Alta? I don't know, but makes for neat picture.

IMG_0808.jpg
 

Altaracer929

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33919
I believe Alta Motors is currently under a financial reorganization that they can survive. The Harley-Davidson situation with $20,843,998. dollars equity returned caused a huge short fall to Alta's equity. They shutter the company, laid off employees, sent letters to vendors about debt payments, selling off parts to dealers and owners. If these are Alta batteries then their selling off used inventory batteries to raise the funding they will need. The Assignment for the benefit of creditors letters means they want to find there actual debt owed to pay off their debt with vendors and creditors. Team Alta is working to save the company they built. Remember at any time new funding could change everything......

Following the money here are the federal Securities & Exchange Commission forms

SEC form D for 6/1/17 equity funding $26,136,100.
SEC FORM D

SEC form D 2-2-18 amendment equity Harley-Davidson $20,843,998.
Faster Faster, Inc. Reg D SEC Securities Filing | Disclosure Quest

SEC form D 8/10/18 Debt funding $5,000,000.
SEC FORM D


2018 Alta sold 1000 motorcycle with 300 on dealer floors before 10/17/18 closure worth about $12,000,000. dollars. That's close to what Zero produced motorcycles in 2018








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Reckoning

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CA
Altaracer929, sorry but you're wrong on every point.
1) ALTA is not under financial reorganization
2) ALTA is not raising funding.
3) ALTA is not selling off used batteries
4) The ABC is a tool that avoids the transparency of the Court.
5) "ALTA" will be sold the moment there's a bid that covers debt to secured lenders. Everyone else LOSES.
6) ALTA did not sell 1000 bikes in 2018. ALTA's production was not capable of 1000 units in 2018.
7) ALTA did not have 300 dealers, more like 60-70. I don't recall the exact count.
8)
 
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Rix

Self proclaimed macho man extraordinaire
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Fallon NV
Altaracer929, sorry but you're wrong on every point.
1) ALTA is not under financial reorganization
2) ALTA is not raising funding.
3) ALTA is not selling off used batteries
4) The ABC is a tool that avoids the transparency of the Court.
5) "ALTA" will be sold the moment there's a bid that covers debt to secured lenders. Everyone else LOSES.
6) ALTA did not sell 1000 bikes in 2018. ALTA's production was not capable of 1000 units in 2018.
7) ALTA did not have 300 dealers, more like 60-70. I don't recall the exact count.
8)
I think Altaracer929 meant there were 300 units on dealer floors prior to 10/17/18, not 300 dealers. Anyway, when you mean on line 5 "Everyone else LOSES" can you expand on that?
 

BenEXR

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CH11
I think Altaracer929 meant there were 300 units on dealer floors prior to 10/17/18, not 300 dealers. Anyway, when you mean on line 5 "Everyone else LOSES" can you expand on that?


One does NOT need inside information on a specific company to know that when places close, nobody wins. Most everyone that had any sort of involvement in the business of Alta Motors aka Faster Faster, in any way shape or form, loses. and it is mostly money that is lost.

At least the Alta Owners on this forum were delivered a product. An excellent, top of the line product. One that most, would not trade, sell or give away, no matter what. A bike was finally made that had the range, the power, the silence, and the reliability to without a doubt, make the purchase of the Redshift electric-cycle, one of, if not THE, best purchases they had ever made. Just one of the things (out of the now way, too, many)-they will lose is the expert ability to have their bikes diagnosed and repaired at a dealership. That is just one way they all lose.

The investors, whomever they are, lose. They lose the most. The employees who built the bikes-like all the automaker employees all throughout history, who are laid off when tough times come, like the GM employees earlier this week, who had the choice to be bought-out by their employer, GM, or just laid-off with no consolation prize

Like the Redshift, not many were buying Chevy Volts-no matter how well they were/are vs a Prius, or how much cheaper they were with all the taxpayer subsidies, or passenger cars anymore. In a massive, massive way, that no one really gives too much thought to, but the only winners are the owners of the bikes who have been riding, and will keep on riding, until . . . they were the only winners as they got what they paid for, save for the support down the road that most take very much for granted because it has always been there(like a Toyota or Honda dealership).

I'm still here because I still want an EXR or, the next version of the EXR beause I believe that in this life, another electric dual sport will be made that at least equals or exceeds the performance of a 2019 EXR.



Everyone, loses, money.
 

Butch

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San Jose, California
I have talked to some well connected folks in the last few days. Everything on the internets is unsubstianted. Peeps can say ANYTHING on tihe webz. Fake news. Don't jump to conclusions.
 
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TonyWilliams

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San Diego, California USA
Altaracer929, sorry but you're wrong on every point.
1) ALTA is not under financial reorganization
2) ALTA is not raising funding.
3) ALTA is not selling off used batteries
4) The ABC is a tool that avoids the transparency of the Court.
5) "ALTA" will be sold the moment there's a bid that covers debt to secured lenders. Everyone else LOSES.
6) ALTA did not sell 1000 bikes in 2018. ALTA's production was not capable of 1000 units in 2018.
7) ALTA did not have 300 dealers, more like 60-70. I don't recall the exact count.
8)

3) That’s because they sold new cells (batteries)
 

Rix

Self proclaimed macho man extraordinaire
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449
Location
Fallon NV
I have talked to some well connected folks in the last few days. Everything on the internets is unsubstianted. Peeps can say ANYTHING on tihe webz. Fake news. Don't jump to conclusions.
$h!t the bed Ed! So reading between the lines Butch, is it safe to assume, (without disclosing any insider privilege info) that the fat lady hasn't sung yet? If thats the case, can you lay a percent down, /example 15/85%/ if the Alta will recover and resume operations?
 

schwankl

Member
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Location
utah
a poll for resume operations? I would say jack and shit, and jack left town. We are just dealing with if they can sell the IP at this point. Half-trolling, Fully-committed, I will keep my bikes running one way or another. Hoping to see a flood in the market to get another, even tho highly respect and want alta to get thru this.
 

TonyWilliams

User asked to be "deleted"
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San Diego, California USA
a poll for resume operations? I would say jack and shit, and jack left town. We are just dealing with if they can sell the IP at this point. Half-trolling, Fully-committed, I will keep my bikes running one way or another. Hoping to see a flood in the market to get another, even tho highly respect and want alta to get thru this.

Yes, anybody thinking that in the future, it will be business as uusual with Alta is sadly mistaken. Today is the last day for bids to buy the company. Sometime next week, ALTA will accept one of those bids , and MAYBE they will announce who bought the leftovers (the leftovers that they haven’t already sold out the back door).

Assuming the largest creditor to Alta purchases everything, it it’s unlikely that they’ll have any need or desire to continue operations. They will want to auction off everything to recoup the maximum amount of cash for their debt.
 

Philip

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Lake Havasu City, AZ
Good thing the value of the company is in its IP and its infrastructure/machinery combined together, not broken apart and sold piece-by-piece. Either way, I believe it should work out ok. Just need to make sure whoever buys it keeps building bikes and not switch to golf carts. I am sure the current (soon-to-be-former) owners are trying to pursue the same end goals.
 

Speedkills

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Nederland, CO
Wonder if IP would get sold off in that case? It's not worth much to anyone not wanting to reboot the company. I would think the people with the highest interest in it otherwise would be owners, could end up with group by on source code maybe.
 

Philip

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Lake Havasu City, AZ
The Alta's IP would consist of a patented technology and the source code. The patented technology can be sold to anyone, but the source code not so much.
 

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