Posted: 03/24/2008
By: Dallas Business Journal
American IronHorse Motorcycle Co., a maker of custom-built performance cruisers and choppers, has been forced into involuntary bankruptcy protection by three Dallas investors seeking $120,000.
According to the filings, Fort Worth-based American IronHorse owes investors AG Nichols Jr. $60,000, and William E. Buford and Jim Graham $30,000 each.
The Chapter 11 filing could force American IronHorse to reorganize or liquidize its assets to pay its debtors.
Chief executive Buck Hendrickson could not be reached for comment.
The company ceased production in early February. Chairman Dwayne Moyers said American IronHorse plans to sell its assets to a new investor before continuing with operations. Its employee ranks have decreased significantly over the last year, as has production of its V-twin motorcycles, which sell for as much as $40,000.
Founded in 1985, the company has undergone several management changes since its founder Bill Rucker was removed by investors in 2003.