Bike Bandit Bankrupt/Corrupt

[Old Dog]

FYI for you folks that may have orders pending or were thinking about ordering from BikeBandit ; BikeBandit files for bankruptcy May be corruption involved according to the article. I just dumped them from my favorites list to avoid any potential use.

 

[Basher]

Wow. I’ve ordered from them many times over the years. In fact, before we knew we were moving out here, I was researching new helmets to buy and seriously looked at a few on BB. Glad I didn’t take the plunge! Curious to see how this turns out!

 

[HoughMade]

I ordered from them years and years ago.

Interesting story. Way back in the late middle ages, I worked for a Bankruptcy Trustee in NWI. I was in law school at the time and worked for him for a little over a year. He handled 7s, 9s and 11s, most 13s were handled by a different trustee. I saw many of the things referred to in the article, but they were truly rare. The overwhelming number of business bankruptcies were guys who continued to think that an upturn in business was just around the corner and rode that idea until it obliterated their business and their personal finances.

I only saw a couple of instances where there was clear self-dealing. This does not look good for the customers as "unsecured creditors" pretty much never get anything. While criminal charges are possible, that's pretty rare even when there is fraud. Often, if there is fraudulent self-dealing, the most that happens is that whatever assets can be recovered are recovered, but then go to secured creditors, and the perpetrator may end up in a personal bankruptcy.

 

[russc2542]

Saw this in another group. I've also bought from them in the past with good results. Sounds like a good business bought by "investors" who run it into the ground/fraud for a buck.