Vectrix asset auction set for June 18

Publish Date: 
Jun 10, 2014

BOSTON, Mass. – The assets of electric motorcycle startup Vectrix will be on the block at the company's former headquarters in New Bedford June 18 in a liquidation auction approved by the federal Bankruptcy Court.

According to auctioneer Paul E. Saperstein & Co., the assets being sold will include 75 complete Vectrix all electric VX2 motorcycles, about 100 new Lithium Ion batteries suitable for use in Vectrix cycles, and more than 1.6 million dollars' worth of replacement parts. The sale will also include the company's intellectual property and other information assets.

A related company in Hong Kong, Vectrix International Limited, holds the businesses' registered patents and trademarks, but court records show that late last month the Vectrix, LLC trustee filed a lawsuit claiming that those intellectual property assets should be available for creditors.

According to bankruptcy trustee Warren E. Agin, "the lawsuit is in its early stages - the June 18 sale will not include any intellectual property currently owned by Vectrix International. I am, however, planning to sell the trade secrets and copyrights Vectrix, LLC developed, as well as the right to sue third parties for infringing those rights."

In addition, the auction will include electronics, office equipment, assembly plant machinery and an extensive selection of machine shop and manufacturing equipment.

Online bidding will be provided through BidSpotter. Paul A. Saperstein & Co.'s complete auction guide is available online at http://bit.ly/vectrix.

Introduced in 2006, the Vectrix was the first commercially available high performance electric scooter. Following financial problems, the Gold Peak battery group purchased the company in 2009. Under new control, Vectrix expanded its product lines, launching the VX-2 and the three wheeled VX-3. But sales failed to generate sufficient revenue and Vectrix LLC stopped operations in January. The company filed chapter 7 bankruptcy March 31.

From a press release