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An hour before midnight on New Year’s Eve in 1985, a bunch of Harley executives sat in a room at a bank with two stacks of papers, one for bankruptcy and another for recapitalization, if their last gasp ask for fresh investment came in. They had given themselves until midnight to get new money or go bankrupt, and time was running out. Many of the executives had, four years earlier, personally invested $1 million or more—while borrowing tens of millions more on top of that—to buy the company from the conglomerate AMF for $80 million and take it private. AMF itself had acquired the motorcycle manufacturer for $14 million in 1969 (about $100 million today) with a plan to expand production and squeeze out maximum profits. But a decade of labor trouble, declining build quality, and the dominance of Japanese motorcycles—Honda, in particular—had, by 1981, left Harley in dire straits. It was kind of a miracle that Harley had lasted that long to begin with and, … [Read more...] about How Harley-Davidson’s All-In Bet on Its Past Crippled Its Future

The Morning Shift All your daily car news in one convenient place. Isn't your time more important? What we know about Elon Musk’s alleged take-Tesla-private plans a week later, how Lincoln wants to go more premium, Harley-Davidson’s troubles and more on The Morning Shift for Monday, August 13, 2018. 1st Gear: Why Saudi Arabia Could Be a Player in Tesla A week ago, Elon Musk shocked the business world—as he does—with a Tweet—as he also does—claiming he has funding “secured” to take now-publicly traded Tesla private. Since then details of this alleged plan have been scarce, and it’s even led to an inquiry by the SEC and a shareholder lawsuit. It’s been a busy week! Until this morning we didn’t really know who Musk had lined up for the funding of such a venture, though many speculated it would be Saudi Arabia’s sovereign wealth fund, which recently bought a 5 percent stake in Tesla. Now we know: it is the … [Read more...] about Elon Musk Says He’s in Talks With Saudi Arabia to Take Tesla Private

The Morning Shift All your daily car news in one convenient place. Isn't your time more important? What we know about Elon Musk’s alleged take-Tesla-private plans a week later, how Lincoln wants to go more premium, Harley-Davidson’s troubles and more on The Morning Shift for Monday, August 13, 2018. 1st Gear: Why Saudi Arabia Could Be a Player in Tesla A week ago, Elon Musk shocked the business world—as he does—with a Tweet—as he also does—claiming he has funding “secured” to take now-publicly traded Tesla private. Since then details of this alleged plan have been scarce, and it’s even led to an inquiry by the SEC and a shareholder lawsuit. It’s been a busy week! Until this morning we didn’t really know who Musk had lined up for the funding of such a venture, though many speculated it would be Saudi Arabia’s sovereign wealth fund, which recently bought a 5 percent stake in Tesla. Now we know: it is the … [Read more...] about Elon Musk Says He Has Funding From Saudi Arabia to Take Tesla Private