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Winnipeg Free Press - PRINT EDITION
American Chopper chopped down
Paul Teutul, shown with son Paul Jr., has placed his merchandising unit into bankruptcy.
TV star Paul Teutul Sr., founder of Orange County Choppers Holdings Inc., sought U.S. Bankruptcy Court protection for his merchandising unit with plans to liquidate its assets.
The family-run custom-built motorcycle company operated by Teutul and his son, Paul Jr., is based in Newburgh, N.Y. Its Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed Thursday in Poughkeepsie, N.Y. The parent company didn't file.
Under Chapter 7 of the U.S. Bankruptcy Code a trustee will automatically be appointed to dismantle the company, sell its assets and distribute the proceeds to creditors.
The Teutuls' American Chopper reality television show ended its decade-long run on the Discovery Channel in December. It featured the antics and interactions between father and son in their New York state motorcycle shop.
Jonathan S. Pasternak, a lawyer representing the bankrupt company, didn't immediately return a phone call seeking comment on the filing.
-- Bloomberg News
Republished from the Winnipeg Free Press print edition February 2, 2013 B17
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