Car Insurance

Sterling Corp. is the United States District Court appointed Receiver for Indian Motorcycle Manufacturing Inc. and, as Receiver, the owner of Indian Motorcycle Company Inc., Indian Motorcycle Manufacturing Company Inc., Indian Motorcycle Apparel and Accessories Inc., and a controlling interest in Indian Motor Company Inc.

It is the intent of this Receivership to do its best to insure that all information disseminated about the Indian trademark as it relates to production motorcycles is accurate and truthful.

It has recently been brought to the Receiver’s attention that information released about the Receivership in November contained information that could be misconstrued. While the receiver believes the previous press release was accurate and fair, it is the purpose of this release to clear up any misunderstanding, and to make certain that the Receiver’s position as it relates to this venerable American trademark is clear.

According to the U.S. Patent and Trademark Office in Washington D.C., there are only five companies with claims for or against the Indian Trademark as it relates to production motorcycles. This Receivership now owns, or controls, four of the five. The fifth company is American Indian Motorcycle Company.

A contract to purchase this company is now in the Receivership court. The Receiver desires to complete this purchase, of which more than $700,000 has already been paid, thereby uniting all companies with all claims. The receiver’s plan to unite all of the companies with all of the claims has been cited with approval by the District Court in Denver.

Three of the companies owned by the receiver have been in bankruptcy in Worcester, Mass. The Receiver, as owner of those companies, has been trying to settle the estate since October by paying all legitimate claims of all creditors in full.

Should anyone other than the receiver purchase the assets, because the District Court in Denver has already allowed the receiver to file a declaratory relief action, the trademark could remain locked in litigation, where it has been for years.

First Entertainment Inc. has claimed to have been granted “exclusive, world wide licensing rights” to the Indian trademark. It has made this claim in press releases, television and magazine interviews, and when discussing their company with potential investors. During most of 1995, the prior owner of some of the companies, Michael Mandleman, turned over total financial control of one of the companies to MBL and its affiliates.

This group had promised to raise over $10 million if granted this control. Payment for such performance was to include certain limited, licensing rights should they gain control of the trademark. It is on these contracts that FEI bases its claims to the trademark. However:

– There is no such thing an exclusive worldwide license of the Indian trademark.

– The funding never occurred.

– Control of the trademark was never obtained.

– The agreements state on their face that they require court approval, approval that was never granted.

– First Entertainment never signed the purported licensing agreements until 6 days after the prior owner had defaulted and lost the authority to enter into such agreements.

The Receiver’s singular purpose is to consolidated the trademark, terminate the Receivership, and leave a healthy company moving forward towards developing a world class, production Indian Motorcycle. All efforts undertaken by the Receiver are to serve those ends. The Receiver hopes this clears any misconceptions that may have been caused by the November press release.