As discussed earlier, the Committee previously demonstrated in the Common Issues trial that the Debtors were insolvent during the Preference Period. In proving this element of its preference case, the Committee presented evidence to the Court reflecting that the Debtors’ liabilities exceeded their assets on a consolidated basis. Furthermore, the Defendant did not establish that the individual Schwinn subsidiaries were liable for their sister corporations’ debts to the Defendant. According to Thorholm, each of the Debtors had always separately paid its own invoices received from the Defendant. Indeed, Mr. Stallings himself testified that each of the various Debtors had a different payment pattern with the Defendant. Stallings Tr., p. 42 (lines 8-23, 18-22).
Irrespective of their age, most Schwinn cycles in good condition retain their value for a long time. It means that any bicycle more than 50 years old in a good or fair condition is likely to attract interest from other buyers. It also means that old Schwinn bikes before 1975 will be of greater value to collectors than a newer bike. Similarly, if the bike is scarce, such as the 1934 triplet or the Aerocycle, it may be priced in the thousands of dollars on eBay.
In sum, the foregoing evidence demonstrated that the transfers were not made in the ordinary course of dealing between Debtors and the Defendant. Rather, the Defendant made telephone calls to the Debtors requesting payment of their outstanding indebtedness and communicating to Debtors that new product would not be shipped unless at least some of the past due amounts were paid. These telephone calls from the Defendant to the Debtors were a departure from the prior course of dealing of the parties. Thus, the evidence showed that the payments were unusual in that they were different from the Debtors’ prior payment practices, and they resulted from unusual collection efforts by the Defendant. Thorholm testified that he had discussions with Murray and Lamar after each of Lamar’s telephone calls from Stallings.
The amounts and dates of payments to True Fitness that comprise the transfers in question under § 547(b) total $313,357.73 paid during the 90-days before bankruptcy was filed. Those were set forth in a summary chart admitted into evidence at trial as Plaintiff’s Exhibit 1. The company’s next answer to requests for a Schwinn mountain bike was the King Sting and the Sidewinder, inexpensive BMX-derived bicycles fabricated from existing electro-forged frame designs, and using off-the-shelf BMX parts.
If the badge is missing, you may still have a Schwinn. The manufacturer distributed unbranded or rebranded bikes through other companies, especially prior to the 1950s. Schwinn said he didn’t shutter his company because demand for high-quality craftsmanship has dried up. He said the main reason was that three of his seven employees were at or nearing retirement age, including himself at 69. In the 1980s, Waterford Precision started building cyclocross bikes. They are similar to the gravel bikes popular today, which also handle well on a range of surfaces.
Despite the substantive consolidation of Debtors’ estates, the new value advanced by True Fitness should be calculated on a debtor-by-debtor basis for reasons discussed in the Conclusions of Law. The difference stems from the fact that there is more excess new value, which cannot be used to offset later preferential transfers, when the Debtors are treated as separate entities. See Brown v. Shell Canada, Ltd. (In re Tennessee Chemical Co.), 159 B.R.
As fitness trends shifted and technology evolved, Schwinn responded by offering a lineup of groundbreaking and affordable cardio equipment, including exercise bikes and treadmills. As the parent company of such legendary brands as Schwinn and Mongoose, Pacific Cycle delivers schwinn ebike some of the biggest names in outdoor recreation. But it’s not just the names customer’s trust, it’s the look and feel of our products, our superior quality, and our outstanding customer service that help us bring these premium brands to the hands and feet of our customers.
1014, 1020 (Bankr.N.D.Ill. 1994) (Schmetterer, J.). “The doctrine is intended to protect the courts from being manipulated by litigants who seek to prevail twice on opposite theories.” Id. Although the doctrine is usually applied to successive suits, it is not so limited. Continental Illinois Corp. v. Commissioner of Internal Revenue, 998 F.2d 513, 518 (7th Cir. 1993), cert. Denied, 510 U.S. 1041, 114 S.Ct.
Before they are sold, all the bikes are tuned up by professional bicycle mechanics. EBay is a great resource for all kinds of antique and vintage items, including Schwinn bikes. You’ll see many of the models Schwinn produced in the last half of the 20th century, along with some older models from schwinn beach cruiser the earlier part of the company’s history. You’ll also find parts for Schwinn bikes of all ages. If you’re buying a vintage Schwinn on eBay, be sure to ask lots of questions about the bike’s condition. Also keep shipping costs in mind, since packaging and transporting a bike can be costly.
In Gorenstein, the Seventh Circuit found that “prejudgment interest should be presumptively available to victims of federal law violations. Without it, compensation of the plaintiff is incomplete and the defendant has an incentive to delay.” 874 F.2d at 436. The Circuit noted that there is no federal statutory interest rate on prejudgment interest, but recommended using the prime rate for prejudgment interest in such a situation. The prime rate is a “readily ascertainable figure which provides a reasonable although rough estimate of the interest rate necessary to compensate plaintiffs not only for the loss of the use of their money but also for the risk of default.” Id.