In a press release, Jay Ridley (son of Ridley Motorcycle Co. founder Clay Ridley) announced that his company 2 Wheel Ventures has acquired the intellectual property and some remaining tangible assets of the Ridley Motorcycle Company, the brand of fully automatic street/cruiser motorcycles.
Financially exhausted by poor sales and by defending during several years a very costly lawsuit filed by Harley-Davidson (Ridley lost the right to use the Auto-Glide name), on December 29, 09 Ridley filed a voluntarily petition under Chapter 11 of the US Bankruptcy Code.
Initially, 2-Wheel Venture was created in 2007 to market Ridley’s apparel and accessories, then in 2009 parts and providing owners with CPO’s (certified pre-owned Ridleys). Jay Ridley states that 2 Wheel Ventures will service and support the thousands of Ridley motorcycles already on the road and that if the market conditions improve the company could restart production of Ridley motorcycles. The question that many Ridley owners and former dealers are going now to ask is if 2 Wheel Ventures will honor their warranty. 2-Wheel Ventures.