|   The Truth About Trilife | bikerchick
Dec 18, 2003 6:44 PM | | They are screwing their creditors out of $300,000, then starting a new company to run the same races. So, many people are out a lot of money and Trilife continues on running races under a different name.
Beware if you intend to continue to support their races that you are supporting their unethical practices. |
| re: The Truth About Trilife | bikerchick's lawyer
Dec 18, 2003 7:50 PM | | slander is something one should be careful of! |
| re: The Truth About Trilife | bikerchick
Dec 18, 2003 9:08 PM | | I have pretty good info....I'm not worried |
| bad lawyer | Carl Mega Too
Dec 19, 2003 9:35 AM | | Slander is spoken - libel is written. |
| re: The Truth About Trilife | bikerchick's lawyer
Dec 19, 2003 3:46 PM | | interesting that web site hosts, must now supply the actual email addresses on slander... check your facts |
| re: The Truth About Trilife | bikerchick
Dec 19, 2003 4:29 PM | | Even without my facts it is pretty clear what is happening. Did anyone else get an e-mail this week from 24hrs? It states their intent to put on the races as proposed in their tentative schedule. So...They owe around $300,000 to 17 creditors, that is a fact. They have filed for bankruptcy, that is a fact. They e-mailed prior participants this week outlining their intent to continue with next years event schedule, that is a fact. 17 creditors will not get 100% of the money that is owed to them (if there is about $78,000 and they are owed >$300,000 they will get a very small fraction of what is owed...that is how bankruptcy works), that is a fact.
Assuming the races go on as scheduled, the answer to the equation is that creditors are screwed and the races go on......not ethical in my opinion.
What confuses me is that they think they will be able to make a go of it. If Dorland couldn't do it once.....why could he do it a second time with bad history? Do you know any racers who would pay their entry fees and feel comfortable that the race will go on? Thats a lot of money to put on the line and I for one won't be racing this year if a company run by Dorland is running the race.
By the way....how is this slander? |
| re: The Truth About Trilife | trilife sucks
Dec 19, 2003 5:17 AM | | Bikerchick is right - they are screwing many different people out of a lot of cash - probably to pay for dorlands (owner) new vacation home
i for one will never support these guys again - granny here i come |
| re: The Truth About Trilife | Jim Wannamaker
Dec 19, 2003 7:17 AM | | Kenda has been a sponsor of the 24 Hours of Adrenalin Series the past 3 years. I want to know more about what you have heard regarding this matter. |
| more details here | gregg
Dec 19, 2003 10:19 AM | | From today's headline article on Bicycle Retailer:
http://www.bicycleretailer.com/bicycleretailer/headlines/article_display.jsp?vnu_content_id=2055901
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24 Hours Of Adrenaline Promoter Files For Bankruptcy
DECEMBER 19, 2003 -- TORONTO, Canada (BRAIN)--Trilife Sports, producer of the 24 Hours of Adrenaline series, filed for bankruptcy in Toronto, according to a report on Canadiancyclist.com.
The web site's publisher received a creditors list and other documents from an unnamed source. According to those documents, Trilife Sports International filed for bankruptcy Dec. 3.
Calls and emails sent to Trilife's offices and employees by Bicycle Retailer and Industry News were not returned.
Trilife reported assets of $78,740 and debts of $297,034, nearly all of which is owed to 17 unsecured creditors. Half of Trilife's debt is owed to two U.S. law firms. Only one industry supplier, Sugoi, is on the list.
According to the documents, the first creditors meeting will be held Dec. 21 in Toronto.
Trilife organized as many as fifteen 24-hour events in North America. Until last year, it ran NORBA's 24-hour series.
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Hey Jim, cool write-up on you and your tires in the latest MBA! I hope Kenda is able to continue with 24 Hours of Adrenalin.
-gregg
gregg@mtbr.com |
| Isn't it in the best interest of the creditors for... | Carter Taylor
Dec 19, 2003 5:01 PM | | Trilife to reorganize and continue putting on races? That way they will get their money.
Also something else I do not understand. Say a majority of the money is owed to a Law firm as a judgement against Trilife (pure speculation), then the only way they can protect themselves is bankruptcy. I know how silly some of these judgements can be. ie , (miliions of dollars because some idiot spilled hot coffee on themselves.)
I do not read too much into what is going on till more information comes out. Many companies have filed and came out solvent after years, with all creditors paid in full.
Carter |
| Your are correct... | brucerobs
Dec 19, 2003 11:03 PM | | Bankruptcy is a tool used to protect creditors and allow a company to restructure its debt while continuing to operate, not to absolve it of all financial responsibility as implied above, and is far from unethical. The only way that creditors would not be paid were if the bankruptcy court were to decide that the restructuring plan (which must be filed and approved) were inadequate, then the court would order them to liquidate assets, the corporation would cease to exist, and the court would decide who gets paid, and how much. They would not be able to operate as described in the opening thread.
Clearly there facts unknown to all of us, but firms file banruptcy, then emerge successfully all the time (and creditors get paid).
Shouldnt we support a company that promotes the sport in which we all compete, not wish failure on them? I dont see many other promoters lining up to host these own events. I would like to see more races, not less. Adrenaline races are expensive, but they put on a good event. Whats up with the hostility towards them based on little/no factual knowledge of their specific situation or the law. |
| All those haters need to lighten up | sperky
Dec 20, 2003 7:02 AM | | What is it with everyone down on Trilife? As the previous poster said, it is quite possible Trilife is just going to restructure their debt. I am tired of everyone complaining....if you don't like it then don't enter the races. It looks like there are plenty of people that do enjoy themselves.
As for all the comments about Trilife being too expensive. Yes it is not cheap to participate. But I have to laugh at the people saying they will go to Granny Gear. Have you checked their prices lately? Same as Trilife's. And they don't put on any better of an event than Trilife. Sure Granny offers prize money in a few catagories to attract Pro racing teams, but that is not what these events are all about. Only a fraction of a percent of people will ever be in a the money and they know it. So why do they do it? Because they want to spend a weekend of riding/racing with their friends and a couple thousand other people who share the same passion.
So everyone, lighten up (esp. Bikerchick)and remember what riding is all about. I never kick someone when their down and I'm not going to do it to Trilife. Everyone of us has had ups and downs and I for one hope Trilife gets through their problems. Maybe they will have to cut some of the unprofitable events....after all they did expand a little too quickly. But I am sure they will still have plenty of races to offer in 2004 and I can't wait for it to begin. |
| All those haters need to lighten up | bikerchick
Dec 20, 2003 10:58 AM | | Okay, I will lighten up. I hope you are right and that their creditors get paid, that is my beef.
You might notice that I have not complained about the cost of their races. I realize that these races are expensive to put on and if I don't want to pay the price I don't have to race with them. |
| All those haters need to lighten up | airman
Dec 20, 2003 8:24 PM | | I have been doing 24-hour races since 98, when there was no other venues around here but Trilife... They have been well run and tons of fun. I have had issues where I had to deal with them (Trilife) and they have always been good to me/my team. The 24 hours of adrenalin has enabled me to participate with some great folks and our team will continue to support it. I'm with sperky - lets be supportive - look at what WE get out of these events. Think what WE may lose. I will miss the 24 hours if the bankruptcy doesn't work out. BTW, I don't know if other promoters raise money for charities and support local children's camps like Trilife has...
Good luck to Trilife, the Creditors and the Sponsors. |
| the truth will come out | an old tsi guy
Dec 21, 2003 6:14 AM | | I am always fascinated with those in this industry, who are ready to hang a product and or company (Trilife in this case) before they know all the facts. Acting behind the protection of anonymity on the internet leaves me to believe there are ulterior motives at play here. I'm sure the complete story will present itself and at that point in time one can come to a proper conclusion. |
| the truth will come out - yes it will and it won't be good | XXX
Dec 22, 2003 10:31 AM | | trilife has never supported a charity significantly - please correct me if I am wrong - they have taken all the money from entry fees and kissed it away on epensive trailers and the like - probably paid eachother lots too!
by the way - these guys are most likely going to pay only certain creditors - and screw the rest. if you do business with them then you are only supporting a snake - watch out - they will screw you too eventually |
| the truth will come out - yes it will and it won't be good | EricSS
Dec 22, 2003 11:17 AM | | "by the way - these guys are most likely going to pay only certain creditors - and screw the rest"
That depends entirely on the bankruptcy proceedings. Sometimes creditors get paid, other times they don't. It is ignorant to think that Trilife has either a malicious intent or the ability to decide which creditors get paid, especially while in bankruptcy. |
| Charities | airman
Dec 22, 2003 6:00 PM | | The charities that I referred to in my email are the YMCA Geneva Park in Ontario Hardwood Hills, and the ongoing partnership with the Canadian Diabetes association. See the link:
http://www.diabetes.ca/Section_Donations/TeamDiabetesBiking.asp
Maybe it's not much in the big scheme of things, but it's better than a poke in the eye with a sharp stick. and more than any other promoter that I know of.
I do not know the details of anything going on here. The only reason I added to this thread is because I see a lot of negative stuff without any substance. It looks to me like Trilife got sued by somebody over something and are going bankrupt? Bad all the way round but I'll make up my own mind about Trilife when I fully understand what's going on. I appreciate that some folks are willing to share their experiences in this forum. Considering that an organization like Trilife touches tens-of-thousands of people in the course of their annual events, it seems the vast majority is silent. |
| A company filing "bankruptcy" does not make | Roger__
Dec 22, 2003 3:34 PM | | a company evil, bad, or anything else. It happens, obviously the company is trying to make a run of a bad situation and are attempting to keep operating. Hopefully, mistakes made in the past that have put them in this financial situation will be corrected to help them be in a better place in the future. Before you judge, walk a few steps in their shoes, or at a minimum let the facts come forward. |
| reply from a former trilifer insyder | former trilifer acquainance
Dec 23, 2003 7:00 AM | | trust me - stuart dorland has not just run into bad luck - he hath brought this on himself - he will be screwing many creditors and has screwed several other former staff at Trilife - check out the staff turnover in the past couple of years - very few people remain - those that left the company got screwed - if any of you remember the trilife lady - Robin Gear - I know she got screwed out of mucho dollers! |
| re: The Truth About Trilife | fatmarc
Dec 26, 2003 12:35 PM | | This is business. In business, typically someone wins and someone loses, for my money, TRI life put on a good race. Neither Granny nor Trilife puts on these races just for the fun of it. Both are out to make some coin. For my dollar, I hope Tri life makes it, because frankly if we lose them, we will lose a ton of good 24hrs races. That would be the true tragedy. Folks, do not be naive to believe that either Granny or Trilife is into promoting these races for any reason other than making a buck. I cann't say that either of these companies should be condemed or put up for sainthood, just that they probably fall somewhere in the middle. |
| re: The Truth About Trilife | dudeman
Dec 27, 2003 7:45 AM | | Purely as a participant, this is no surprise to me. Having done the Laguna Seca race twice, I can tell you that these bozos rubbed me the wrong way at every turn. The big difference between Trilife and Granny Gear is that Granny Gear races have a much more better vibe, and that relates to Laird Knight's obvious love for the sport. I never sensed that love at Laguna Seca, instead only sensing an intense need to make money.
I'll give two examples. First, the concept of the "mandatory" volunteer. A team has to pay an additional $50 if they cannot find somebody to stand out in the middle of the course at 4am freezing their butt off. I understand events like this need volunteers, but the problem with their approach is a lack of good vibes and integrity. Instead of hiding this fee, it should be built into the advertised prices, and then they could advertise a fee reduction for those who produce volunteers. But note that Granny Gear gets volunteers without any of this balderdash, and that's because they have a better attitude and vibe at their races.
Second, these bozos actually called me at my work number repeatedly last summer when I didn't bring a team to the event. THREE VOICEMAILS pestering me to come back, asking why I wasn't, etc. Incredibly rude, especially given that they only had my work number because I had to give it to them the year before because of multiple issues I had with them registering. And that I had already told them why I thought their events sucked via email following the race.
It is true that bankruptcy does not make a company evil, but my experience as a lawyer representing companies, large and small, in their business deals, is that some companies are run in such a way that bankruptcy is an inevitable result.
Trilife always reminded me of Webvan -- a lot of fancy new trucks and equipment that never really added to the consumer's experience, and just served to bury the company in debt. Bike races, like grocery stores, are rarely high-margin enterprizes, so when a relatively new promotor is going all out on non-essential goods, it suggests a lack of fiscal responsibility at a minimum. Is this "evil?" No, but if I'm a creditor who ends up getting 20 cents on the dollar I'm not too pleased if the executive officers of the company were getting paid large salaries while the company racked up enough debt to be rendered insolvent. And it would be enough to keep me from sending them my money in advance, that is for sure.
FYI, the money owed to the law firms was not because of some coffee spill incident, I am sure. Trilife would have to have general liability insurance to cover any personal injury lawsuits and those policies cover the legal fees associated with any lawsuits. I'm not sure what the legal issues with the company were, but a company like this should not be spending $150k on legal counsel. |
| re: The Truth About Trilife | former trilife insyder
Dec 30, 2003 6:45 AM | | dudeman is dead on |
| re: The Truth About Trilife | Trilife Sympathizer
Dec 30, 2003 9:32 AM | | The Truth... how about starting with your name "Mr/Mrs/Ms. former trilife insyder"... truth be told the creditability of your posting and any others just can't be validated until you are willing to anti up! |
| re: The Truth About Trilife | insyder
Jan 2, 2004 10:45 AM | | u know who i (we) are
see you at the finish line (if there is one)
;~/ |
| re: The Truth About Trilife | Sick of The Garbage
Dec 31, 2003 5:16 PM | | Why don't all you haters learn to read and get the facts straight. As a mpast participant I have never heard of a $50 charge for not volunteering at their events. I challenge you to find me a place where they have charged this fee.
Yes their events are expensive. But they do try to have one price. Granny Gear charges you for campsites. Does Trilife? Granny Gear has a makeshift expo area and limited activities. Does Trilife? Does Granny Gear have the equivalent system of checkpoints? I think not? So before you flap your mouth off, become educated and check your facts?
As a past participant my heart goes out to Stuart and the rest of the team at Trilife. They have all worked really hard trying to put on great events for us. To all you haters, go away! Go spend hundreds of dollars on a sporting event and tell me if you get the same rewards Trilife has provided us with.
Dudeman, I am still waiting for proof of that $50 charge. Oh wait, is your head stuck up your butt!! |
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