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.
On October 7, 1992 (the “Petition Date”), Schwinn Bicycle Company and eight of its subsidiaries (collectively, the “Debtors” or “Schwinn”) filed petitions for relief under Chapter 11 of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. (the “Code”). The subsidiaries of Schwinn Bicycle Company that filed for bankruptcy relief were Schwinn Sales West Inc., Schwinn Sales Midwest Inc., Schwinn Sales East Inc., Paramount Design Group Inc., Excelsior Fitness Equipment Co., Schwinn Bicycle Co.
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 schwinn beach cruiser 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).
685, 126 L.Ed.2d 652 (1994). “A party can argue inconsistent positions in the alternative, but once it has sold one to the court it cannot turn around and repudiate it in order to have a second victory. . . .” Id. No matter how denominated, any findings of fact contained herein or below shall operate as Findings of Fact, and any conclusions of law contained herein or below shall operate as Conclusions of Law. As of the Petition Date, Schwinn owed True Fitness $282,349.59 for treadmills and parts which Schwinn had ordered but not paid.
The Sting-Ray[28] sales boom of the 1960s accelerated in 1970, with United States bicycle sales doubling over a period of two years. However, there were clear warning signs on the horizon. In the late 1960s, the Varsity and Continental pioneered the use of auxiliary brake levers, which allowed the rider to rest hands on the straight, horizontal center section of the ram’s horn handlebars, yet still have braking control.
We do our best to find replacement parts, but keep in mind that parts may be difficult to find, especially for older models. It also may be schwinn beach cruiser cost-prohibitive to repair your machine if it is older. Our technicians are skilled in repairing and maintaining Schwinn fitness equipment.
Schwinn was, however, able to recruit an up-and- coming rider named Lance Armstrong to its ranks. This was a no-expense-spared project of Frank W. Schwinn, who wanted the bike to be introduced in 1938. It was an unqualified success, other than that it was very expensive to produce and showed little if any real profit potential. Sponsorship of 6-day riders produced a team to showcase the Paramount, the riders such as Jerry Rodman (The Michael Jordan of that time in Chicago) and the rest of the Schwinn Co. bicycle line.
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 schwinn dealers 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.