Photo: Vincent Ip
It looks like winter is a good season for lawsuits, as a new one is on its way, after the legal battle between Kevin Schwantz and the CotA, and Polaris and Arctic Cat. Mission Motorcycles, creators of the Mission R and Mission RS electric sport bikes is doing court battle with Vincent Ip, one of the company's co-founders.
According to Asphalt & Rubber quoting The Record, Ip would be expected to let go of his stock in Mission Motorcycles, thus obeying the stock restriction agreement he signed with the other two company co-founders Marc Seeger and Andrew Ng.
The agreement states that the company can buy the shares of any co-founder, and Ip was released from his position in Mission Motorcycles in November 2013, after he allegedly made violent threats to other executives.
Both sides have their own versions of the story and it looks like the U.S. District Court in New Jersey will have to deal with the legal aspects of this affair. Ip's lawyer also stated that Mission Motorcycles files the suit after learning that he intended to sue for fraud, breach of contract and more.
We'll be back with news on this matter. However, startups never seem to benefit from such stories, which are rather bad for investor's trust.
The agreement states that the company can buy the shares of any co-founder, and Ip was released from his position in Mission Motorcycles in November 2013, after he allegedly made violent threats to other executives.
Both sides have their own versions of the story and it looks like the U.S. District Court in New Jersey will have to deal with the legal aspects of this affair. Ip's lawyer also stated that Mission Motorcycles files the suit after learning that he intended to sue for fraud, breach of contract and more.
We'll be back with news on this matter. However, startups never seem to benefit from such stories, which are rather bad for investor's trust.
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