August 17, 2022 Login  


LeMond in court... again
Last Post 02/05/2022 12:43 PM by Hot Habanero. 10 Replies.
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Dale

Posts:1649

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02/04/2022 08:59 AM
The guy attracts lawsuits like honey attracts bears.

Heck of a racer, someone I'd want on my team, but to have him as a business partner?
Not a chance.

https://dockets.justia.com/docket/delaware/dedce/1:2021cv01627/77169
Cosmic Kid

Posts:4019

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02/04/2022 11:09 AM
I'm pretty sure there is a forum member who would agree with your assessment of him as a business partner.

Just say "NO!" to WCP!!!!
Dale

Posts:1649

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02/04/2022 11:16 AM
Posted By Cosmic Kid on 02/04/2022 11:09 AM
I'm pretty sure there is a forum member who would agree with your assessment of him as a business partner.



I'd forgotten about that. Had to do with this site IIRR
Orange Crush

Posts:4130

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02/04/2022 11:28 AM
What's the lawsuit about? The links aren't very clear.

Separately, came across this yesterday, a petition started in Colorado against sale of "junk bikes":
https://vancouversun.com/news/local-news/u-s-petition-that-calls-for-end-of-built-to-fail-bikes-gaining-support-in-b-c?r
Dale

Posts:1649

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02/04/2022 11:45 AM
The "junk bike" petition... tilting at windmills much?


Former CEO (served five months in that position) and four other investors are suing to recoup their 1.1m investment in LeMond Company (the composite company).

In short LeM was to raise 10m in equity capital by a certain date at which time their investment would convert to equity shares. The date got pushed out several times but LeM failed to secure the capital.

They want their money back plus interest as per their agreement.
LeM asserts the former CEO doesn't have standing.
Orange Crush

Posts:4130

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02/04/2022 11:51 AM
Oh boy. Yup, your original assessment of LeMond as a business partner sounds about right on the money.
zootracer

Posts:818

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02/04/2022 01:29 PM
In short, hell of a bike racer, not so much as a business man.... I always enjoyed watching LeMond race. He was dead on about Armstrong's drug usage. However he always came across as sort of a whiner...
6ix

Posts:450

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02/04/2022 04:03 PM
Oh boy, where to begin here. First off, thanks to Dale to explaining this case. I don't fully understand it but I suppose it's just yet another lawsuit tied to his business dealings.

I don't see him as a whiner. Rather, he KNEW what was going on when he retired in 1994. Guys that were pack-fodder or sprinters that could barely make it over the mountains were now absolutely flying. Obviously something was up, and it irked him greatly to see LA be swooned over by the media and fans, all the while knowing exactly what was going on. I'd be ticked off too. Greg was/is probably one of the most talented cyclists ever. He's a physical freak.

I wasn't working with him when the whole LeMond Composites thing started up in Tennessee, but he definitely had a lot of interest in new ways of using the material. One idea was integrating electrical wires in with the weave that could detect small fractures. Super cool idea and he was never one to be without more. I've said it before, but for every 100 wild ideas he has, 1 of them is profound and will make you take a step back and re-evaluate things.

I respected how he really saw the value in proper product design methodology. The goal-posts would change often and that made things challenging. Those blue eyes hid genius ideas behind them.

I got the experience of being able to actually work with a childhood idol. He's a genuinely great person and he shouldn't get the flack that he does. That's my 2 cents. Being able to travel with him to France where he is better known by the public is something I'll always remember. It was like Almost Famous, but for bike racers.
zootracer

Posts:818

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02/05/2022 12:16 AM
6x thanks for the info. I rode with a guy years and years ago that knew Greg when he lived in Reno. He said Greg was just an ordinary kid who could ride fast. I remember back in the late 80's when LeMond came on the scene. He changed cycling in the USA. I used to ride all the back roads in Santa Clara County Ca in the 70's and 80's and rarely ever saw another cyclist. People became involved. Bikes shops expanded. Same thing happened with Armstrong, however things changed after he admitted to doping. Right now bikes are getting so damn expensive it's kinda going backwards, in my neck of the woods anyway...

I should not have the negative things about Greg. It was early in the morning and I had not had my warm cup of milk yet.
Cosmic Kid

Posts:4019

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02/05/2022 08:11 AM

I should not have the negative things about Greg


Nah…everyone has their flaws. No need to idolize anyone. Best to see things clearly.

Lemond was a great racer and by all accounts, a supremely decent guy. Having met him a few times (once randomly at a hotel in Redmond, WA), I can attest to that. But the evidence is also clear that as a businessman, he struggles and seems out of his depth.
Just say "NO!" to WCP!!!!
Habanero

Posts:257

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02/05/2022 12:43 PM
Interesting stuff that once again highlights Greg's business shortcomings. I wonder why he doesn't work closely with someone more in tune with the business space to help his ideas succeed long term.
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