Intrust Bank has begun foreclosure proceedings on Sheldon Coleman Jr. and several of his corporate entities, including the Big Dog Motorcycles and BDM Performance Products buildings.
In the suit, Intrust Bank seeks to recover $20 million on six different loans. Sheldon Coleman (individually), the Sheldon Coleman Living Trust, Waterview Holdings, Waterview Realty, CD Investment Partnership, Big Dog Motorcycles, Motorcycle Enterprises, BDM SC and Wichita Motorcycles are named defendants.
According to the suit, Coleman signed four different notes in 2011 for $4.7 million. In the loan agreements, he pledged as collateral almost all of the Big Dog site, as well as the company’s equipment and inventory. Coleman had also signed a $16 million note in 2009, of which he owed $14 million as of October 2013, and a 2012 note for $1.2 million, according to the court documents. Those loans are secured by the Big Dog property, as well as a stream of monthly distributions from his investment company and his life insurance policies. These notes are in default because the Big Dog property is the subject of foreclosure, the lawsuit claims.
After the closure of Big Dog Motorcycles in 2011, Sheldon Coleman started BDM Motorcycle Products, an e-commerce company originally founded to supply parts and accessories to the estimated 25,000 Big Dog owners, in an attempt to expand by offering general PG&A for the on- and off-road markets.
