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Peter Stevens Motorcycles - Appointed Voluntary Administrators

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  • paulybronco
    paulybronco
    1 month
    There's been a bit going on with the Chiodo family with Paul's son Mark dying in the last week or so as a result of falling from a balcony. His dad Paul Chiodo is currently under investigation/court over the $480 million Shield Master Fund. Allegations revolve around a series of transactions that appear to be suspicious including a 4.3mil apartment bought in his wives name from that fund along with concerns included investor funds allegedly being used in relation to:
    $154 million paid to a builder, the builder's company and related entities for Chiodo Corporation's residential projects based only on oral agreement. The builder was unlicensed in Queensland until recently.
    $6.8 million for personal expenses for Mr Chiodo.
    $644,000 paid for events with sports stars, including boxers Floyd Mayweather ($302,000) and Tyson Fury ($110,000), NBA player Josh Giddey ($100,000) and former NBA player Allen Iverson ($132,000).
  • tussuck
    tussuck
    1 month
    Quoting paulybronco on 19 May 2025 09:38 AMedited: 19 May 2025 09:43 AM

    There's been a bit going on with the Chiodo family with Paul's son Mark dying in the last week or so as a result of falling from a balcony. His dad Paul Chiodo is currently under investigation/court over the $480 million Shield Master Fund. Allegations revolve around a series of transactions that appear to be suspicious including a 4.3mil apartment bought in his wives name from that fund along with concerns included investor funds allegedly being used in relation to:

    $154 million paid to a builder, the builder's company and related entities for Chiodo Corporation's residential projects based only on oral agreement. The builder was unlicensed in Queensland until recently.
    $6.8 million for personal expenses for Mr Chiodo.
    $644,000 paid for events with sports stars, including boxers Floyd Mayweather ($302,000) and Tyson Fury ($110,000), NBA player Josh Giddey ($100,000) and former NBA player Allen Iverson ($132,000).

    OMG..... why the fuck are rich pricks so low!  falling or pushed!
  • 408
    408
    1 month
    Quoting paulybronco on 19 May 2025 09:38 AMedited: 19 May 2025 09:43 AM

    There's been a bit going on with the Chiodo family with Paul's son Mark dying in the last week or so as a result of falling from a balcony. His dad Paul Chiodo is currently under investigation/court over the $480 million Shield Master Fund. Allegations revolve around a series of transactions that appear to be suspicious including a 4.3mil apartment bought in his wives name from that fund along with concerns included investor funds allegedly being used in relation to:

    $154 million paid to a builder, the builder's company and related entities for Chiodo Corporation's residential projects based only on oral agreement. The builder was unlicensed in Queensland until recently.
    $6.8 million for personal expenses for Mr Chiodo.
    $644,000 paid for events with sports stars, including boxers Floyd Mayweather ($302,000) and Tyson Fury ($110,000), NBA player Josh Giddey ($100,000) and former NBA player Allen Iverson ($132,000).


    How many wives did he have ?
  • steelo
    steelo
    1 month
    It’s interesting that it’s hard to find any words of support or genuine grief for ps. Not even a topic of discussion on bike rides. Probably will mean that it’ll be harder and longer to get service or parts at the Indy’s if they do fail. 
  • Hilly
    Hilly
    1 month
    Hey Steelo, I've had no personal experience with PS but mate I've seen a lot of negative stuff written about them by those that have or claim to have had dealings, that might have a bit to do with the lack of empathy towards them, always a shame to see people lose their jobs and as you say it could well impact others, if they were a well liked enterprise I guess we would be seeing more support?
  • paulybronco
    paulybronco
    1 month
    I believe that there is some circling by other major players in the industry keen to pick up the bones. Seems like they are able to trade till EOFY before the administrators make the call to knock it on the head or sell it off. A betting person may mention Team Moto in this space...
  • paulybronco
    paulybronco
    1 month
    Guess that if a major player gets involved then we end up with a cartel able to dictate the prices and a bit like what's happened with both Mercedes and Honda there is no negotiation on price regardless what dealer you go to. Anyway stay tuned more to unpack i am sure.
  • Jay-Dee
    Jay-Dee
    1 month
    Quoting steelo on 23 May 2025 12:56 AM

    It’s interesting that it’s hard to find any words of support or genuine grief for ps. Not even a topic of discussion on bike rides. Probably will mean that it’ll be harder and longer to get service or parts at the Indy’s if they do fail. 

    It's good to see you back steelo, it's been awhile (unless I've somehow missed posts before this one).
  • Uncle Ho
    Uncle Ho
    1 month
    Quoting paulybronco on 23 May 2025 10:57 AM

    Guess that if a major player gets involved then we end up with a cartel able to dictate the prices and a bit like what's happened with both Mercedes and Honda there is no negotiation on price regardless what dealer you go to. Anyway stay tuned more to unpack i am sure.

    In my experience there never was any negotiation... the sales guy even apologised that he could not discount. Got over a grand off through M&W
  • Soapbox2627
    Soapbox2627
    1 month
    My 2019 Roady, I phoned both Adelaide dealers, PS never got back to me, I rang Canberra HD and got it over $5k cheaper, with flights, Accom on the way home and with the accessories and rego, I was still about $1k saved, the parts taken off and gifts were posted to home by them, they were there before me overnight, I was very happy, i may have got it on the right day, time and place kind of thing
  • paulybronco
    paulybronco
    12 days ago
    Read that a preliminary audit shows that the group owes $65million to various providers. The Audit indicated that "a large percentage" of the debt are owed to clients around deposits for new motorcycles not yet delivered. 
  • tussuck
    tussuck
    11 days ago
    There be a few kneecaps running scared if they default on deposits.....
  • Soapbox2627
    Soapbox2627
    11 days ago
    Quoting paulybronco on 18 Jun 2025 12:26 PM

    Read that a preliminary audit shows that the group owes $65million to various providers. The Audit indicated that "a large percentage" of the debt are owed to clients around deposits for new motorcycles not yet delivered. 

    I was in Bills Motorcycles days before they went into administration.
    A mate of mine had a M80 on consignment, I could not see it so asked about it, they said it was sold a couple days back, I said "cool, Mike will be happy", I phoned Mike with the good news
    they had not contacted him, so he rang them (friday), spoke to the owner who was not in the shop, but would phone the office to get the money transfered.
    he rang back monday, the administrator answered, long story short, he lost $6k
  • Hilly
    Hilly
    11 days ago
    That's fucked Soap!
    Apparently they have been in trouble for quite some time, that's why they split the business so they could ditch the baggage, let retail take the fall and keep the import distribution going, if that's the case, not saying it is but it does smell funny, there will be protracted legal proceedings coming their way, I'm not making it up, read it today.
  • Retroman
    Retroman
    11 days ago
    Quoting paulybronco on 23 May 2025 10:57 AM

    Guess that if a major player gets involved then we end up with a cartel able to dictate the prices and a bit like what's happened with both Mercedes and Honda there is no negotiation on price regardless what dealer you go to. Anyway stay tuned more to unpack i am sure.


    On that "cartel" topic.

    When I bought my first Harley, a new FXDS Dyna Convertible in 1995, from Frasers Perth WA, no matter which dealer you bought a new Harley from in WA you still bought it from Frasers as they were the importers and distributors in WA and NSW.

    So a "cartel" of sorts. No discount EVER on sticker price, salesmen they would laugh when asked.
    "If you don't buy it the next guy will". Verging on arrogant and snotty. Could take over a year to get a new Harley in a chosen colour.

    Upside ? (yes there was one !), your year old Harley has HUGE residual value, often close to new price.

    That lasted until 2013 , when the Frasers group had the first "real" competition. You could get a "deal" noisy mufflers thrown in etc etc. BUT your new bike depreciated , something previously unseen with used Harleys in Australia.

    So be careful what you wish for as they say. We are all watching the Perth PS Harley shop, Midland HD to see what happens.
  • paulybronco
    paulybronco
    10 days ago
    A couple of things that was not widely known about the Fraser HD import and distribution business. The reason there was no deals in those days was because they had to maximise the profit on every bike because the factory were playing games with supply. For every big v twin (popular) they also were allocated two non popular smaller models. The cost of floorplan finance was significant and Frasers then in turn would try push a big v twin and a non popular model at a reduced/subsidised price to other dealers as a package deal. We were a franchised Dealer of HD , including every other Jap and Euro brand other than Yamaha and had significant floor traffic and got stuck with several un popular bikes. At one stage a single class Sporties race series was introduced to try bolster sales and recognition of the humble sporty and get sales flowing. Fraser was subsidising the purchase of those bikes as well. Ultimately HD USA took back the importing and distribution of the bikes and our importation is via Singapore.
  • Uncle Ho
    Uncle Ho
    10 days ago
    Quoting paulybronco on 23 May 2025 10:57 AM

    Guess that if a major player gets involved then we end up with a cartel able to dictate the prices and a bit like what's happened with both Mercedes and Honda there is no negotiation on price regardless what dealer you go to. Anyway stay tuned more to unpack i am sure.

    Quoting Retroman on 19 Jun 2025 01:07 PM


    On that "cartel" topic.

    When I bought my first Harley, a new FXDS Dyna Convertible in 1995, from Frasers Perth WA, no matter which dealer you bought a new Harley from in WA you still bought it from Frasers as they were the importers and distributors in WA and NSW.

    So a "cartel" of sorts. No discount EVER on sticker price, salesmen they would laugh when asked.
    "If you don't buy it the next guy will". Verging on arrogant and snotty. Could take over a year to get a new Harley in a chosen colour.

    Upside ? (yes there was one !), your year old Harley has HUGE residual value, often close to new price.

    That lasted until 2013 , when the Frasers group had the first "real" competition. You could get a "deal" noisy mufflers thrown in etc etc. BUT your new bike depreciated , something previously unseen with used Harleys in Australia.

    So be careful what you wish for as they say. We are all watching the Perth PS Harley shop, Midland HD to see what happens.

    Bought my 2006 FXDB (Street Bob) from Frasers in Perth.... your description was spot-on even then. In those days people would go to Bunbury just not to have to deal with Frasers. I know some guys who went as far a Mackay.

    Was in Sydney with issues with bike in December 2009 and Frasers there told me to take the bike to Perth... "that's where you bought it" >_> ... ended up resolving the issue in Bendigo with I think Les Penna Motorcycles on my way to Adelaide.
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