Rep Power: 0

I was announced that Honda's brother "Mugen" had to file for backrupt due to the owner being charged with inbezelment (sp?) I don't know what is going to exactly happen with Mugen. Also AEM Bought out DC sports. but here is the article i got from www.acura-forum.com

It is truly regrettable that our Company and its representative director, Hirotoshi Honda, were indicted for suspicion of the violation of Corporation Tax Law. In spite of understanding of our clients and their guidance and assistance toward our Company's motor sports business, we have caused tremendous troubles and anxiety to our clients. We wish to express our sincere apology from the bottom of our hearts.

Hirotoshi Honda, the representative director, seriously accepted the situation of this case as the chief executive officer and expressed his intention to resign actually from the management of our Company. As a result, it has been decided that our Company is scheduled to assign our entire business as of January 1, 2004 to a new company "Kabushiki Kaisha M-TEC" which will be incorporated on October 1, 2003 and this new company will succeed to and continue the entire business of our Company.

Moreover, in order to avoid absolutely situations of creating troubles and delay in our business or causing inconveniences to our customers or those who are related to the racing business world, we requested the cooperation of our major client, Messrs. Honda Motor Co., Ltd. for continuation of our business. We received a reply from Messrs. Honda Motor Co., Ltd. that our business contracts including the race participation consignment contracts would be assigned to the new company. Therefore, in the future, the new company will continue our business transactions with Messrs. Honda Motor Co., Ltd.

Our Company has already asked outside professionals to participate in our management and commenced the drastic management reform to review the business management in general, without any sanctuary, to prevent recurrence of scandals and to secure transparency in decision making in the company management. Based on the same fundamental understanding, the new company intends continuously to contemplate intensification of compliances by its officers and employees.

We again wish to express our sincere apology for causing tremendous inconveniences toward our customers as a result of this event and request your continuous guidance and support in the future.




Trade Name: Kabushiki Kaisha M-TEC

Representative: Shin Nagaosa, director of our company

Location of Head Office: 2-15-11, Hizaori-cho, Asaka City, Saitama Prefecture

Capital: 30,000,000yen

Business Assignment: Generally, the new company succeeds to entire business, all employees, current facilities, contracts, etc. of our company. However, as for MUGEN brands (trademarks), the new company will continuously use them by concluding an exclusive license agreement with our Company.


Sincerely,

Mugen Co., Ltd.

 
Rep Power: 364

I'm not exactly worried about it. They didn't support our cars, and their stuff was WAY too expensive for what you got.

That's sad and unfortunate the guy imbezeled though.

 
Rep Power: 0

Im happy Mugen going bankrupt..... Thats cool that AEM Bought out DC sports.. dc Sports suck anyway

 
Rep Power: 300

Jebus with all the sales you're gonna see so much JDM wanna be's.

 
Rep Power: 584

embezzlement, no doubt charging the prices they charge, no wonder

 
Rep Power: 0

i do agree that mugen and spoon are really overpriced, but even if they did stop selling their products it would still suck if they also stopped competing in the japanese circuit races and all.