The president and chief executive officer of motorcycle maker Bikers Dream Inc. has resigned.

Bikers Dream announced the departure of Herm Rosenman in a statement earlier this week but gave no reason and did not specify whether he had been asked to resign. Rosenman also resigned as a director.

As reported in The Business Press, the board appointed Harold Collins, vice president and general counsel of the company, to serve as acting CEO until a successor to Rosenman is named.

Rosenman could not be reached for comment, and company officials did not return calls seeking comment.

Since January the company has operated under the name Ultra Motorcycle Co., which reflects the $3.5 million sale of its retail operations to V-Twin Holdings Inc., a Washington, D.C.-based motorcycle dealer. The sale of the retail assets included five motorcycle superstores, licensing of the Bikers Dream brand and an online sales network.

Bikers Dream makes heavyweight, high-powered motorcycles and hopes to put about 2,000 on the road this year. The Mira Loma manufacturing operation employs about 65.

The board appointed Kenneth Schwartz,

a former director of the accounting firm Deloitte and Touche, to take Rosenman's seat as a director.

The deal with V-Twin Holdings called for someone from Bikers Dream to hold a designated seat on V-Twin's board, said Richard Paoli, V-Trim's president. Rosenman had that seat, and Bikers Dream now can nominate a new representative, Paoli said.

Paoli said he didn't know what was behind Rosenman's resignation.

"We were happy with Herm," Paoli said. "He knows the business, and he's a good guy."

Two weeks ago a former franchisee won a judgment for $683,601 against Bikers Dream and two former management employees. The suit, which was over a franchise repurchase, was filed before Rosenman joined the company.

A stay of the judgment is in effect, the company said in a statement, and the stay will expire May 29.

Stock in Bikers Dream, which is traded on the Nasdaq market, closed at 68 ½ cents Friday, down 28 ½ cents.

Jack Katzanek can be reached by e-mail at jkatzanek@pe.com, by phone at (909) 782-7503, or by fax at (909) 782-6072.

Published 4/8/2000