TV star Paul Teutul Sr., founder of Orange County Choppers Holdings, sought Bankruptcy Court protection for his merchandising unit with plans to liquidate its assets. Its Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed Thursday in Poughkeepsie, NY.

Under Chapter 7 of the Bankruptcy Code a trustee will automatically be appointed to dismantle the company, sell its assets and distribute the proceeds to creditors.

Considering the demand for Orange County Chopper merch is probably at an all-time low right now, especially after the show American Chopper was taken off TV, OCC itself faced foreclosure, and Paul Teutul Sr. was named in an illegal steroid ring, we think the trustee will simply break apart Hudson Valley Merchandising LLC and sell-off its business assets.

Via Motorsports Newswire