5 ms·

What's going to happen to the money? The only reason I can think of to auction the bikes instead of donating them to another museum is that whoever controls th

by s17n 3y ago

What's going to happen to the money? The only reason I can think of to auction the bikes instead of donating them to another museum is that whoever controls the organization is planning to basically appropriate the cash.

_moof 3y ago
Seeing as how they're closing because they can't afford to stay open, I'd imagine the money will go to bills.
nayuki 3y ago
The owners have the right to do sell the bikes and collect the cash. They can spend it for anything they wish - to start a new venture, to enjoy life, to light it on fire, whatever. That's the deal they entered into when they chose to become the owners of this collection. It's no different than if an individual sold a house or a baseball card. They can spend the cash however they like.
- psunavy03 3y ago
  The internet always struggles with this concept.
  - Ensorceled 3y ago
    Yes, the internet always struggles when registered nonprofits with what must be millions in assets “go under” in ways where it is unclear what is happening to the assets.
- tass 3y ago
  It’s a 501(c)(3) which doesn’t allow the board to spend the proceeds as they wish. Not an expert here, but from what I’ve read it seems anything left over must go towards charitable purposes.
  - yial 3y ago
    In theory, the funds should go to a nonprofit with a similar mission. I’m confused at the auction, unless no other museums of motorcycles wanted part of the collection.
- fergie 3y ago
  In the United States, burning banknotes is prohibited under 18 U.S.C. § 333: Mutilation of national bank obligations.
  - hiatus 3y ago
    While true, I don't think anyone has ever been prosecuted under this statute for performative burnings. From what I could find prosecutions seem to be concentrated on fraud.
rasz 3y ago
'National' and 'Museum' are doing the heavy lifting here to make you feel this way. Its a privately owned collection incorporated as a non profit to avoid taxes.
- tass 3y ago
  Is this possible? Their own website says “With your generous support we have expanded the list of motorcycles on display from 40 to over 500.” If that means many of these were donated, it doesn’t seem to be a private collection. Maybe the non-profit is the museum without the collection, and the museum just shows non-museum owned stuff?
- CalRobert 3y ago
  It's a cheap way to get a veneer of respectability. The best example of this I know of is the "National" leprechaun museum. https://www.leprechaunmuseum.ie/ https://www.leprechaunmuseum.ie/ . At least they had the good taste not to put it in the domain name.
jmclnx 3y ago
Plus, if some of the Motorcycles were donated from private people, will the downer or their estate get the funds ? Seems like the owners realized they are sitting on a gold mine and will cash in with the auction.

by s17n 3y ago

_moof 3y ago

Seeing as how they're closing because they can't afford to stay open, I'd imagine the money will go to bills.

nayuki 3y ago

The owners have the right to do sell the bikes and collect the cash. They can spend it for anything they wish - to start a new venture, to enjoy life, to light it on fire, whatever. That's the deal they entered into when they chose to become the owners of this collection. It's no different than if an individual sold a house or a baseball card. They can spend the cash however they like.

psunavy03 3y ago
The internet always struggles with this concept.
- Ensorceled 3y ago
  Yes, the internet always struggles when registered nonprofits with what must be millions in assets “go under” in ways where it is unclear what is happening to the assets.
tass 3y ago
It’s a 501(c)(3) which doesn’t allow the board to spend the proceeds as they wish. Not an expert here, but from what I’ve read it seems anything left over must go towards charitable purposes.
- yial 3y ago
  In theory, the funds should go to a nonprofit with a similar mission. I’m confused at the auction, unless no other museums of motorcycles wanted part of the collection.
fergie 3y ago
In the United States, burning banknotes is prohibited under 18 U.S.C. § 333: Mutilation of national bank obligations.
- hiatus 3y ago
  While true, I don't think anyone has ever been prosecuted under this statute for performative burnings. From what I could find prosecutions seem to be concentrated on fraud.

rasz 3y ago

'National' and 'Museum' are doing the heavy lifting here to make you feel this way. Its a privately owned collection incorporated as a non profit to avoid taxes.

tass 3y ago
Is this possible? Their own website says “With your generous support we have expanded the list of motorcycles on display from 40 to over 500.” If that means many of these were donated, it doesn’t seem to be a private collection. Maybe the non-profit is the museum without the collection, and the museum just shows non-museum owned stuff?
CalRobert 3y ago
It's a cheap way to get a veneer of respectability. The best example of this I know of is the "National" leprechaun museum. https://www.leprechaunmuseum.ie/ https://www.leprechaunmuseum.ie/ . At least they had the good taste not to put it in the domain name.

jmclnx 3y ago

Plus, if some of the Motorcycles were donated from private people, will the downer or their estate get the funds ? Seems like the owners realized they are sitting on a gold mine and will cash in with the auction.