The Dawning of a New Dynasty

Perhaps the questions which I get asked the most are "whatever became of Dynasty?" and "are they still in business, or did they go under?" The purpose of this article is to ensure everyone that Dynasty did not go bankrupt and that they have returned, stronger than ever, prepared to take on the fickle forces of the budding low-speed electric vehicle (LSV) market in North America. But before going forward, there is a need to step back a bit...

Dramatically undercapitalized, Dynasty terminated all employees (including myself) in July 2001, after reaching the limit of their financing. They sought new capital in the manner they had become accustomed to, by selling more shares into their venture, but the market had stagnated and then the financial world recoiled as terrorists' agendas pushed stocks further down. Time was not on Dynasty's side and under the extreme pressure of over 240 creditors, owed from $7.50 (Peace Bridge Brokerage, Ontario) to $252,800 (GLT Pattern Works, Quebec), and adding up to about $3.25 million, Dynasty was fighting for its life.

In a financial maneuver which is becoming commonplace, BDO Dunwoody's "Business Recovery Services" were called in to sort things out. A proposal was made to the creditors - take them to court and lose everything (since most of the money was spent on research and development. there was very little inventory to sell off) or convert their debt into shareholding in the company and increase their chances of recovering some or all of their money. The creditors voted to accept the latter arrangement and Dynasty was saved from the clutches of financial ruin, re-emerging on a far more stable financial footing since it no longer had the burden of debt. Once in this position, the company was sold to Commercial Body Builders, a "vehicle integrator and custom manufacturer" business presided by Dean MacKay and located in Delta, B.C., my birthplace and old stomping grounds.

The new regime afforded me the opportunity to get to know them by sending me to Florida last December, to help exhibit the Dynasty IT at the Electric Transportation Industry Conference held in Hollywood Beach. The "new" IT was well received by the 5,000-plus delegates and about 30 were sold during that week, mostly dealer orders. The sedan and van models, which were in production when the company closed its doors in July 2001, have been tweaked a little to add value to the product, with better-fitting windows, an external charge port, more comfortable seats and maintenance-free batteries. Two convertible versions are now in production as well, both well received by the sun-belt attendees at the conference. A number of interested parties approached Dynasty to become dealers in various American states as well.

My impression of Dynasty's new ownership is quite favourable and I left Florida with the conviction that these are just the right people to lead the LSV charge. The previous executive are highly talented individuals as well, evidenced by the fact that they got their dream off the ground and ultimately steered the company out of disaster, despite market pressures conspiring against them. The famous American icon, Preston Tucker, did no more than these men and history has remembered him as a visionary. Timing, I always say, is everything in life and finally time is on Dynasty's side.