Bankrupt and riddled with lawsuits, once-promising brand Iron Horse has been sold to Dorel Industries for a meager $5.2 million. Dorel also owns Cannondale, GT, Schwinn, Mongoose and Pacific Cycle. Not a bad group of brands to have under one roof.

Apparently bidding in federal bankruptcy court started at $2.7 million and went up in increments of $25,000. 
This whole thing is still a huge mess though. If you find industry squabbles entertaining head over to Bicycle Retailer for the full story.