The legendarily offbeat frame firm Ibis has filed for bankruptcy according to Velonews.com.

The Californian company moved to Montana last year to cut staffing costs after 20 years of basking in the sunshine state. But that only delayed rather than solved the bankruptcy.

Founder Scot Nicol had built up a great reputation for beautifully built frames with features such as 'Moron' butted tubing (as in 'Mor on' the ends) and 'Hand Job' brake hangers, as well as suspension freaks like the "Bow Ti". However a co-production deal with Strong Frames failed late last year, and the company has now applied for Chapter 7 bankruptcy with liabilities of nearly $1.5 million.

We'll be sorry to see them go, they always rode beautifully and made us chuckle at the same time.

However there is good news for British steel fans who missed our forum update of the Reynolds story. Local media coverage has roused an insurance firm into covering their insurance bill, and everybody is back at work again.

Don't you just love a happy ending?