You are right, until now I have only heard only one side and wasn't in the industry, when I think about it a lot of folks must have followed every twist and turn of those events very carefully. The above partial sentence could take a chapter or two of a carefully researched book to explain from both sides.
As soon as Giant was set up to work with them....
I'm absolutely put the book "no hands" (Great title!) on my list of books to read.
For a little more detail on who owns (owned) the Schwinn name now I found this 2004 WP article I'll clip in parts of this article:
Titled: A Rough Ride for Schwinn Bicycle
As the World Economy Shifted, So Did the Fortunes of an American Classic
By Griff Witte
Washington Post Staff Writer
Friday, December 3, 2004; Page A01
The Schwinn Bicycle Co. went bankrupt in 1993 and sold off the brand. But at its peak two decades earlier, the Schwinn family oversaw a labor force of 2,000, the majority of whom never made it past high school. Several thousand more U.S. workers benefited from jobs at Schwinn dealerships, or in the steel and rubber factories that supplied parts.
About 75 miles away, in Madison, Pacific Cycle manages the Schwinn brand from a sleek office with just 80 workers. Pacific, part of a Canadian conglomerate, has a couple of hundred employees in California warehouses, taking in the bikes imported from the seven Chinese factories where most Schwinns are produced.
From California, the bikes fan out to mass merchants such as Wal-Mart. Once there, cashiers making less than $10 an hour ring up the latest Sting Ray at prices much cheaper than the original. Pacific sells more than a quarter of all bikes purchased in the United States, with just about 350 U.S. employees.