A New York holding company was granted the trademark for "Daytona Beach Bike Week" for only $87.50, and has begun sending letters threatening to "take all legal actions to protect its rights" against Daytona Beach businesses that produce or sell merchandise with that name, according to a News-JournalOnline.com report.

According to the report, the company operates under several names, including Mettemp Inc. and Consolidated Distributors Inc. The report says the company has also alluded to seizing products with the Daytona Beach Bike Week name as "counterfeit goods."

The report says the Daytona Regional Chamber of Commerce, which manages the annual event, has hired a law firm to contest the company's claim and block its bid for a federal trademark.

To read the full report, click here