UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]  QUARTERLY  REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE  SECURITIES  AND
     EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2000

[_]  TRANSACTION  REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
     EXCHANGE ACT OF 1934

For the transition period from ______________ to ________________

Commission file number - 0-2642

                            TRIDENT ROWAN GROUP, INC
             (Exact name of registrant as specified in its charter)

             Maryland                                         52-0466460
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                           Identification No.)

              299 Park Avenue,  16th Floor, New York, New York 10171
              (Address of principal executive offices - Zip code)

Registrant's telephone number, including area code: (212) 644-4441

Former  name,  former  address and former  fiscal  year,  if changed  since last
report.

Indicate by checkmark  whether the registrant (1) has filed all reports required
to be filed  by  Section  13 or 15 (d) of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports)  and (2) has been  subject to such  filing
requirements for the past 90 days.

                        Yes _____         No __X__

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by checkmark whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the  Securities  Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.

                        Yes _____         No _____

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding
of each of the issuer's  classes of common stock,  as of the latest  practicable
date.

Common  stock,  par value $.01 per share,  4,119,900  shares  outstanding  as of
October 18, 2001.

<PAGE>


                            TRIDENT ROWAN GROUP, INC.
                                      INDEX


<TABLE>
<CAPTION>
                                                                                                  Page
                                                                                                  ----
<S>                                                                                               <C>
Part I Financial Information

Item 1 Financial Statements
   Consolidated Balance Sheets at June 30, 2000 - Assets...........................................2
   Consolidated Balance Sheets at June 30, 2000 - Liabilities and Shareholders' Deficit............3
   Consolidated Statements of Operations for the three months to June 30, 2000.....................4
   Consolidated Statements of Operations for the six months to June 30, 2000.......................5
   Consolidated Statements of Changes in Shareholders' Deficit.....................................6
   Consolidated Statements of Cash Flows...........................................................7
   Notes to Consolidated Financial Statements......................................................8

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations......17
</TABLE>


                                        1
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
June 30, 2000


<TABLE>
<CAPTION>
                                                                      June 30        June 30        Dec. 31
                                                                       2000           2000           1999
                                                                      US$'000        Lit. m         Lit. m
<S>                                                                  <C>            <C>            <C>
ASSETS
Cash and cash equivalents.......................................     $    339 Lit.       688 Lit.    12,468
Marketable securities, at cost .................................        2,005          4,066          4,066
Receivables.....................................................          571          1,158          1,764
   Trade .......................................................           17             35            478
   Other receivables ...........................................          554          1,123          1,285
Prepaid Expenses ...............................................           66            134            195
                                                                     --------       --------       --------
TOTAL CURRENT ASSETS                                                    2,981          6,046         18,493
                                                                     --------       --------       --------

Property, plant and equipment...................................           93            187            292
Trademark and other intangibles, net of amortization
   of Lit. 1,450 in 1999 .......................................           --             --            150
Goodwill, net of amortization of Lit. 435
   (1999 - Lit 425) ............................................           49            100            110
Unamortized debt charges .......................................          335            679            858
Tax receivables ................................................        1,100          2,230          2,229
Other assets ...................................................            3              7             36
Net assets of discontinued motorcycle operations ...............          637          1,290             --
Net assets of discontinued steel tube operations ...............        1,107          2,244          1,538
                                                                     --------       --------       --------
TOTAL ASSETS                                                         $  6,305 Lit.    12,783 Lit.    23,706
                                                                     ========       ========       ========
</TABLE>


Note:  The balance  sheet as at  December  31,  1999 has been  derived  from the
audited  financial  statements  at that  date but does  not  include  all of the
information and footnotes required by generally accepted accounting principles.


                 See Notes to Consolidated Financial Statements


                                        2
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
June 30, 2000


<TABLE>
<CAPTION>
                                                                     June 30         June 30        Dec. 31
                                                                       2000           2000           1999
                                                                     US$'000         Lit. m         Lit. m
<S>                                                                  <C>            <C>            <C>
LIABILITIES
Current portion of long-term debt ..............................          300            609            553
Amounts due to related parties..................................           --             --            173
Accounts payable ...............................................          689          1,397          1,888
Accrued expenses and other payables ............................        1,077          2,184          4,773
                                                                     --------       --------       --------
TOTAL CURRENT LIABILITIES                                               2,066          4,190          7,387
                                                                     --------       --------       --------

Net liabilities of discontinued motorcycle operations ..........           --             --          8,697
Long-term debt, less current portion ...........................        6,250         12,675         12,634
Provision for claims ...........................................        2,740          5,557          5,700
Minority interests .............................................        1,071          2,170          6,362
Advances for subsidiary stock subscription .....................           --             --          2,405
Redeemable preferred stock of subsidiary .......................        7,199         14,597             --
SHAREHOLDERS' DEFICIT...........................................      (13,021)       (26,406)       (19,479)
Common stock, par value $0.01 per share:
Authorized 50,000,000 shares,
   4,119,900 (1999 - 4,119,900) shares outstanding, ............           52            106            106
Additional paid-in capital .....................................       51,694        104,836        104,594
Treasury stock, at cost ........................................      (23,434)       (47,524)       (47,524)
Accumulated other comprehensive income .........................         (464)          (940)          (717)
Accumulated deficit ............................................      (40,869)       (82,884)       (75,968)
                                                                     --------       --------       --------
LIABILITIES AND SHAREHOLDERS' DEFICIT                                $  6,305 Lit.    12,783 Lit.    23,706
                                                                     ========       ========       ========
</TABLE>


Note:  The balance  sheet as at  December  31,  1999 has been  derived  from the
audited  financial  statements  at that  date but does  not  include  all of the
information and footnotes required by generally accepted accounting principles.


                 See Notes to Consolidated Financial Statements


                                        3
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited  Condensed  Consolidated  Statements of Operations
3 Months ended June 30, 2000 and 1999


<TABLE>
<CAPTION>
                                                                     June 30         June 30         June 30
                                                                      2000            2000            1999
                                                                     US$'000          Lit. m          Lit. m
<S>                                                                 <C>             <C>             <C>
Net sales ......................................................    $      15 Lit.         31 Lit.        394
Cost of sales ..................................................           --              --            (242)
                                                                    ---------       ---------       ---------
                                                                           15              31             152
Selling, general and administrative expenses ...................         (618)         (1,253)         (1,253)
                                                                    ---------       ---------       ---------
Operating loss .................................................         (603)         (1,222)         (1,101)
Interest expense ...............................................         (159)           (322)           (244)
Interest income ................................................            6              12             457
Other income, net ..............................................            5              10             179
                                                                    ---------       ---------       ---------
Loss from continuing operations before
   income taxes ................................................         (751)         (1,522)           (653)
Income taxes  ..................................................           --              --              (4)
Subsidiary preferred stock dividends  ..........................         (128)           (259)             --
Amortization of premium for subsidiary
   preferred stock redemption ..................................         (186)           (377)             --
                                                                    ---------       ---------       ---------
Loss from continuing operations ................................       (1,065)         (2,158)           (657)
Discontinued operations (Note 2) ...............................       (2,201)         (4,462)         (4,973)
   Loss of motorcycle operations after income
      taxes of  Lit. 441 and Lit. 26............................       (2,382)         (4,830)         (5,094)
   Profit of steel tube operations after income
      taxes of Lit. 0 and Lit. 0 ...............................          181             368             121
Minority interests..............................................        1,361           2,761           2,524
                                                                    ---------       ---------       ---------
Net loss........................................................    $  (1,905) Lit.    (3,859) Lit.    (3,106)
                                                                    =========       =========       =========

LOSS)/ PER SHARE                                                       US$             Lit.            Lit.

Continuing operations ..........................................        (0.26)           (533)           (153)
Discontinued operations & minority interest ....................        (0.20)           (420)           (572)
                                                                    ---------       ---------       ---------
                                                                        (0.46)           (953)           (726)
                                                                    =========       =========       =========
Weighted average number of shares Outstanding during the period:

Basic ..........................................................    4,051,566       4,051,566       4,283,233
                                                                    =========       =========       =========

Fully diluted ..................................................    4,051,566       4,051,566       4,329,711
                                                                    =========       =========       =========
</TABLE>


                 See Notes to Consolidated Financial Statements


                                        4
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited  Condensed  Consolidated  Statements of Operations
6 Months ended June 30, 2000 and 1999


<TABLE>
<CAPTION>
                                                                     June 30         June 30         June 30
                                                                       2000            2000            1999
                                                                     US$'000          Lit. m          Lit. m
<S>                                                                 <C>             <C>             <C>
Net sales ......................................................    $      37 Lit.         76 Lit.        817
Cost of sales ..................................................           --              --            (419)
                                                                    ---------       ---------       ---------
                                                                           37              76             398
Selling, general and administrative expenses ...................       (1,131)         (2,293)         (2,487)
                                                                    ---------       ---------       ---------
Operating loss .................................................       (1,094)         (2,217)         (2,089)

Interest expense ...............................................         (292)           (592)           (432)
Interest income ................................................          208             421             470
Other income, net ..............................................           45              92             167
                                                                    ---------       ---------       ---------
Loss from continuing operations before
   income taxes ................................................       (1,133)         (2,296)         (1,884)
Income taxes  ..................................................           --              --              87
Subsidiary preferred stock dividends  ..........................         (176)           (357)             --
Amortization of premium for subsidiary
   preferred stock redemption ..................................         (472)           (958)             --
                                                                    ---------       ---------       ---------
Loss from continuing operations ................................       (1,781)         (3,611)         (1,797)
Discontinued operations (Note 2) ...............................       (3,757)         (7,618)         15,640
   Loss of motorcycle operations after income
      taxes of  Lit. 514 and Lit. 66............................       (4,105)         (8,324)        (10,399)
   Gain on merger of motorcycle operations......................           --              --          25,837

   Profit of steel tube operations after income
      taxes of Lit. 0 and Lit. 0 ...............................          348             706             202

Minority interests..............................................        2,112           4,283            (321)
                                                                    ---------       ---------       ---------
Net (loss)/profit ..............................................   $   (3,426) Lit.    (6,946) Lit.    13,522
                                                                    =========       =========       =========

(LOSS)/PROFIT PER SHARE                                                US$             Lit.            Lit.

Continuing operations ..........................................        (0.44)           (891)           (420)
Discontinued operations & minority interest ....................        (0.41)           (823)          3,577
                                                                    ---------       ---------       ---------
                                                                        (0.85)         (1,715)          3,156
                                                                    =========       =========       =========
Weighted average number of shares Outstanding during the period:

Basic ..........................................................    4,051,566       4,051,566       4,283,233
                                                                    =========       =========       =========

Fully diluted ..................................................    4,051,566       4,051,566       4,366,056
                                                                    =========       =========       =========
</TABLE>


                 See Notes to Consolidated Financial Statements


                                        5
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Shareholders' Deficit
June 30, 2000


<TABLE>
<CAPTION>
                                                                                Accumulated
                                                         Additional                other                      TOTAL    Comprehensive
                                                Common    paid-in    Treasury  Comprehensive  Accumulated  SHAREHOLDERS'   income/
                   Lire million                 stock     capital     stock        Income       deficit      EQUITY        (loss)
                                               -------    --------   --------     --------     --------     --------     --------
<S>                                    <C>         <C>     <C>        <C>             <C>       <C>          <C>           <C>
At January 1, 2000                     Lit.m       106     104,594    (47,524)        (717)     (75,938)     (19,479)

Net loss                                            --          --         --           --       (3,087)      (3,087)      (3,087)
Translation adjustment                              --          --         --         (266)          --         (266)        (266)
Vesting of shares subject to forfeit                --         121         --           --           --          121           --
                                               -------    --------   --------     --------     --------     --------     --------

At March 31, 2000                      Lit.m       106     104,715    (47,524)        (983)     (79,025)     (22,711)      (3,353)

Net loss                                            --          --         --           --       (3,859)      (3,859)      (3,859)
Translation adjustment                              --          --         --           43           --           43           43
Vesting of shares subject to forfeit                --         121         --           --           --          121           --
                                               -------    --------   --------     --------     --------     --------     --------

At June 30, 2000                       Lit.m       106     104,836    (47,524)        (940)     (82,884)     (26,406)      (3,816)

At June 30, 2000                       $'000        52      51,694    (23,434)        (464)     (40,870)     (13,021)      (1,882)
                                               =======    ========   ========     ========     ========     ========     ========
</TABLE>


Accumulated  other  comprehensive  income is represented by differences from the
change in exchange  rates from period to period on  translation of the financial
statements of non Italian subsidiaries.


                 See Notes to Consolidated Financial Statements


                                        6
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Consolidated Statements of Cash Flows
June 30, 2000 and 1999


<TABLE>
<CAPTION>
                                                                      June 30          June 30         June 30
                                                                        2000             2000           1999
                                                                      US$'000           Lit. m          Lit. m
<S>                                                                   <C>              <C>             <C>
Net loss from continuing operations ............................       (1,781)          (3,611)         (1,797)

Adjustments to  reconcile  net loss to net cash
(used)/provided  by  continuing  operations:

Depreciation and amortization ..................................          132              268             101
Non-cash finance income from discontinued operations ...........         (151)            (306)           (306)
Amortization of redemption premium for subsidiary
   preferred stock .............................................          472              958              --
Other operating activities .....................................          147              298            (557)

Changes in operating assets and liabilities:
Receipt of tax receivable ......................................           --               --           6,000
Trade and other receivables ....................................          219              444             931
Prepaid expenses ...............................................           29               59             196
Accounts payable and accrued expenses ..........................       (1,388)          (2,814)         (2,020)
                                                                      -------          -------         -------
Net cash (used)/provided by operating activities ...............       (2,321)          (4,704)          2,548
                                                                      -------          -------         -------
Investing activities:
Net decrease in investments ....................................           --               --             955
Cash of subsidiary disposed ....................................         (113)            (229)             --
Proceeds of other assets disposed ..............................           14               28              --
Purchases of property, plant and equipment .....................           --               --              (6)
                                                                      -------          -------         -------
Net cash (used)provided by investing activities ................          (99)            (201)            949
                                                                      -------          -------         -------
Financing activities
Proceeds of subsidiary preferred stock issuance.................        5,614           11,386              --
Payments of loans to related parties............................           --               --          (3,534)
Principal payments of long-term debt ...........................         (273)            (553)         (1,113)
                                                                      -------          -------         -------
Net cash provided/(used) by financing activities ...............        5,341           10,833          (4,647)
                                                                      -------          -------         -------
Increase in cash from continuing operations ....................        2,921            5,928          (1,150)

Cash from merger with NAAC .....................................           --               --          16,006
Cash used by discontinued operations ...........................       (9,037)         (18,327)        (12,912)

Exchange movement on opening cash ..............................          306              619               7

Cash, beginning of period ......................................        6,149           12,468           3,044
                                                                      -------          -------         -------
Cash, end of period ............................................      $   339 Lit.         688 Lit.      4,995
                                                                      =======          =======         =======
</TABLE>


                 See Notes to Consolidated Financial Statements


                                        7
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q.  Certain  information
and footnote  disclosures  normally included in financial statements prepared in
accordance with generally accepted accounting  principles have been condensed or
omitted.  For a summary of the  Registrant's  accounting  principles,  and other
footnote  information,  reference is made to the Registrant's 1999 Annual Report
on Form 10-K. All adjustments necessary for the fair presentation of the results
of operations for the interim periods covered by this report have been included.
All of such  adjustments  are of a normal and recurring  nature.  The results of
operations for the three and six months ended June 30, 2000 are not  necessarily
indicative of the operating results for the full year.

The primary  financial  statements  are shown in Italian lire because all of the
Company's   material   operating  entities  are  based  and  operate  in  Italy.
Translation of lire amounts into U.S.  Dollar amounts is included solely for the
convenience of the readers of the financial  statements and has been made at the
rate of Lire 2,028 to U.S. $1, the  approximate  exchange rate at June 30, 2000.
It should not be  construed  that the assets and  liabilities,  expressed  in US
dollar equivalents,  can actually be realized in or extinguished by U.S. dollars
at that or any other rate.

NOTE 2 - DISCONTINUED OPERATIONS

On  September  7,  2000,  the  Company's  62.7%  owned  subsidiary,  Moto  Guzzi
Corporation,  closed its sale of its four operating subsidiaries  comprising all
"Moto Guzzi"  motorcycle  operations to Aprilia S.p.A.  From May 2, 2000 through
the date of sale,  Moto  Guzzi's  operations  were under the  control of Aprilia
management.  The  measurement  date  of the  disposal  will  be  July  1,  2000,
reflecting  the latest  date prior to sale for which the  Company  has  complete
financial  information.  Net proceeds from the disposal exceed the net assets of
the operations sold and the Company will record a gain in the third quarter.  On
September  19,  2000,  pursuant  to the  sale of the  motorcycle  operations  to
Aprilia, Moto Guzzi Corporation changed its name to Centerpoint  Corporation and
is listed on the  over-the-counter  market in New York under the ticker  "CPTX".
The  Company  owns,  directly,  and  through  its 84.35% OAM S.p.A.  subsidiary,
approximately 62.7% of the outstanding common stock of Centerpoint  Corporation.
The sale to Aprilia is discussed in more detail in Note 5 - Subsequent Events.

Discontinued Motorcycle Operations

<TABLE>
<CAPTION>
                                                3 Months ended                               6 Months ended
                                    --------------------------------------       ------------------------------------------
                                     Jun.30        Jun. 30        Jun. 30         Jun.30           Jun. 30          Jun. 30
                                      2000           2000           1999           2000            2000              1999
                                     US$'000        Lit.m          Lit.m          US$'000          Lit.m             Lit.m
                                    --------       --------       --------       --------         --------         --------
<S>                                 <C>            <C>            <C>            <C>              <C>              <C>
Net sales ....................        15,246         30,918         23,805         25,145           50,994           41,378
Loss before taxes ............        (2,174)        (4,408)        (5,068)        (3,852)          (7,810)         (10,333)
Provisions for taxes .........          (208)          (422)           (26)          (253)            (514)             (66)
                                    --------       --------       --------       --------         --------         --------
Net loss .....................      $ (2,382) Lit.   (4,830) Lit.   (5,094)      $ (4,105) Lit.     (8,324) Lit.    (10,399)
                                    ========       ========       ========       ========         ========         ========
</TABLE>

The  statement  of  operations  includes  in 2000 sales of Lit.  37 million  and
interest  income of Lit.  306 million  (1999 - Lit.  306  million) in respect of
amounts charged by the Company to the discontinued motorcycle  operations.


                                        8
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 2 - DISCONTINUED OPERATIONS (Continued)

Net  assets/(liabilities)  of the  discontinued  motorcycle  operations  were as
follows:

<TABLE>
<CAPTION>
                                                                 June 30        June 30       Dec. 31
                                                                  2000           2000           1999
                                                                 US$'000         Lit.m         Lit.m
<S>                                                             <C>            <C>            <C>
Current assets ...........................................        33,084         67,094         61,926
Property, plant and equipment ............................         6,308         12,792         14,638
Other assets .............................................         1,609          3,264            889
Current liabilities ......................................       (35,919)       (72,844)       (79,385)
Other liabilities ........................................        (4,690)        (9,512)       (10,000)
Net advances due from operations, sold as part
 of disposal transaction .................................           245            496          3,235
                                                                --------       --------       --------
Net assets/(liabilities)..................................      $    637 Lit.     1,290 Lit.    (8,697)
                                                                ========       ========       ========
</TABLE>

In the first six months of 2000 the Company funded expenses, related to the sale
and  otherwise,  of Lit. 2.4 billion and provided  the  discontinued  motorcycle
operations with cash, in the form of capital and advances,  of Lit. 15.9 billion
to finance its  operations.  The  principal  source of such funding was proceeds
from the Company's  issuance in December 1999 of 5%  Convertible  Debentures due
December 28, 2001 and funds  raised by the issuance of Series B Preferred  Stock
by Moto Guzzi Corporation - see Note 3 below.

Discontinued steel tube operations

In July, 2000, as also detailed in Note 5 - Subsequent  Events, the Company sold
its LITA subsidiary, thus exiting from the steel tube segment.

<TABLE>
<CAPTION>
                                         3 Months ended                              6 Months ended
                              -------------------------------------        ------------------------------------
                              June 30        June 30        June 30        June 30       June 30        June 30
                               2000           2000           1999           2000          2000           1999
                              US$'000         Lit.m          Lit.m         US$'000        Lit.m          Lit.m
<S>                           <C>            <C>            <C>            <C>           <C>            <C>
Net sales ................      2,565          5,202          6,288          5,246        10,638         11,853
Profit before taxes ......        181            368            121            348           706            202
Provisions for taxes .....         --             --             --             --            --             --
                              -------        -------        -------        -------       -------        -------
Net profit ...............    $   181 Lit.       368 Lit.       121        $   348 Lit.      706 Lit.       202
                              =======        =======        =======        =======       =======        =======
</TABLE>

Net assets of the discontinued steel tube operations are as follows:

<TABLE>
<CAPTION>
                                                         June 30       June 30        Dec. 31
                                                         2000           2000           1999
                                                         US$'000       Lit.m          Lit.m
<S>                                                     <C>           <C>            <C>
Current assets .......................................    6,175         12,522         12,378
Property, plant and equipment ........................      701          1,421          1,510
Other assets .........................................      103            208            215
Current liabilities ..................................   (5,191)       (10,528)       (11,005)
Other liabilities ....................................     (560)        (1,134)        (1,315)
Provision for loss on disposal .......................     (121)          (245)          (245)
                                                        --------      --------       --------
Net assets of discontinued steel tube operations......  $  1,107 Lit.    2,244 Lit.     1,538
                                                        ========      ========       ========
</TABLE>


                                        9
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 3 - ISSUE OF SERIES B REDEEMABLE PREFERRED STOCK BY SUBSIDIARY


On February 25, 2000,  Moto Guzzi,  the  Company's  majority  owned  subsidiary,
issued  123,500 shares of a new Series B Preferred  Stock to Fineco,  an Italian
institutional  investor, and affiliates of Fineco, the Company, OAM, and William
Spier,  a director of Moto Guzzi and the Company,  and Wheatley  Partners LP and
Wheatley  International  Partners  LP,  each of which is an  affiliate  of Barry
Fingerhut,  a director of Moto Guzzi,  for $100 per share (an aggregate price of
US$12,350,000).  The shares were issued as follows: (i) 60,000 to Fineco and its
affiliates for cash, (ii) 35,000 shares to the Company for cash, (iii) 16,000 to
OAM in repayment of  outstanding  loans due to OAM,  (iv) an aggregate of 10,000
shares to Wheatley Partners and Wheatley International Partners, in repayment of
loans made by them to Moto Guzzi, and (v) 2,500 shares to Mr. Spier in repayment
of loans made by him to Moto Guzzi.

In July 2000,  Moto Guzzi entered into an agreement  with the Series B preferred
stockholders  in which it agreed  to  redeem  the  Series B  preferred  stock by
September 30, 2000 in exchange for their agreement not to convert their Series B
preferred stock into Class A common stock prior to that date.

Moto Guzzi closed on the sale of its operating subsidiaries on September 6, 2000
and in the last  week of  September  2000 it  redeemed  in full all  outstanding
shares of Series B  Preferred  Stock  for a price  equal to $100 per share  plus
accrued  dividends  thereon,  for a total  of  approximately  US$  12.6  million
(approximately Lit. 28,300 million at the prevailing exchange rate).

The holders of the Series B Preferred  Stock were entitled to receive  dividends
at the rate of $7.00 per share per year  before any  dividends  may be paid with
regard to Moto Guzzi's Class A Common Stock, and to receive distribution of $100
per share in liquidation of Moto Guzzi before any liquidation  distributions are
made with regard to the Class A Common Stock.  Moto Guzzi was required to redeem
the  Series B  Preferred  Stock for $100 per share  plus  accrued  dividends  on
December  28,  2001.  Holders of Series B  Preferred  Stock did not have  voting
rights,  except the right to approve  issuance of securities of Moto Guzzi which
would  affect the Series B Preferred  Stock and the  incurrence  of debt by Moto
Guzzi,  other than  refinancing of existing debt or lines of credit used by Moto
Guzzi to finance its day-to-day operations.

Each share of Series B Preferred Stock was  convertible  into Moto Guzzi Class A
Common  Stock  at a  conversion  price of  $5.00,  based  upon  the  liquidation
preference of the Series B Preferred Stock ($100,  plus accrued  dividends,  per
share),  meaning  each share of Series B Preferred  Stock was  convertible  into
approximately 20 shares of Moto Guzzi Class A Common Stock.

Upon  the  occurrence  of an event  of  default  the  dividend  on the  Series B
Preferred Stock increased to $10 per share per year, the conversion price of the
Series B  Preferred  Stock  reduced to $2 per share of Moto Guzzi Class A Common
Stock,  the holders of the Series B Preferred  Stock  would  become  entitled to
elect a majority of Moto Guzzi's  directors  and Moto Guzzi would be required to
redeem the Series B Preferred  Stock for its  liquidation  preference  ($100 per
share, plus accrued dividends).


                                       10
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 3 - ISSUE OF SERIES B REDEEMABLE PREFERRED STOCK BY SUBSIDIARY (Continued)


The Company  received Lit.  11,386  million in cash,  net of Lit. 516 million of
expenses in respect of the issue of the Series B  Preferred  Stock to Fineco and
its  affiliates  and also recorded Lit.  2,479 million in respect of the William
Spier and  Wheatley  advances.  The Company has  recorded  in the  statement  of
operations as at June 30, 2000 accretion  expense of Lit. 958 million in respect
of amortization of costs and exchange  differences which arose as the redemption
obligation is denominated in U.S. Dollars.

In connection with issuance of the Series B preferred stock,  Centerpoint agreed
to issue  300,000  shares  of its  Class A common  stock  to the  Company  for a
purchase  price  of  $.01  per  share,   in   consideration   of  the  Company's
participation  in the Series B  financing  and their  successful  efforts to get
Fineco,  S.p.A.  to subscribe  for Series B shares.  These  300,000  shares were
issued in July 2000.  Additionally,  in connection with Fineco's purchase of the
Series B shares Centerpoint paid a commission of $180,000 to Andrea delle Valle,
a director  of the  Company,  and paid  $80,000 to  Investec  Ernst,  where Mark
Segall, a director of the Company, is an executive officer.

NOTE 4 - SALE OF TEMPORARY MANAGEMENT SERVICES SUBSIDIARY

Effective  as of January 1, 2000,  the  Company  disposed  of TIM,  S.p.A.,  its
temporary  management services  subsidiary to two companies  controlled by TIM's
management, including Albino Collini, a Director of the Company through December
1999,  for 80,000 shares of the Company with a fair value of Lit. 320 million at
the date of sale. Cash disposed of was Lit. 229 million.


                                       11
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 5 - SUBSEQUENT EVENTS

Current status of the Company

As of October 18, 2001, the date of this report, the Company has disposed of all
of its operating  subsidiaries  and real property,  and its principal assets are
represented by the cash proceeds of such  disposals,  receivables  and rights to
escrow accounts deriving from the disposals and tax and other  receivables.  The
major  part of cash and other  assets of the  Company  are held by its  majority
owned subsidiary, Centerpoint Corporation (OTC/BB:CPTX).

The  Company  is  currently  examining  opportunities  to  acquire or merge with
another operating business or businesses. Such acquisition or merger may be made
through Centerpoint. In June 2001, with the consent of the Company,  Centerpoint
engaged  the  investment  banking  firm  of  Investec  Ernst  &  Co.  to  assist
Centerpoint in its evaluation of strategic alternatives. Mark Segall, a director
of the Comppany, is an officer of Investec.

Alternatively,  if Centerpoint is unable to find a suitable  business to acquire
or merge with acceptable to the Company, it is anticipated that the Company will
require Centerpoint to present a liquidation proposal to its stockholders.  As a
holder of a majority of the shares of  Centerpoint,  the Company has the ability
to  approve  or  reject a  liquidation  proposal  without  the vote of any other
stockholder.  If Centerpoint is liquidated and liquidating  proceeds are paid to
its  stockholders,  then it is  anticipated  that the Company will either itself
seek a suitable  business  to  acquire  or merge  with or present a  liquidation
proposal to its  stockholders.  Any liquidation of the Company is complicated by
the complexity of the Company's corporate  structure,  the continuing effects of
past acquisitions, dispositions and restructurings, and related tax effects. For
instance,  one of the  escrow  accounts  relating  to the sale of the Moto Guzzi
operations must be maintained until 2007.

Disposal of motorcycle operations

In December  1999,  the Company  engaged Banca  d'Intermediazione  Mobiliare IMI
S.p.A.   ("IMI"),  a  leading  Italian  investment  bank,  to  pursue  strategic
alternatives  to enhance  shareholder  value in its  shareholding in Centerpoint
Corporation (Moto Guzzi Corporation through September 19, 2000).

The Moto Guzzi motorcycle  operations were sold to Aprilia S.p.A. pursuant to an
April 14, 2000  Preliminary  Sale and  Purchase  Agreement,  closed in September
2000.  In this  transaction,  Centerpoint,  in which  the  Company  owns a 62.7%
interest, held directly and indirectly through an 84.35% owned subsidiary,  sold
its four operating  subsidiaries to Aprilia S.p.A. To finance operations through
the date of sale,  Centerpoint  raised  bridge  financing  in  February  2000 as
described in Note 3, above.

On  September  7,  2000,  Centerpoint  closed  the  sale  of all  its  operating
subsidiaries.  On  August  11,  2000,  at a  Special  Meeting  of  Stockholders,
stockholders had approved the sale of the operating  subsidiaries and the change
of corporate name from Moto Guzzi Corporation to Centerpoint  Corporation,  with
stockholders  holding in excess of two-thirds of all outstanding shares of Class
A common stock voting for the sale and the name change.


                                       12
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 5 - SUBSEQUENT EVENTS (Continued)

Total proceeds from the sale were Lit.  79,500  million.  In accordance with the
Share Purchase  Agreement Aprilia S.p.A. also reimbursed  Centerpoint Lit. 2,074
million, the amount owed to Centerpoint by the operating  subsidiaries  pursuant
to loans made to them.  Lit.  9,375 million of the total  proceeds was placed in
escrow to cover any claims Aprilia S.p.A. might have in the future in respect of
the  representations  and warranties  given by Centerpoint in the Share Purchase
Agreement.  Funds from the escrow account will be released to Centerpoint in two
tranches,  subject to any claims  Aprilia may have in respect of  Centerpoint 's
representations  and  warranties:  Lit.  7,000  million  was to be  released  on
September  8, 2001;  and Lit.  2,375 is to be  released  on  September  8, 2007.
Aprilia  undertook  to  evaluate,  on a best  efforts  basis,  an earlier
resolution of the escrow  accounts.  However,  as noted below,  Aprilia  alleged
claims of Lit. 7,611 in June 2001 which were paid out by IMI.

SIREF S.p.A. and San Paolo Finanziaria  S.p.A. (both affiliates of IMI) acted as
fiduciary agents for the closing. In accordance with invoices submitted to them,
they paid Banca  d'Intermediazione  Mobiliare IMI S.p.A. ("IMI") 11,401 million,
in respect of fees and expenses  claimed to be due to IMI, paid Lit. 505 million
to  Carnelutti,  the  Company's  Italian  counsel,  and then paid the  remaining
proceeds of Lit. 60,293 million to Centerpoint.  The Company and Centerpoint had
since early July 2000 disputed IMI's  interpretation  of the  calculation of the
fee due to them under their engagement  letter,  following  indication by IMI of
their basis of  calculation.  Since that time,  the Company  has  discussed  and
sought to negotiate  with IMI  concerning its alleged amount of the fee. No such
negotiations took place and IMI did not present any calculation of the fee prior
to the  closing.  Following  the  closing  and  payment to IMI by the  fiduciary
agents,  IMI then presented a calculation and an invoice to Centerpoint for fees
and expenses alleged by IMI to be due to them under the engagement letter in the
amount  of Lit.  11,401  million.  Centerpoint  and the  Company  are  currently
evaluating  possible  courses of action  against IMI and the  fiduciary  agents,
including initiating legal proceedings in Italy and the United States.

The Lit.  60,293 million  received by Centerpoint was applied firstly to payment
of amounts due for  transaction  expenses and other payables and obligations and
to redeem,  on September 30, 2000, all outstanding  shares of Series B Preferred
Stock for a price equal to $100 per share plus any accrued and unpaid  dividends
thereon, for a total of approximately US$ 12.6 million  (approximately Lit. 28.3
billion at the then prevailing  exchange  rate). Of such total,  the Company and
OAM received  approximately US$5.2 million (approximately Lit. 11,400 million at
the then prevailing exchange rate).  Following such redemption,  Centerpoint had
approximately  Lit. 29.3 billion in cash and rights to the remaining  balance at
the time of release of the Lit. 9,375 million being held in escrow, as described
above. Centerpoint has invested its cash in short-term fixed interest securities
pending evaluation of the alternatives available with respect to such funds.

The Share Purchase Agreement  providing for the sale of Centerpoint's  operating
subsidiaries to Aprilia  contained a condition that OAM (the owner of 58% of the
issued and outstanding shares of Centerpoint's  common stock) agrees to vote its
capital stock for the sale,  and by letter to Aprilia dated April 14, 2000,  OAM
agreed to vote its shares for the sale.

In order to induce OAM to deliver its letter to Aprilia, Centerpoint agreed with
OAM and the Company by letter  dated  April 14,  2000 (the "April 14th  letter")
that,  among other things,  it would pay IMI's fees in connection with the sale.
The April  14th  letter  was  amended on June 8, 2000 to  provide,  among  other
things,  that Centerpoint would, as promptly as practicable after the closing of
the sale,  but in no event  later than 90 days  following  the  closing,  hold a
meeting of stockholders to consider and vote upon a proposal to liquidate all of
Centerpoint's


                                       13
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 5 - SUBSEQUENT EVENTS (Continued)

assets and dissolve itself. The date for proceeding to propose a liquidation was
subsequently  extended by the Company and OAM to July 15, 2001.  The Company has
not yet  decided  whether it will  require  Centerpoint  to proceed to propose a
liquidation.

Disposal of steel tube operations

In July 2000, the Company  disposed of LITA S.p.A.  The total  consideration  of
Lit. 2,470 million was paid for Lit. 1,470 million at the time of sale by way of
a dividend of Lit. 670 million paid  immediately  prior to the sale and Lit. 800
million paid by the purchaser in cash.  Lit.  1,000 million is due in July 2001,
secured by a first call bank  guarantee.  In connection  with the disposal,  the
Company has released a first call bank guarantee for Lit. 1,000 million  through
December  31, 2003 to secure any claims the  purchaser  may have for breaches of
representations and warranties given by the Company. LITA has been accounted for
as a discontinued operation - See Note 2.

Purchase of minority interests

In  September  2000,  the Company  agreed to purchase the  outstanding  minority
interests in its 84.35% owned  subsidiary for OAM S.p.A. for US$ 2,500,000 (Lit.
5,070  million).  The purchase  price is at a discount to the net asset value of
the 15.65% of OAM S.p.A.  which the  Company  will  acquire  and will permit the
Company to  rationalize  its corporate  structure and eliminate  certain  fiscal
inefficiencies.  The agreement to purchase the minority  interests was closed on
March 1, 2001.

Centerpoint loan; early payoff of the Company's 5% Convertible Debentures

The Company's 5% Convertible  Debentures in an aggregate amount of US$ 6,250,000
were scheduled to come due in December  2001. On June 13, 2001 the Company,  OAM
and Centerpoint  entered into the Centerpoint Loan Agreement  wherein subject to
the terms and certain  conditions set forth therein  Centerpoint  agreed to lend
the Company  $4,200,000.  On June 13, 2001 Centerpoint made the Centerpoint Loan
and on June  15,  2001  the  Company  paid  the  holders  of  $6,000,000  of the
Debentures  $4,207,500 in cash, which the Debenture  holders accepted as payment
in full on the Debentures  (including  past due interest),  representing a 31.5%
discount from their face value. On July 3, 2001, the Company paid Emanuel Arbib,
the holder of the remaining  $250,000 of debentures,  $218,750 in cash which Mr.
Arbib accepted as payment in full on the Debentures.  The Centerpoint Loan bears
interest at a rate of 5 % per annum, is repayable in full on the earlier of June
13, 2002 and the date on which the Company  causes or permits a  liquidation  of
Centerpoint,  and is secured by the 300,000 shares of  Centerpoint  common stock
currently owned by the Company and 1,200,000 of the shares of Centerpoint common
stock currently owned by OAM. In connection with the Centerpoint  Loan, OAM also
entered into the OAM Guaranty  wherein it guaranteed  the Company's  obligations
under the Centerpoint Loan Agreement.  OAM's liability under the OAM Guaranty is
limited to the value of the  Centerpoint  shares pledged by OAM, as that term is
used in the OAM pledge agreement.

United States Litigation

On December 19, 2000,  a  Settlement  Agreement  and Release was executed by and
between  plaintiffs,  the  Company  and I.T.E.  Imperial  Corporation  and Gould
Electronics,  Inc., the co-defendants in the Wilson Litigation.  The Company and
Gould each agreed to pay 50% of the  $2,050,000  settlement  amount,  subject to
resolution of certain issues between them.  The remaining  issue,  the Company's
claim against Gould for indemnification, was litigated on February 16, 2001.


                                       14
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 5 - SUBSEQUENT EVENTS (Continued)

On June 15,  2001,  a verdict  was  rendered  by the  Court of  Common  Pleas of
Philadelphia  County  holding  that the  Company is  responsible  for paying all
settlement  funds and ordering the Company to pay Gould $1,025,000 plus interest
at a rate of 7% per annum from the date Gould  paid the  plaintiffs.  The appeal
period for the judgment  expired on July 15, 2001,  and the judgment  became due
and payable to Gould on that date.

In March 1999, the Company separately  brought suit against Travelers  Casualty,
the Company's  insurer,  to compel it to resume coverage of the underlying claim
and to assume the costs of defense of the personal  injury action.  In May 2001,
the United  States  District  Court  granted  summary  judgment  in favor of the
Company,  holding  that  Travelers  must  indemnify  the Company  for  liability
incurred and attorney's fees paid in connection with the Wilson litigation, plus
interest.

Pursuant  to the May 2001  judgment,  on June 11,  2001  legal  counsel  for the
Company submitted to the Court a proposed form of judgment  requiring  Travelers
to (i) pay the Company,  $2,050,000,  plus interest attributable to the sums the
Company has and will have to spend in settlement of the Wilson Litigation,  (ii)
$764,045  plus  interest  representing  costs and  attorneys  fees  incurred  in
defending the Wilson Litigation, and (iii) $78, 975, plus interest, representing
costs and  attorneys  fees  incurred  by the Company in  prosecuting  its claims
against Travelers.

On June 11, 2001 Travelers filed with the Court a Motion for  Reconsideration of
Order or in the Alternative For Resolution of Certain Undecided Issues,  seeking
reconsideration  of the  judgment,  or in the  alternative  asking  the Court to
confirm that Travelers  liability is limited to $1,000,000 and that Travelers is
entitled to charge the Company a reasonable premium for the liability  coverage.
In July  2001,  legal  counsel  for the  Company  filed a motion  with the Court
responding to Travelers' motion.

Given the status of these legal  actions,  the Company has  recorded  additional
provisions of Lit. 2,970 million and the full amount of the  $2,050,000  payable
by the Company is accrued at December  31,  1999.  Although no judgment has been
rendered with respect to the Company's claims against Travelers  relating to the
Wilson Litigation,  and it is possible that the Company may recover  significant
amounts  from  Travelers,  no  amounts  have  been  offset or  accounted  for as
receivables in respect of these claims.

Aprilia Claims under the Share Purchase  Agreement;  Payment by IMI; Request for
Arbitration  In June 2001  Aprilia's  legal counsel sent a letter to Centerpoint
which  alleged  that it had various  claims under the Share  Purchase  Agreement
aggregating approximately Lit. 9,600 million.

On July 13,  2001  Centerpoint's  Italian  counsel  sent a letter  to  Aprilia's
counsel contesting all of the Alleged Claims.


                                       15
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2000


NOTE 5 - SUBSEQUENT EVENTS (Continued)

On July 13, 2001 Aprilia  requested  that IMI, the escrow agent under the Escrow
Agreement, pay them Lit. 7,611 million in respect of the Alleged Claims. On July
26,  2001,  in spite of being  aware of  Centerpoint  contesting  of each of the
Alleged Claims and its intention to seek  arbitration,  IMI advised  Centerpoint
that it had paid Lit.  7,611  million  from the  escrow  account  to  Aprilia in
respect of the Alleged Claims.

Pursuant to the Share Purchase  Agreement and Escrow  Agreement,  which provides
that  disputes  among the parties be  arbitrated,  on July 31, 2001  Centerpoint
filed with the  International  Chamber of Commerce a Request for  Arbitration in
Accordance  with  Article  4 of the ICC  Rules of  Arbitration  relating  to the
Alleged  Claims and the payment by IMI and  requesting  restitution of the funds
paid to Aprilia.  Centerpoint has advised the Company that it expects a decision
by the ICC with respect to the request will be rendered  approximately twelve to
eighteen months after the filing of the request.

                                       16

<PAGE>

Item 2 Management's  Discussion and Analysis of Financial  Condition and Results
of Operations

Portions of the discussion and analysis below contain certain "forward  looking"
statements which involve risks and  uncertainties.  The Company's actual results
may differ  significantly  from the results  discussed  in the  forward  looking
statements.  Factors  that might cause such a  difference  include,  but are not
limited to, lack of adequate capital to continue operations, changes in currency
exchange  rates,  other  factors  discussed  in the  report  as well as  factors
discussed in other  filings made with the  Securities  and Exchange  Commission.
Although  the  Company  believes  that the  assumptions  underlying  the forward
looking statements contained herein are reasonable, any of the assumptions could
prove  inaccurate,  and  therefore,  there can be no assurance  that the forward
looking statements included herein will prove to be accurate.

General

The  Company  disposed  of two of its  industry  segments  with  the sale of its
motorcycle operations in September 2000 and of its steel tube operations in July
2000, as detailed in Notes 2 and 5 to the interim  Financial  Statements.  These
have been accounted for as discontinued operations and the results of operations
for the three and six  months to June 30,  2000 and 1999 have been  restated  to
reflect the discontinuance.

Three months ended June 30, 2000 compared to three months ended June 30, 1999

Net  sales in 1999  principally  represented  sales of the  Company's  temporary
management services subsidiary,  Temporary Integrated Management, S.p.A. ("TIM")
which was disposed effective January 1, 2000.

Selling,  general and administrative expenses were unchanged in 2000 compared to
1999 as the cost  reduction  program  implemented  by the Company  from 1998 was
offset by exchange rates and higher  compliance costs. The Company's cost saving
program  is  hindered  by the need to  maintain  accounting  and tax  compliance
systems for both Italian and U.S.  purposes and the  complexity  of the disposal
programs and corporate restructuring programs.  Significant elements of selling,
general and administrative costs are as follows:

                                                            June 30      June 30
                                                               2000         1999
                                                             Lit. m       Lit. m

Corporate salaries ...................................          277          329
Legal costs ..........................................          218          154
Other costs ..........................................          752          540
Temporary management services subsidiary .............           --          230
                                                              -----        -----
                                                              1,253        1,253
                                                              =====        =====

Higher  legal  costs were  incurred  in 2000  compared  to 1999  principally  in
connection  with the U.S.  litigation  described in Item 3 of the Company's 10-K
and in Note 5 to the interim financial statements.  Other costs include rent and
office expenses for the Company's  offices in New Jersey (closed in August 2000)
and in Milan, Italy, tax, accounting and compliance costs in the U.S. and Italy,
professional fees in connection with the disposal of operations in Italy, public
company costs in the U.S. and certain statutory costs in Italy.

Interest  expense in 2000  principally  relates to interest on the  Company's 5%
redeemable  debentures,  issued  in  December  1999.  Interest  expense  in 1999
principally  reflects  interest on residual  Italian  loans dating from when OAM
S.p.A. was operative  (prior to 1993) and interest on bridge financing  provided
in October  1998 by  Tamarix

                                       17


<PAGE>

and  Mr.   Giovanni   Bulgari  which  were  repaid  in  November  and  May  1999
respectively. Final installments on the OAM loans are due to be paid in 2001.

The principal element of interest income in 1999 was Lit. 306 million receivable
by OAM in respect of the value of warrants of Moto Guzzi  Corporation  issued to
OAM as  remuneration  for the  ongoing  provision  of  finance  to the  disposed
motorcycle  operations.  Interest receivable in 2000 and the balance of interest
receivable in 1999 relates to cash balances and tax receivables.

In the three  months  ended June 30,  2000 the  Company has  recorded  Lit.  377
million in respect of  amortization  of premium for redemption of its Moto Guzzi
Corporation  subsidiary  Series B preferred stock and related  foreign  exchange
effects. The preferred stock had a mandatory redemption in December 2001 but was
redeemed on September 30, 2000 following disposal of the motorcycle  operations.
The Company has amortized the premium over the period to redemption.

As a result of the above items, losses from continuing  operations  increased to
Lit. 2.2 billion in 2000 from Lit. 0.7 billion in 1999.

Losses from the discontinued motorcycle operations decreased to Lit. 4.8 billion
in 2000 compared to Lit. 5.1 billion in 1999 principally as a result of benefits
from a 9.8%  increase  in sale  volumes  and a more  favourable  sales mix being
offset by higher  warranty  costs  related to  potential  product  recalls.  The
motorcycle  operations  were sold in September  2000  following a public auction
process, described above in the notes to the interim Financial Statements.

The Company also sold it steel tube operations in 2000.  While this business had
been  profitable  since 1998,  mainly due to favourable  market  conditions  and
prices,  it did not present  opportunities  for growth and future  profits which
justified  further  investment  and  consequently  it was  disposed  to a  trade
purchaser.

The Company has  classified  minority  interests  after  losses from  continuing
operations  as  substantially  all of the minority  interests  reflect  minority
shareholders interests in the discontinued motorcycle operations.

Six months ended June 30, 2000 compared to six months ended June 30, 1999

Net  sales in 1999  principally  represented  sales of the  Company's  temporary
management services subsidiary,  Temporary Integrated Management, S.p.A. ("TIM")
which was disposed effective January 1, 2000.

Selling general and  administrative  expenses decreased 7.8% in 2000 compared to
1999 as the cost  reduction  program  implemented  by the Company from 1998 were
offset by exchange  rates (the  average US$ : Lire  exchange was 13.4% higher in
2000) and higher  compliance  costs,  particularly  in the second  quarter.  The
Company's cost saving program is hindered by the need to maintain accounting and
tax compliance  systems for both Italian and U.S. purposes and the complexity of
the disposal programs and corporate restructuring programs. Significant elements
of selling, general and administrative costs are as follows:

                                                            June 30      June 30
                                                               2000         1999
                                                             Lit. m       Lit. m

Corporate salaries ...................................          553          687
Legal costs ..........................................          527          246
Other costs ..........................................        1,213        1,117
Temporary management services subsidiary .............           --          437
                                                              -----        -----
                                                              2,293        2,487
                                                              =====        =====

                                       18

<PAGE>

Higher  legal  costs were  incurred  in 2000  compared  to 1999  principally  in
connection  with the U.S.  litigation  described in Item 3 of the Company's 10-K
and Note 5 to the interim  financial  statements.  Other costs  include rent and
office expenses for the Company's  offices in New Jersey (closed in August 2000)
and in Milan, Italy, tax, accounting and compliance costs in the U.S. and Italy,
professional fees in connection with the disposal of operations in Italy, public
company costs in the U.S. and certain statutory costs in Italy.

Interest  expense in 2000  principally  relates to interest on the  Company's 5%
redeemable  debentures,  issued  in  December  1999.  Interest  expense  in 1999
principally  reflects  interest on residual  Italian  loans dating from when OAM
S.p.A. was operative  (prior to 1993) and interest on bridge financing  provided
in October  1998 by  Tamarix  and Mr.  Giovanni  Bulgari  which  were  repaid in
November and May 1999 respectively.  Final installments on the OAM loans are due
to be paid in 2001

The  principal  element of  interest  income in both 2000 and 1999 was Lit.  306
million  receivable  by OAM in  respect of the value of  warrants  of Moto Guzzi
Corporation  issued to OAM as remuneration for the ongoing  provision of finance
to the disposed motorcycle  operations.  The balance interest receivable in 2000
and 1999 relates to cash balances and tax receivables.

In the six months ended June 30, 2000 the Company has recorded  Lit. 958 million
in respect of  amortization  of premium  for  redemption  of its Moto Guzzi Corp
subsidiary  Series B preferred stock and related foreign exchange  effects.  The
preferred stock had a mandatory  redemption in December 2001 but was redeemed on
September 30, 2000 following disposal of the motorcycle operations.  The Company
has amortized the premium over the period to redemption.

As a result of the above items, losses from continuing  operations  increased to
Lit. 3.6 billion in 2000 from Lit. 1.8 billion in 1999.

Losses from the discontinued motorcycle operations decreased to Lit. 8.3 billion
in 2000  compared  to Lit.  10.4  billion  in 1999  principally  as a result  of
benefits from a 8.3% increase in sale volumes and a more  favourable  sales mix,
partly offset by higher warranty costs related to potential product recalls. The
motorcycle  operations  were sold in September  2000  following a public auction
process, described above in the notes to the interim Financial Statements.

The Company also sold it steel tube operations in 2000.  While this business had
been  profitable  since 1998,  mainly due to favourable  market  conditions  and
prices,  it did not present  opportunities  for growth and future  profits which
justified  further  investment  and  consequently  it was  disposed  to a  trade
purchaser.

The Company has  classified  minority  interests  after  losses from  continuing
operations  as  substantially  all of the minority  interests  reflect  minority
shareholders interests in the discontinued motorcycle operations.

                                       19

<PAGE>

Liquidity and Capital Resources

Overview

Significant cash activities in the six-months to June 30, 2000

Cash used by  operating  activities  of Lit.  4.7 billion  principally  reflects
losses from  operations  and payment of creditors and accrued  expenses from the
proceeds of the Company's redeemable debentures issued in December 1999.

Cash  disposed  of on  the  disposal  of TIM  S.p.A.,  the  Company's  temporary
management services subsidiary was Lit. 229 million.

The Company  raised Lit.  11,386  million in February  2000 from the issuance of
Series B Preferred  Stock of Moto Guzzi  Corporation.  The Lit.  11,386  million
represents  cash  received from  external  investors  less expenses of the stock
issuance.  The Company also subscribed for Lit. 6.9 billion (US$ 3.5 million) of
Moto Guzzi  Corporation  Series B  Preferred  Stock for cash so that total funds
made available to Moto Guzzi Corporation to fund motorcycle  operations  through
to disposal were  approximately  Lit.  18.3  billion.  See Note 3 to the Interim
Financial Statements for details of the issuance of this preferred stock.

The Company made the  penultimate  repayment of its  residual  Italian  loans in
April 2000 and the final  instalment  of Lit.  0.6  billion  was due and paid in
April 2001.

Lit. 15.9 billion of the cash provided to Moto Guzzi Corporation,  as above, was
then  applied in the form of  re-capitalisations  of and loans to the  operating
motorcycle  sector companies to enable them to operate through the date of their
disposal.  Of this amount,  Lit. 1.1 billion was used to purchase the 75% of MGI
Motorcycle GmbH that the Company did not already own and to  re-capitalize  this
company.  A  further  Lit.  2.4  billion  of  cash  expenditure  by  Moto  Guzzi
Corporation,  related to the sale of the discontinued  operations and otherwise,
has also been allocated to the discontinued operations.

Future liquidity needs and current status of the Company

Upon disposal of the  motorcycle  operations,  the Company's  62.7%  Centerpoint
subsidiary received Lit. 60.3 billion in net proceeds.  It also has the right to
receive,  In September 2001 and 2007, any remaining part of two escrow  accounts
containing a total of Lit. 9.4 billion,  after  satisfaction of any valid claims
pursuant to the sale  agreement on such escrow  accounts by the purchaser of the
motorcycle operations.

From these proceeds,  Centerpoint  redeemed its Series B Preferred stock,  along
with accrued dividends,  on September 30, 2000. The Company received proceeds of
US$3.5 million (Lit.7.7  billion at the then prevailing  exchange rate) from the
redemption of such stock and its OAM  subsidiary  received  US$1.6 million (Lit.
3.5  billion).  The Company also  received Lit. 1.5 billion from the sale of its
steel tube  operations and received a further Lit. 1.0 billion in July 2001 from
such sale.

In July 2000, the Company  negotiated an agreement to purchase the shares of the
minority  shareholder in OAM for US$ 2.5 million,  and the Company acquired this
interest in March 2001.  This purchase will enable an orderly  winding-up of OAM
and the Company's corporate structure in Italy, though such winding-up is likely
to take up to several years due to tax complications.

As discussed in Note 5 to the Interim Financial  Statements,  Centerpoint agreed
it would,  as promptly as  practicable  after the closing of the sale, but in no
event later than 90 days following the closing,  hold a meeting of  stockholders
to consider and vote upon a proposal to liquidate  all of  Centerpoint's  assets
and  dissolve  itself.  The date for  proceeding  to propose a  liquidation  was
subsequently  extended by the Company and OAM to July 15, 2001.  The Company has
not yet  decided  whether it will  require  Centerpoint  to proceed to propose a
liquidation.  Since the date of the sale,  with the knowledge and consent of the
Company,  Centerpoint has sought to find a suitable operating company to acquire
or merge with.  Centerpoint  has advised the Company that if it finds a suitable
acquisition or merger  candidate then it will probably  propose the  acquisition
of, or merger with, such entity as an alternative to liquidation.

                                       20


<PAGE>

Under Delaware Law, any liquidation of Centerpoint  will require the approval of
the  holders of a majority  of  Centerpoint's  common  stock and  compliance  by
Centerpoint  with  applicable  Securities  and Exchange  Commission  regulations
concerning  any  proposed  liquidation.  However,  as the Company  owns 62.7% of
Centerpoint's  common  stock,  it can  approve  a  liquidation  even if no other
Centerpoint stockholders vote in favor of it. Conversely, a liquidation will not
be  approved  unless the  Company  votes in favor of it.  Although  the  Company
originally  insisted that Centerpoint agree to submit a liquidation  proposal to
its  shareholders,  the  Company  is not  committed  to vote  its  shares  for a
liquidation proposal.

The Company's 5% Convertible  Debentures in an aggregate amount of US$ 6,250,000
were scheduled to come due in December  2001. On June 13, 2001 the Company,  OAM
and Centerpoint  entered into the Centerpoint Loan Agreement wherein Centerpoint
agreed to lend the Company  $4,200,000.  On June 13, 2001 Centerpoint loaned the
Company  $4,200,000  and on June  15,  2001 the  Company  paid  the  holders  of
$6,000,000 of the  Debentures  $4,207,500 in cash,  which the Debenture  holders
accepted as payment in full on the  Debentures,  representing  a 31.5%  discount
from their face value.  On July 3, 2001,  the Company  paid Emanuel  Arbib,  the
holder of the remaining $250,000 of Debentures, $218,750 in cash which Mr. Arbib
accepted  as  payment  in full on the  Debentures.  The  Centerpoint  loan bears
interest at 5% per annum,  is  repayable  in full on the earlier of May 30, 2002
and  the  date  on  which  the  Company  causes  or  permits  a  liquidation  of
Centerpoint,  and is secured  by  300,000  shares of  Centerpoint  common  stock
currently owned by the Company and 1,200,000 of the shares of Centerpoint common
stock currently owned by OAM. In connection with the Centerpoint  loan, OAM also
entered into the OAM Guaranty  wherein it guaranteed  the Company's  obligations
under the Centerpoint loan agreement.  OAM's liability under the OAM Guaranty is
limited to the value of the  Centerpoint  shares pledged by OAM, as that term is
used in the OAM pledge agreement.

As  discussed  in Note 5 above,  on July 26,  2001,  in spite of being  aware of
Centerpoint  contesting  Aprilia's  alleged  claims  under  the  Share  Purchase
Agreement and its intention to seek arbitration, IMI advised Centerpoint that it
had paid Lit. 7,611 million from the escrow account to Aprilia in respect of the
Alleged Claims.

Pursuant to the Share Purchase  Agreement and Escrow  Agreement,  which provides
that  disputes  among the parties be  arbitrated,  on July 31, 2001  Centerpoint
filed with the  International  Chamber of Commerce a Request for  Arbitration in
Accordance  with  Article  4 of the ICC  Rules of  Arbitration  relating  to the
Alleged  Claims and the payment by IMI and  requesting  restitution of the funds
paid to Aprilia.  Centerpoint has advised the Company that it expects a decision
by the ICC with respect to the request will be rendered  approximately twelve to
eighteen months after the filing of the request.

As discussed in item 3 of the Company's  Form 10-K for the period ended December
31, 1999, and Note 5 to the interim financial statements,  in December 2000, the
Company  and  Gould,  the  co-defendant  in the  Wilson  Litigation  executed  a
settlement  agreement  and release  with the  plaintiff  under which each of the
Company and Gould paid US $1,025,000 to settle the claims with the plaintiff. On
June  15,  2001,  a  verdict  was  rendered  by the  Court  of  Common  Pleas of
Philadelphia  County  holding  that the Company was  responsible  for paying all
settlement  funds and  ordering  the  Company  to pay Gould US  $1,025,000  plus
interest at a rate of 7% per annum from the date Gould paid the plaintiffs.

                                       21

<PAGE>


                           Part II - Other Information



Item 6.   Exhibits and Reports on Form 8-K.

          (a)  Exhibits

               Exhibit No.       Description
               -----------       -----------
                  27             Financial Data Schedule



                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                    TRIDENT ROWAN GROUP, INC.


Dated: October 18, 2001           By:   /s/ Emanuel M. Arbib
                                        ----------------------------------------
                                        Emanuel M. Arbib,
                                        Chief Financial Officer /
                                        Joint Chief Executive Officer


Dated: October 18, 2001           By:   /s/ Mark S. Hauser
                                        ----------------------------------------
                                        Mark S. Hauser
                                        President /
                                        Joint Chief Executive Officer

                                       22

<PAGE>



                   Appendix A to Item 601(c) of Regulation S-K
                          (Article 5 of Regulation S-X)
                       Commercial and Industrial Companies

This  schedule  contains  summary  financial   information  extracted  from  the
unaudited  financial  statements  dated , June 30, 2000 and is  qualified in its
entirety by reference to such financial statements.

<TABLE>
<CAPTION>

Item No.         Item Description                                                 Amount*
--------         ----------------                                                 ------
<S>              <C>                                                         <C>
5-01(1)          Cash and cash items                                             339,000
5-02(2)          Marketable securities                                         2,005,000
5-02(3)(a)(1)    Notes and accounts receivable - trade                           600,000
5-02(4)          Allowances for doubtful accounts                                (29,000)
5-02(6)          Inventory                                                             0
5-02(9)          Total current assets                                          2,981,000
5-02(13)         Property, plant and equipment                                   176,000
5-02(14)         Accumulated depreciation                                         83,000
5-02(18)         Total assets                                                  6,305,000
5-02(21)         Total current liabilities                                     2,066,000
5-02(22)         Bonds, mortgages and similar debt                             6,250,000
5-02(28)         Preferred stock - mandatory redemption                                0
5-02(29)         Preferred stock - non-mandatory redemption                            0
5-02(31)         Common stock                                                     52,000
5-02(32)         Other stockholders' equity                                  (13,073,000)
5-03(b)(1)(a)    Net sales of tangible products                                   37,000
5-03(b)(1)       Total revenues                                                   37,000
5-03(b)(2)(a)    Cost of tangible goods sold                                          --
5-03(b)(2)       Total costs and expenses applicable to sales and revenue      1,131,000
5-03(b)(3)       Other costs and expenses                                       (253,000)
5-03(b)(5)       Provision for doubtful accounts and notes                             0
5-03(b)(8)       Interest and amortization of debt discount                      292,000
5-03(b)(10)      Income before taxes and other items                          (1,133,000)
5-03(b)(11)      Income tax expense                                                   --
5-03(b)(14)      Income/loss continuing operations                            (1,781,000)
5-03(b)(15)      Discontinued operations                                      (3,757,000)
5-03(b)(17)      Extraordinary items                                                   0
5-03(b)(18)      Cumulative effect - changes in accounting principles                  0
5-03(b)(19)      Net income or loss                                           (3,426,000)
5-03(b)(20)      Earnings per share - primary                                      (0.85)
5-03(b)(20)      Earnings per share - fully diluted                                (0.85)
</TABLE>

     *    Dollar  amounts  are  based on  conversion  rate of 2,028  Lire to the
          Dollar which prevailed on June 30, 2000.

                                       23