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 September 30, 2001

[ ]  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 - 000-22813

                           CENTERPOINT CORPORATION
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

             Delaware                              13-3853272
 -------------------------------       ------------------------------------
 (State or other jurisdiction of       (I.R.S. Employer Identification No.)
  incorporation or organization)

            18 East 50th St. 10 Floor New York, New York 10022
            --------------------------------------------------
            (Address of principal executive offices - Zip code)

Registrant's telephone number, including area code:  (212) 758-6622

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, 6,005,339 shares outstanding as of
April 9, 2002.


<PAGE>
                              TABLE OF CONTENTS

                                                                         Page

Part I - Financial Information                                             2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS                            3

ASSETS                                                                     3

LIABILITIES                                                                3

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS FOR
  THE THREE MONTHS ENDED JUNE 30, 2001 and 2000                            4

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS FOR
  THE NINE MONTHS ENDED SEPTEMBER 30, 2001 and 2000                        5

COMPREHENSIVE INCOME/(LOSS)                                                6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW                   7

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS                    8-12

Item 2. Management's  Discussion and Analysis of Financial Condition
        and Results of Operations                                      13-14

Part II -  Other Information                                              15

Item 1.    Legal Proceedings                                              15

Item 2.    Changes in Securities                                          16

Item 3.    Defaults Upon Senior Securities                                16

Item 4.    Submission of Matters to a Vote of Security Holders            16

Item 5.    Other Information                                              16

Item 6.    Exhibits and Reports on Form 8-K                               16

SIGNATURES                                                                17
















                                    1

<PAGE>
CENTERPOINT CORPORATION
September 30, 2001




Part I - Financial Information












































                                    2

<PAGE>
CENTERPOINT CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
September 30, 2001


                                      Sept. 30     Sept. 30      Dec. 31
                                        2001         2001          2000
                                      US$'000       Lit. m        Lit. m
                                      --------   ------------  ------------
ASSETS
  Cash and cash equivalents           $  8,961   Lit.  19,069  Lit.   2,411
Short-term marketable securities
 held to maturity, at cost                   -              -        28,351
Loan to TRG, plus accrued interest       4,263          9,072             -
Prepaid expenses                            45             95           154
                                      --------   ------------  ------------
TOTAL CURRENT ASSETS                    13,269         28,236        30,916
                                      --------   ------------  ------------
Escrow receivable in 2007                    -              -             -
                                      --------   ------------  ------------

TOTAL ASSETS                          $ 13,269   Lit.  28,236  Lit.  30,916
                                      ========   ============  ============
LIABILITIES

Accounts payable                            20             43            91

Amounts due to related and
 affiliated parties                          -              -           390

Accrued expenses and other payables        103            220           361
                                      --------   ------------  ------------
TOTAL CURRENT LIABILITIES                  123            263           842
                                      --------   ------------  ------------

SHAREHOLDERS' EQUITY                    13,146         27,973        30,074

Common stock, par value $0.01 per
 share:
  Authorised 20,250,000 shares;
   5,999,089 (2000 - 5,999,089)
   shares outstanding                       51            108           108
 Additional paid-in capital             19,038         40,510        40,510
 Accumulated other comprehensive
  income                                  (966)        (2,055)          242
 Accumulated deficit                    (4,977)       (10,590)      (10,786)
                                      --------   ------------  ------------
LIABILITIES & SHAREHOLDERS' EQUITY    $ 13,269   Lit.  28,236  Lit.  30,916
                                      ========   ============  ============


Note:  The balance sheet as at December 31, 2000 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>
CENTERPOINT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
3 Months ended September 30, 2001 and 2000

                                      Sept. 30     Sept. 30      Sept. 30
                                        2001         2001          2000
                                      US$'000       Lit. m        Lit. m
                                      --------   ------------  ------------
Interest income                       $     55   Lit.     116  Lit.     108
Selling, general and administrative
 expenses                                 (103)          (219)          (16)
Other income, net                            -              1           (11)
Finance expense: Shares issued to
 TRG Inc. in connection with
 Preferred Stock issuance                                            (3,347)
                                      --------   ------------  ------------
Loss from continuing operations            (48)          (102)       (3,266)

Discontinued operations:
 Gain on disposal of discontinued
  operations                                                         57,018
                                      --------   ------------  ------------
Net profit/(loss)                          (48)          (102)       53,752
Preferred stock dividends                    -              -          (458)
                                      --------   ------------  ------------
Profit/(loss) attributable to
 common shareholders                  $    (48)  Lit.    (102) Lit.  53,294
                                      ========   ============  ============

BASIC EARNINGS/(LOSS) PER SHARE:        US $         Lire          Lire
                                      --------   ------------  ------------

Continuing operations                 $  (0.01)  Lit.     (17) Lit.    (665)
Discontinued operations               $      -   Lit.       -  Lit.  10,183

DILUTED EARNINGS/(LOSS) PER SHARE:

Continuing operations                 $ (0.01)   Lit.     (17) Lit.   (665)
Discontinued operations               $     -    Lit.       -  Lit. 10,183

WEIGHTED AVERAGE NUMBER OF SHARES
 OUTSTANDING DURING THE PERIOD

Basic                                5,999,089      5,999,089     5,589,089
                                     =========      =========     =========
Diluted                              5,999,089      5,999,089     5,688,858
                                     =========      =========     =========










                                     4

<PAGE>
CENTERPOINT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
9 Months ended September 30, 2001 and 2000


                                      Sept. 30     Sept. 30      Sept. 30
                                        2001         2001          2000
                                      US$'000       Lit. m        Lit. m
                                      --------   ------------  ------------

Interest income                       $    337   Lit.     717  Lit.     108
Selling, general and administrative
 expenses                                 (267)          (568)          (16)
Other income, net                           22             47           (11)
Finance expense: Shares issued to
 TRG Inc. in connection with
 Preferred Stock issuance                                            (3,347)
                                      --------   ------------  ------------
Profit/(Loss) from continuing
 operations                                 92            196        (3,266)

Discontinued operations:
 Loss from disposed motorcycle
  operations (after tax of Lit. 514)         -              -        (8,324)
 Gain on disposal of motorcycle
   business (after tax of Lit. 0)                                    57,018
                                      --------   ------------  ------------
Net profit                                  92            196        45,428

Preferred stock dividends                    -              -        (1,067)
                                      --------   ------------  ------------
Profit attributable to common
 shareholders                         $     92   Lit.     196  Lit.  44,361
                                      ========   ============  ============

BASIC EARNINGS/(LOSS) PER SHARE:        US $          Lire         Lire
                                      --------   ------------  ------------

Continuing operations                 $   0.02   Lit.      33  Lit.    (762)
Discontinued operations               $      -   Lit.       -  Lit.  (8,566)

DILUTED EARNINGS/(LOSS) PER SHARE:

Continuing operations                 $   0.02   Lit.      33  Lit.    (762)
Discontinued operations               $      -   Lit.       -  Lit.  (8,566)

WEIGHTED AVERAGE NUMBER OF SHARES
 OUTSTANDING DURING THE PERIOD

Basic                                5,999,089      5,999,089     5,684,895
                                     =========      =========     =========
Diluted                              5,999,089      5,999,089     5,684,895
                                     =========      =========     =========


                  See Notes to Consolidated Financial Statements




                                     5

<PAGE>
CENTERPOINT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY/(DEFICIT); AND
COMPREHENSIVE INCOME/(LOSS)
September 30, 2001
<TABLE>
<CAPTION>

                                                                      Accumu-
                                                                      lated
                                                                      Other
                                                         Additional   Compre-   Accumu-   Share-    Comprehen-
                                        Common Stock      Paid-In     hensive   lated     holders'     sive
                                      Shares    Amount    Capital     Income    Deficit   Equity    Income/Loss
                                    ---------   ------   ----------   -------   -------   --------  -----------
<S>                                 <C>         <C>      <C>          <C>       <C>       <C>       <C>
At January 1, 2001           Lit.m  5,999,089      108       40,510       242   (10,786)    30,074

Net profit                                  -        -            -         -       256        256         256
Translation adjustment                      -        -            -        12         -         12          12
                                    ---------   ------   ----------   -------   -------   --------  ----------
At March 31, 2001            Lit.m  5,999,089      108      40,510       254   (10,530)     30,342        268

Net profit                                  -        -            -         -       42          42          42
Translation adjustment                      -        -            -      (239)       -        (239)       (239)
                                    ---------   ------   ----------   -------   -------   --------  ----------
At June 30, 2001                    5,999,089      108       40,510        15   (10,488)     30,145       (197)

Net profit                                  -        -            -         -      (102)      (102)       (102)
Translation adjustment                      -        -            -    (2,070)        -     (2,070)     (2,070)
                                    ---------   ------   ----------   -------   -------   --------  ----------
At September 30, 2001               5,999,089      108       40,510    (2,055)  (10,590)    27,973      (2,172)
                                    ---------   ------   ----------   -------   -------   --------  ----------
At June 30, 2001              $'000                 51       19,038      (966)   (4,977)     14,167      (1,021)
                                                ======   =========    =======   =======   ========  ==========


Accumulated Other Comprehensive Income relates to translation differences from the conversion of Balance Sheets
of non-Italian entities.
</TABLE>


                 See Notes to Consolidated Financial Statement




















                                     6

<PAGE>
CENTERPOINT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOW
Nine Months Ended September 30, 2001
<TABLE>
<CAPTION>
                                                    Sept. 30     Sept. 30      Sept. 30
                                                      2001         2001          2000
                                                    US$'000       Lit. m        Lit. m
                                                    --------   ------------  ------------
<S>                                                <C>         <C>           <C>
Net profit from continuing
 operations                                         $     92   Lit.     196  Lit.  (3,266)
Dividends paid on preferred stock                          -              -        (1,067)
Adjustments to reconcile net loss to net
 cash used by operating activities:
  Stock issuance for finance expense                       -              -         3,347
  Other operating activities                            (765)        (1,627)         (122)
Changes in operating assets and liabilities:
  Related party receivables: Interest
   accrued on TRG loan                                   (64)          (137)          196
  Prepaid expenses                                        31             66           (69)
  Accounts payable and accrued expenses                  (97)          (207)         (646)
  Related party payables                                (193)          (410)          521
                                                    --------   ------------  ------------
Net cash used by operating activities                   (996)        (2,119)       (1,106)
                                                    --------   ------------  ------------
Investing activities
 Decrease/(Increase) in marketable securities         13,323         28,351       (27,998)
 Loan to TRG                                          (4,510)        (9,596)            -
                                                    --------   ------------  ------------
Net cash (used in) provided by investing activities    8,813         18,755       (27,998)
                                                    --------   ------------  ------------
Financing activities
 Proceeds from issuance of preferred stock                 -              -        18,329
                                                    --------   ------------  ------------
Net cash provided by financing activities                  -              -        18,329
                                                    --------   ------------  ------------
(Decrease)/increase in cash from continuing
 activities                                            7,817         16,636       (10,775)

Net cash from discounted motorcycle operations             -              -        42,995
Exchange movement on opening cash                         11             22             -
Cash, beginning of period                              1,133          2,411             3
                                                    --------   ------------  ------------
Cash, end of period                                 $  8,961   Lit.  19,069  Lit.  32,223
                                                    ========   ============  ============
</TABLE>
Supplemental information on non-cash activities

Advances to the Company, made in 1999, in an aggregate amount of $1.25 million
(Lit. 2,479 million at the then prevailing exchange rate) by Wheatley
Partners, LP and Wheatley Foreign Partners, LP (each of which is an affiliate
of Barry Fingerhut, a Director of the Company) and William Spier, a director
of the Company and a US$ 1.6 million (Lit. 3,174 million) loan due to OAM
S.p.A., respectively, were applied to subscribe to the Company's Series B
preferred stock on February 25, 2000.

The Company issued 10,000 shares with a fair value of Lit. 91 million in
connection with its purchase of the 75% of MGI Motorcycle GmbH that it did not
already own.  MGI Motorcycle GmbH was disposed as part of the sale of
motorcycle operations.

                        See Notes to Financial Statements

                                     7

<PAGE>
CENTERPOINT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2001

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 Form 10-K dated March 15,
2002.  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 nine months ended September 30, 2001 are not
necessarily indicative of the operating results for the full year.

The Company was originally incorporated in Delaware on August 9, 1995 under
the name of North Atlantic Acquisition Corp. to serve as a vehicle to effect a
merger, exchange of capital stock, asset acquisition or other business
combination with an operating business.  On August 27, 1997 the Company
consummated an initial public offering consisting of 800,000 Units and 150,000
shares of Class B Common Stock, with each Unit consisting of one share of
Class A Common Stock and one warrant to purchase shares of Class A Common
Stock, which resulted in net proceeds to the Company of approximately
$8,000,000.

On August 18, 1998, the Company and Trident Rowan Group, Inc. ("TRG" or
"Trident Rowan") entered into a definitive agreement and plan of merger and
reorganization, as amended (the "Merger Agreement"), pursuant to which Moto
Guzzi Corp. merged with and into the Company, with the Company as the
surviving corporation (the "Merger").  Prior to the Merger, TRG and its
majority-owned subsidiary, OAM S.p.A. ("OAM"), together owned all the
outstanding common stock of Moto Guzzi Corp.  The Merger, which occurred on
March 5, 1999, was treated as a reverse acquisition of the Company.   The
results of operations and cash flows prior to the date of the merger are those
of Moto Guzzi Corp.  Following the Merger, the Company adopted the December 31
financial reporting year of Moto Guzzi Corp. and financial statements are
prepared using the accounting principles of Moto Guzzi Corp.

In September 2000, the Company sold all its operating subsidiaries to Aprilia
S.p.A. ("Aprilia") and changed its name to Centerpoint Corporation pursuant to
the sale of its motorcycle operations to Aprilia.

The primary financial statements are shown in Italian lire because all of the
Company's material operating entities were based and operated in Italy.  The
Company will evaluate if its functional currency will continue to be the lire,
based on decisions to be taken as to its future activities.  Translation of
lire amounts into U.S. Dollar amounts in the current financial statements is
included solely for the convenience of the readers of the financial statements
and has been made at the rate of Lire 2,128 to U.S. $1, the approximate
exchange rate at September 30, 2001. It should not be construed that the
assets and liabilities, expressed in U.S. dollar equivalents, can actually be
realized in or extinguished by U.S. dollars at that or any other rate.




                                     8

<PAGE>
2.  EARNINGS/LOSS FROM CONTINUING OPERATIONS PER SHARE

The numerator for the calculation of earnings/(loss) per common share have
been calculated as follows:

Three months to September 30, 2001
                                        Sept. 30     Sept. 30     Sept. 30
                                          2001         2001         2000
                                         $'000         Lit.m        Lit.m
                                        --------     ---------    --------

Profit from continuing operations            (48)         (102)     (3,266)
Preferred Stock dividends                      -             -        (458)
                                        --------     ---------    --------
Earnings from continuing operations
 attributable to common shareholders         (48)         (102)     (3,724)
                                        ========     =========    ========

Nine months to September 30, 2001
                                        Sept. 30     Sept. 30     Sept. 30
                                          2001         2001         2000
                                         $'000         Lit.m        Lit.m
                                        --------     ---------    --------

Profit from continuing operations             92           196      (3,266)
Preferred Stock dividends                      -             -      (1,067)
                                        --------     ---------    --------
Earnings from continuing operations
 attributable to common shareholders         130           298      (4,333)
                                        ========     =========    ========

3.  RELATED PARTY TRANSACTIONS

On June 13, 2001 the Company, TRG and OAM entered into the TRG Loan Agreement
("TRG Loan") wherein subject to the terms and certain conditions set forth
therein the Company agreed to lend TRG US$4,200,000.  The 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 the
Company, and was secured by the 300,000 shares of the Company common stock
currently owned by the TRG and 1,200,000 of the shares of the Company common
stock owned by OAM.  In connection with the TRG Loan, OAM also entered into
the OAM Guaranty wherein it guaranteed TRG's obligations under the TRG Loan
Agreement.  OAM's liability to the Company under the OAM Guaranty is limited
to the value of the Company shares pledged by OAM, as that term is used in the
OAM pledge agreement. The TRG Loan formed part of the payment to OAM for
control of the Company in the Bion transaction (See Note 4   Subsequent
Events).  For the three and nine months ending September 30, 2001 interest of
$52,932 and $63,288 was accrued on the TRG Loan.

4.  OUTSTANDING CLAIMS

APRILIA CLAIMS UNDER THE SHARE PURCHASE AGREEMENT; REQUEST FOR ARBITRATION

Pursuant to the terms, and subject to the conditions, of the Share Purchase
Agreement and the Escrow Agreement relating to the sale of Moto Guzzi's
operating subsidiaries, Lit. 9,375 million of the proceeds of the sale were
placed into escrow.

                                     9

<PAGE>
By letter dated December 21, 2000, legal counsel for Aprilia filed a claim
against Centerpoint under the Share Purchase Agreement alleging (i) that it
had failed to receive a resignation and release from Mr. Roeth, an executive
and director of MGI Motorcycle GmbH, and (ii) that the campaign recall with
respect to certain Moto Guzzi motorcycles was more critical than that forecast
in the Management Date Financial Statements and August 3, 2000 letter.  By
letter dated February 5, 2001 Centerpoint's Italian legal counsel responded to
the December 21, 2000 letter specifically denying the alleged claims and
requesting that the parties meet to negotiate a release of the escrow funds,
as provided for in the August 3, 2000 letter.

On June 4, 2001 Aprilia's legal counsel sent a letter to Centerpoint which
reiterated the claims in its December 21, 2000 letter and alleged the
following:  (i) that the cost of the recall campaign was estimated by Aprilia
to be approximately Lit. 4,500 million, which exceeded the Management Date
Financial Statement amount with respect to the recall campaign by Lit. 2,676
million, (ii) that technical problems related to various motorcycles were
likely to cost Aprilia approximately Lit. 5,308 million, and that such
technical problems had not been disclosed to Aprilia in connection with the
sale of the Moto Guzzi operations to Aprilia, and that Aprilia was entitled to
reimbursement of such costs, (iii) that Aprilia was entitled to reimbursement
of Lit. 148.5 million incurred by Aprilia in connection with the termination
of Mr. Roeth, an executive of MGI Motorcycle GmbH, (iv) that Aprilia was
entitled to reimbursement of Lit. 378 million in respect of unjustified credit
notes issued by MGI Motorcycle GmbH in favor of dealers and distributors, and
(v) that breaches of accounting principles by Moto Guzzi North America
entitled it to claims against Centerpoint in the amount of Lit. 1,100 million
(collectively with (i), (ii), (iii) and(iv), the "Alleged Claims").

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

By letter dated 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, each of which
provides that disputes among the parties be arbitrated, the Company filed with
the International Arbitration Court of 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.  Subsequent
to the Company's filing, a committee was formed in Milano, Italy to hear the
case.  The company is requesting restitution of the Lit. 7,611 million
(approximately US$3,692,000) paid to Aprilia, plus interest and costs.  The
Arbitration committee was constituted on November 16, 2001, and a decision is
expected to be rendered within twelve to eighteen months of the original
filing date.








                                     10

<PAGE>
DISPUTE WITH IMI REGARDING ITS FEE

IMI, the Company's investment adviser in connection with the sale, acted as
fiduciary for the closing.  At the Closing, but without the prior approval,
knowledge or consent of the Company, IMI was paid Lit. 11,401 million, in
respect of fees and expenses claimed by IMI to be due it under its engagement
letter with TRG and OAM.  Since early July 2000, the Company and TRG have
disputed IMI's interpretation of the calculation of the fee due it under its
engagement letter, following indication by IMI of its basis of calculation.
The dispute relates to the respective interpretations of the Company, TRG and
IMI of the term "Total Transaction Value" as that term is used in the
engagement letter.  Since that time, the Company and TRG discussed and sought
to negotiate with IMI concerning its alleged amount of the fee.  IMI refused
to engage in negotiations and did not present any calculation of the fee to
the Company or TRG prior to the closing.  After the closing and actual payment
to IMI of the alleged fee, IMI then presented a calculation and an invoice to
the Company for fees and expenses alleged by IMI to be due it under the
engagement letter in the amount of Lit. 11,401 million.  In addition to
disputing the amount of the fee paid to IMI, the Company believes that IMI had
no right to cause its fee to be deducted from the sale proceeds, as the
Company was not a party to the engagement letter, and did not consent to any
such deduction.  On February 11, 2002 the Company brought a suit against IMI
before the Civil Section of the Court of Milano, seeking reimbursement of Lit.
8,766 million (approximately US$4,253,000) of the Lit. 11,401 million
(US$5,532,000) paid to IMI at the closing.  The first hearing in the case is
scheduled for May 27, 2002 and as at March 11, 2002 IMI has not yet filed its
defenses.

5.  SUBSEQUENT EVENTS

In December 2001, the Board of the Company met to evaluate the alternative
strategies and investments available to the Company.  Investec Ernst & Co.,
who had been hired in June 2001 to assist in this process, presented to the
Board their conclusions on a number of potential investments.  After review of
the possible investments, the Board resolved to approve the acquisition of
19,000,000 shares of Bion Environmental Technologies, Inc., a publicly-held
Colorado corporation ("Bion").  Bion is an environmental service company
focused on the needs of confined animal feeding operations.  Bion is engaged
in two main areas of activity: waste stream remediation and organic soil and
fertilizer production.  Bion's waste remediation service business provides
confined animal feeding operations (primarily in the swine and dairy
industries) with treatment for the animal waste outputs.  In this regard, Bion
treats their entire waste stream in a manner which cleans and reduces the
waste stream thereby mitigating pollution of the air, water (both ground and
surface) and soil, while creating value-added organic soil and fertilizer
products.  Bion's soil and fertilizer products are being used for a variety of
applications including school athletic fields, golf courses and home and
garden applications.

On January 15, 2002, the Company closed the transaction with Bion by
purchasing 19,000,000 shares of restricted stock of Bion in exchange for
approximately US$8.5 million in cash (substantially all of the Company's
cash), the US$4.2 TRG Promissory Note (including accrued interest), and the
assignment of 65% of the Company's claims with respect to the escrow accounts
and claims against IMI.  Unrestricted stock of Bion is traded on the OTC/BB
market under the ticker "BION".



                                     11

<PAGE>
Immediately upon consummation of this transaction, Bion purchased a 57.7%
majority interest in the Company from OAM.  The total consideration paid by
Bion consisted of (i) US$3,700,000 in cash, (ii) the assignment of the US$4.2
million TRG Promissory Note (including accrued interest) and related loan
guarantees, (iii) the assignment of the 65% interest in the Company's claims
with respect to the escrow accounts and claims against IMI, (iv) the issuance
of 1,000,000 shares of Bion's common stock, and (v) the issuance of a warrant
to acquire 1,000,000 shares of Bion's common stock at a price of US$0.90, with
expiration date of January 10, 2007.

Under the Subscription Agreement and related Registration Rights Agreement,
Bion agreed among other things (i) file with the SEC a Registration Statement
with respect to the Bion Shares, as soon as practicable, and within 90 days of
the Company's filing with the SEC of its December 31, 2001 Form 10-K, and to
use its best efforts to cause such Registration Statement to be declared
effective as soon as practicable thereafter, (ii) to use its best efforts to
cause the Bion Shares to be distributed to the Company's common stockholders
in a tax efficient manner in accordance with applicable law, and (iii) to use
its best efforts to hold an Annual Meeting of Bion Shareholders during 2002,
in accordance with its by-laws and applicable law. It is expected that the
distribution will occur during the second half of calendar 2002.  When that
distribution occurs, approximately 11,000,000 of Bion's shares will be
distributed back to Bion.  Bion has advised the Company that it intends to
cancel such shares.

On March 14, 2002, the Company and Bion entered in an agreement effective
January 15, 2002 where the Company will pay $12,000 a month for management
services, support staff and office space.  In addition, Bion will advance to
the Company sums needed to cure its delinquencies with the SEC, distribute
Bion shares to its shareholders, to locate and acquire new business
opportunities and for on-going expenses.  Bion shall have no obligation to
make any advances in excess of $500,000.  All sums due Bion shall be evidenced
by a convertible revolving promissory note.  As additional consideration, Bion
shall receive a warrant to purchase 1,000,000 shares of the Company's common
stock at $3.00 per share until March 14, 2007.

David Mitchell, a director of the Company, is the Chairman, President, Board
member and a principal stock and warrant holder of Bion.  Additionally a
portion of the proceeds of the Bion Investment were used to pay off US$718,485
of indebtedness of Bion owed to Mr. Mitchell.

On January 24, 2002, David Mitchell was elected as the Company's President and
CEO. David Mitchell is a founder, stockholder, option holder, former CEO of
the Company and currently is the only director of the Company.

Following the Bion Investment and Bion acquisition of Centerpoint Shares, all
of the Company's directors, other than David Mitchell, resigned from their
positions on the Company's Board of Directors.  Bill Spier, one of the
Company's Directors until he resigned on January 24, 2002, sits on Bion's
advisory board.  On January 21, 2002, Howard Chase, a director of the Company
until he resigned on January 15, 2002, joined the Board of Directors of Bion.






                                     12

<PAGE>
CENTERPOINT CORPORATION
Management's Discussion and Analysis of Financial Condition and Results of
Operations



Results of Operations
Three Months Ended September 30,                         2001          2000
                                                        Lit. m        Lit. m

Interest income                                           116           108

Selling, general and administrative expenses             (219)          (16)
Other income, net                                           1           (11)
Finance expense: Shares issued to TRG Inc. in
  connection with Preferred Stock issuance                  -        (3,347)
                                                        -----        ------
Net profit from continuing operations
  before income taxes                                    (102)       (3,266)
Discontinued operations:
  Gain on disposal of discontinued operations               -        57,018
Preferred Stock dividends                                   -          (458)
                                                        -----        ------
Net profit attributable to common shareholders           (102)       53,294
                                                        =====        ======

Results of Operations
Six Months Ended September 30,                           2001          2000
                                                        Lit. m        Lit. m

Interest income                                           717           108
Selling, general and administrative expenses             (568)          (16)
Other income, net                                         471           (11)
Finance expense: Shares issued to TRG Inc. in
  connection with Preferred Stock issuance                  -        (3,347)
                                                        -----        ------
Net profit from continuing operations
  before income taxes                                     196        (3,266)
Discontinued operations:
  Gain on disposal of discontinued operations               -        57,018
Preferred Stock dividends                                   -          (458)
                                                        -----        ------
Net profit attributable to common shareholders            196        53,294
                                                        =====        ======


On September 7, 2000, the Company completed the sale of its operating
subsidiaries to Aprilia.    This sale represents the discontinuance of
motorcycle operations which were the Company's only activities and have been
accounted for as discontinued operations.  The effective accounting date for
the sale was July 1, 2000, reflecting the last date for which financial
information on the subsidiaries is available.







                                  13

<PAGE>
The Company has recorded interest income of Lit. 116 million principally from
the TRG loan and administrative expenses of Lit. 219 million principally in
respect of compliance costs on continuing operations for the three months
ending September 30, 2001.    In the corresponding period in 2000, the Company
recorded interest income of Lit. 108 million on fixed interest securities and
selling, general and administrative expenses of Lit. 16 million principally in
respect of compliance costs on continuing operations.  The Company also had
Other Income of $Lit 11 million on the positive exchange differences on
continuing operations due to the denomination of the functional currency of
Italian Lire for the three months ending September 30, 2000.

For the quarter ending September 30, 2001 the Company had no profit or loss
for the discontinued motorcycle operations.  For the quarter ending September
30, 2000, the Company had a gain on the disposal of the discontinued
motorcycle operations of Lit. 57,018 million.

The Company has recorded interest income of Lit. 717 million principally from
the TRG loan and Euro denominated fixed interest securities, administrative
expenses of Lit. 568 million, principally in respect of compliance costs on
continuing operations for the nine months ending September 30, 2001.    In the
corresponding period in 2000, the Company recorded interest income of Lit. 108
million on fixed interest securities and selling, general and administrative
expenses of Lit. 16 million principally in respect of compliance costs on
continuing operations.  The Company also had Other Income of $Lit 11 million
on the positive exchange differences on continuing operations due to the
denomination of the functional currency of Italian Lire for the nine months
ending September 30, 2000.

For the nine months ending September 30, 2001 the Company had no profit or
loss for the discontinued motorcycle operations.  For the nine months ending
September 30, 2000, the Company had a loss on discontinued operations of Lit.
8,324 million and gain on the disposal of the discontinued motorcycle
operations of Lit. 57,018 million.

Liquidity and Financial Resources

The Company has US $ 8.961 million in cash pending evaluation of the
alternatives available to the Company with respect to future investment
activities.  In June 2001, the Company engaged the investment banking firm of
Investec Ernst & Co. to assist the Company in its evaluation of strategic
alternatives.

Future cash needs; application of liquidity after September 30, 2001

In January 2002, as described above in Note 5 - Subsequent Events, the Company
used $8.5 million - the major part of its remaining funds at that date - as
part of the consideration for the subscription of 19,000,000 shares of Bion.










                                    14

<PAGE>
Part II  -  Other Information

Item 1.  Legal Proceedings

Pursuant to the Share Purchase Agreement and the Escrow Agreement relating to
the sale of Moto Guzzi's operating subsidiaries, Lit. 9,375 million of the
proceeds of the sale were placed into escrow.

In December 21, 2000 and June 2001, legal counsel for Aprilia filed claims
against the Company under the Share Purchase Agreement alleging various
breaches of representations and warranties by Company.

On July 23, 2001, in spite of being aware of the Company contesting of each of
the alleged claims and its intention to seek arbitration, IMI advised the
Company 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, each of which
provides that disputes among the parties be arbitrated, the Company filed with
the International Arbitration Court of 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.  Subsequent
to the Company's filing, a committee was formed in Milano, Italy to hear the
case.  The company is requesting restitution of the Lit. 7,610 million
(approximately US$3,692,000) paid to Aprilia, plus interest and costs.  The
Arbitration committee was constituted on November 16, 2001, and a decision is
expected to be rendered within twelve to eighteen months of the original
filing date.

Further details concerning the alleged claims and proceedings are set forth
under "Aprilia Claims Under the Stock Purchase Agreement" above, which is
incorporated herein by reference.

At the September 7, 2000 closing of the sale of the subsidiaries, in
accordance with an invoice previously submitted to them by IMI, but without
the prior approval, knowledge or consent of the Company, IMI was paid Lit.
11,401 million, in respect of fees and expenses claimed by IMI to be due it
under its engagement letter with TRG and OAM.  Since early July 2000, the
Company and TRG have disputed IMI's interpretation of the calculation of the
fee due it under its engagement letter, following initial indication by IMI of
its basis of calculation.

On February 11, 2002 the Company brought a suit against IMI before the Civil
Section of the Court of Milano, seeking reimbursement of Lit. 8,766 million
(approximately US$4,253,000) of the Lit. 11,401 million (US$5,532,000) paid to
IMI at the closing.  The first hearing in the case is scheduled for May 27,
2002 and as at March 11, 2002 IMI has not yet filed its defenses












                                 15

<PAGE>
Item 2.  Changes in Securities

None

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security Holders

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

None







































                                   16

<PAGE>
                               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.


                                      CENTERPOINT CORPORATION



April 18, 2002                        By: /s/ David Mitchell
                                          ----------------------------
                                          David Mitchell
                                          President



April 18, 2002                        By: /s/ David Fuller
                                          ----------------------------
                                          David Fuller
                                          Principal Accounting Officer





































                                    17