Unique Performance auction hauls in $1 million+, not enough
The ongoing saga at Unique Performance came to another disappointing conclusion this past weekend when the remaining shells and equipment were unceremoniously auctioned off. The 40 former employees of Unique Performance (plus another 100 that were also owed cash) were hoping that the proceeds from the fire sale would be enough to cover their back-pay -- unfortunately, that wasn't the case. All told, the auction brought in $1,037,000, of which $900,000 was instantly taken by the feds to clear UP's outstanding debts. That left $137k for the unemployed workers, or about $978 per person – what we're guessing is just a drop in the bucket for both what they're owned and the legal fees they've amassed since Unique Performance went belly-up last November.
[Source: Jalopnik]
Reader Comments (Page 1 of 1)
SPG 2:40PM (3/28/2008)
Looking over what was available in that auction made me drool.
I hope some honest and decent people were able to buy up some of those shells.
Body filler be damned!
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Talisman 2:49PM (3/28/2008)
So either your math is Terrible or that 978 is AFTER the Legal fees. Am I missing something here?
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Franz 2:51PM (3/28/2008)
I was just thinking the same thing.
RJ 5:01PM (3/28/2008)
They won't see a penny, especially if the lawyers were working on contingency, which is safe to assume. A 10% fee would wipe out the remaining money, and I can't imagine the law firm would accept much less than that
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superdart 6:34PM (3/28/2008)
Where are your math skills, people?
$137,000/140 people = $978.57 per person
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RLQ 6:24PM (3/28/2008)
Those bodies have so much potential.
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Speedzzter 6:06PM (3/28/2008)
How much of the auction take went to the defrauded customers who paid huge deposits for a Shelby-licensed Shelby Mustang?
http://speedzzter.blogspot.com/2008/02/another-black-eye-for-shelby-autoblog.html
Sadly, the Shelby legacy is quickly becoming one of ripping off the customers. Whether it's the sordid Unique Performance saga, or the insane dealer gouging on the Shelby GT500, or the poor "bang-for-the-buck of the wholly underwhelming "Shelby GT" Mustang (http://speedzzter.blogspot.com/2006/08/shelby-gt-dull-knife-in-gunfight.html), the "Shelby" brand is becoming synonymous overpriced disappointment.
Too bad Carroll Shelby apparently is unwilling to "stand behind his name" by doing the right thing.
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WillDaThrill 11:36PM (3/28/2008)
Ah the government. Just when you think you've made it, there they are to let you know you didn't. Ah, Unique deserved it but look who payed for it.
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MclarenF1 10:57PM (3/29/2008)
"the auction brought in $1,037,000"
That's only if everyone pays for what they bid on. Look at the item below. It's a $40 clock that was bid up to $275. I could possibly see that price if it was autographed but it's not. There seems to be a lot of items that were bid up to insane amounts.
http://www.maxanet.com/cgi-bin/mnlist.cgi?rosen/72
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Barry Palmer 3:09PM (4/02/2008)
How come none of the Mustangs in the auction had engines in them? The picture advertising the auction shows one Eleanor with a nice motor in the engine bay. Also, I saw other pictures of the confiscated cars, one of them was red with white stripes, didn't see that one either?? Where did the rest of them go?
azzo45 11:46AM (3/30/2008)
So when does SPEED cancel that lame-ass reality show? What a shock that the fat-f*ck Will Castro was a loser as a business man... just a shock!
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Speedzzter 11:49AM (4/01/2008)
Unique is gone (along with a lot of customer deposits) but all is apparently not lost.
What is a "checkbook gearhead" with an undying passion for a clone of the 1967 "Eleanor" (R) Mustang (R) from the 2000 remake of "Gone in Sixty Seconds"(R) and a spare $140,000.00 burning a hole in the pocket of his (or her) designer jeans to do?
Denise Halicki and Oklahoma's Classic Recreations, L.L.C. apparently have the answerL an "official" "Gone in 60 Seconds" "Eleanor."
See http://speedzzter.blogspot.com/2008/04/eleanor-r-without-shelby-r-what-is.html
"Eleanors" without Shelby? More lawsuits to follow? It'll take longer than "60 seconds" to unravel this one.
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