JD Classics, what have they been up to?
Discussion
Morning all
So JD/ charme are facing a bill of £9 million to settle Mr Tukes claim, plus legal expenses , plus the possibility (if rumours are to be believed) of further claims to come, yet it would seem that Mr Hood - who’s actions led to the whole situation- gets to disappear into obscurity with only the loss of his job and reputation???
Surely that can’t be right ? Is there no possibility of legal action for fraud/misrepresentation either civil or criminal being brought against him ???
So JD/ charme are facing a bill of £9 million to settle Mr Tukes claim, plus legal expenses , plus the possibility (if rumours are to be believed) of further claims to come, yet it would seem that Mr Hood - who’s actions led to the whole situation- gets to disappear into obscurity with only the loss of his job and reputation???
Surely that can’t be right ? Is there no possibility of legal action for fraud/misrepresentation either civil or criminal being brought against him ???
ettore said:
Outside the trading business (which is where the smell lies) the rest of the firm is very high quality. Restoration and Racing teams arguably as good as anywhere:
Where they not In the main their own customer for those services though?Surely now the JD racing side is stopped and there's no cars to restore/prepare for sale those two aspects would be very limited.
Without knowing the internal machinations of JD it's difficult to know what's coming next. That doesn't stop us speculating though !
If the current owners, who are not car people, left Hood to effectively run the sale side of the business and "do the deals" it's not beyond the realms that they genuinely weren't complicit in the fraudulent side of things.
In which case perhaps he'd be looked at as a rogue trader and they'd be able to go after him accordingly.
Pure speculation of course, but this is PH after all
If the current owners, who are not car people, left Hood to effectively run the sale side of the business and "do the deals" it's not beyond the realms that they genuinely weren't complicit in the fraudulent side of things.
In which case perhaps he'd be looked at as a rogue trader and they'd be able to go after him accordingly.
Pure speculation of course, but this is PH after all
Opens up a whole host of "spin off" ventures............
Derek Hood appearing on BBC "Who do you think you are ?" - tracing his family tree, probably find he's a very distant relative of his namesake Robin Hood - family motto carved on a tree in Sherwood Forest "Take from the rich and give to the poor " - variation on a theme, modern day family motto, painted on the wall of a car showroom in Essex "Take from the rich and keep it yourself" ! I'm looking forward to watching it already !
Derek Hood appearing on BBC "Who do you think you are ?" - tracing his family tree, probably find he's a very distant relative of his namesake Robin Hood - family motto carved on a tree in Sherwood Forest "Take from the rich and give to the poor " - variation on a theme, modern day family motto, painted on the wall of a car showroom in Essex "Take from the rich and keep it yourself" ! I'm looking forward to watching it already !
sng45 said:
Opens up a whole host of "spin off" ventures............
Derek Hood appearing on BBC "Who do you think you are ?" - tracing his family tree, probably find he's a very distant relative of his namesake Robin Hood - family motto carved on a tree in Sherwood Forest "Take from the rich and give to the poor " - variation on a theme, modern day family motto, painted on the wall of a car showroom in Essex "Take from the rich and keep it yourself" ! I'm looking forward to watching it already !
Do you think he could find some original trees in a barn somewhere?Derek Hood appearing on BBC "Who do you think you are ?" - tracing his family tree, probably find he's a very distant relative of his namesake Robin Hood - family motto carved on a tree in Sherwood Forest "Take from the rich and give to the poor " - variation on a theme, modern day family motto, painted on the wall of a car showroom in Essex "Take from the rich and keep it yourself" ! I'm looking forward to watching it already !
Or perhaps the actual bow used in ...
As a practice it is really just good old front-running and I suspect it is endemic in a market where there is no regulation beyond English law. It was endemic among City brokers and is still practiced by penny share spankers despite being regulated heavily against. Given the number of old school City brokers who could no longer find legitimate employment and found their way into the classic car market it shouldn’t really be a surprise that this has been going on. Combine it with the number of new wealth individuals who’ve been hiring people to build them a status car collection and I suspect the practice is rife.
An interesting commentary copied from another site:-
A word to the wise on JD Classics, who have some nice Jaguars for sale. I was reading the business section of the Sunday Times last night and saw something about them; it seems Derek Hood who started the business was found by a judge to have been involved in 'deliberate and dishonest conduct' with a customer and resigned from the company in July.
Last week law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics following the discovery of more 'irregularities' and lenders to the company including Lloyds face a loss of £25M if new investment cannot be found. Looks like they are going down big time but their website is still selling cars. I'd hate to see any of our members caught handing money over for a car just as they go bust!!
A word to the wise on JD Classics, who have some nice Jaguars for sale. I was reading the business section of the Sunday Times last night and saw something about them; it seems Derek Hood who started the business was found by a judge to have been involved in 'deliberate and dishonest conduct' with a customer and resigned from the company in July.
Last week law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics following the discovery of more 'irregularities' and lenders to the company including Lloyds face a loss of £25M if new investment cannot be found. Looks like they are going down big time but their website is still selling cars. I'd hate to see any of our members caught handing money over for a car just as they go bust!!
lowdrag said:
An interesting commentary copied from another site:-
A word to the wise on JD Classics, who have some nice Jaguars for sale. I was reading the business section of the Sunday Times last night and saw something about them; it seems Derek Hood who started the business was found by a judge to have been involved in 'deliberate and dishonest conduct' with a customer and resigned from the company in July.
Last week law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics following the discovery of more 'irregularities' and lenders to the company including Lloyds face a loss of £25M if new investment cannot be found. Looks like they are going down big time but their website is still selling cars. I'd hate to see any of our members caught handing money over for a car just as they go bust!!
Why wouldn't they still be selling cars? Administration and Liquidation are not the same thing. Once an administrator is appointed, they will continue to trade the business while they look for a seller, and only when that fails will they liquidate the business. An act that will still necessitate selling the cars...A word to the wise on JD Classics, who have some nice Jaguars for sale. I was reading the business section of the Sunday Times last night and saw something about them; it seems Derek Hood who started the business was found by a judge to have been involved in 'deliberate and dishonest conduct' with a customer and resigned from the company in July.
Last week law firm Pinsent Masons filed a court application to appoint administrators on behalf of JD Classics following the discovery of more 'irregularities' and lenders to the company including Lloyds face a loss of £25M if new investment cannot be found. Looks like they are going down big time but their website is still selling cars. I'd hate to see any of our members caught handing money over for a car just as they go bust!!
Doofus said:
Why wouldn't they still be selling cars? Administration and Liquidation are not the same thing. Once an administrator is appointed, they will continue to trade the business while they look for a seller, and only when that fails will they liquidate the business. An act that will still necessitate selling the cars...
I don't think the comments are implying they shouldn't be selling, more a warning to potential buyers who may think buying from them will give a level of comfort in the transaction/after sales service etc. when the reality is JD Classics may be gone faster than September. Any purchase should therefore have a more robust level of due diligence and an assumption that there will be no comeback after sale. Echo the comment earlier in this page about it being sad for the employees, hopefully for their sake it keeps going in one name or another but it's not looking good at the moment.
mackay45 said:
I don't think the comments are implying they shouldn't be selling, more a warning to potential buyers who may think buying from them may give a level of comfort in the transaction/after sales service etc. when the reality is they may be gone faster than September. Any purchase should therefore have a more robust level of due diligence and an assumption that there will be no comeback after sale.
Fair enough, but somebody is going to get those cars at a knock-down price, and the time to be making them some insulting offers is now.
Doofus said:
Fair enough, but somebody is going to get those cars at a knock-down price, and the time to be making them some insulting offers is now.
I doubt they'll be taking "insulting offers" - they know damn well that there are plenty of auctions if they do need to shift metal, rather than selling the company including all stock, which is what they'll be trying to do now.If they do need to find a home for anything desperately, then I'm happy to look after the 275GTS. No, honestly, it'd be no bother.
TooMany2cvs said:
I doubt they'll be taking "insulting offers" - they know damn well that there are plenty of auctions if they do need to shift metal, rather than selling the company including all stock, which is what they'll be trying to do now.
If they do need to find a home for anything desperately, then I'm happy to look after the 275GTS. No, honestly, it'd be no bother.
The lenders will want their money back (plus interest), and they won't be interested in making a profit above that. Once they start calling the shots, I suspect they'll be going for a fire sale rather than waiting several months for the right auction to come around, given they'll need to get at least 12% more at auction than from a direct sale.If they do need to find a home for anything desperately, then I'm happy to look after the 275GTS. No, honestly, it'd be no bother.
Doofus said:
The lenders will want their money back (plus interest), and they won't be interested in making a profit above that. Once they start calling the shots, I suspect they'll be going for a fire sale rather than waiting several months for the right auction to come around, given they'll need to get at least 12% more at auction than from a direct sale.
You may be right.I'll start clearing some space in the garage.
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