JD Classics, what have they been up to?

[Dinoboy]

There's dozens of top level dealers selling cars of this type, why would anyone give there money to JD classics now?

[Doofus]

Dinoboy said:

There's dozens of top level dealers selling cars of this type, why would anyone give there money to JD classics now?

Because, as this case demonstrates, not all buyers do their due diligence up front...

[v8250]

mph said:

v8250 said:

Note, it's not Hood who's allegedly worth £100m, it's the business that's allegedly worth £100m.

The top 100 lists it as Derek Hood, not JD Classics. Where did you read that it's the business value ?

Read the article, "Ward reckons JD’s business (worth well over £100m annually) is roughly divided into three equal parts: restoring customers’ cars, buying cars for restoration and subsequent sale, and racing cars around the world..."

And the Top100 listing is rarely based purely on individual wealth, it's based on combined personal and business assets...which is why the majority of these pointless list are, just that, pointless lists.

eta: re-reading 2017 posted accounts makes for more interesting reading and a somewhat squeaking sphincter surprise...Intercompany Balances [intercompany loans] reported at £77.3m payable post 1 year [normally 3-5year payback max] against net assets of £42.9m. The intercompany loans will be first charged against market adjusted stock value of £96m. One imagines the VC's ROI would be looking somewhat questionable should stock be overpriced [highly probable and bloody difficult to fix over loan term] and still on book should the market take a downward turn.

Edited by v8250 on Wednesday 25th April 19:04

[Livia1]

Actually reading the Judgment this guy started with JDC IN 2009 when they were respectable. Perhaps he did his due diligence and found nothing....

Different now obvs.

[GoodOlBoy]

Burwood said:

Livia1 said:

Yes, and if what the Judge says is true that's a criminal offence I think.

I don't think Judges lie that often. Perhaps this case will get settled pretty smartly

It will be very interesting if the claimant doesn't want to settle out of court.

[LetsTryAgain]

I haven't read all 11 pages but I know 2 people who've bought from JD Classics and both ended up pretty disappointed.
Not really related (massively) to this particular case, but they don't have a very good reputation in my local Jaguar club.

[Burwood]

LetsTryAgain said:

I haven't read all 11 pages but I know 2 people who've bought from JD Classics and both ended up pretty disappointed.
Not really related (massively) to this particular case, but they don't have a very good reputation in my local Jaguar club.

It may be best if we stick to the trial facts. If not this thread will be closed

[LetsTryAgain]

Burwood said:

It may be best if we stick to the trial facts. If not this thread will be closed

Well lets wait for someone with some actual authority to state that, shall we?

[Burwood]

LetsTryAgain said:

Burwood said:

It may be best if we stick to the trial facts. If not this thread will be closed

Well lets wait for someone with some actual authority to state that, shall we?

You will respect my authoritay

[singlecoil]

GoodOlBoy said:

Burwood said:

Livia1 said:

Yes, and if what the Judge says is true that's a criminal offence I think.

I don't think Judges lie that often. Perhaps this case will get settled pretty smartly

It will be very interesting if the claimant doesn't want to settle out of court.

I believe the courts take a dim view of claimants who refuse to settle.

[a8hex]

singlecoil said:

I believe the courts take a dim view of claimants who refuse to settle.

He could always say he'll settle as long as there is no gagging clause.
I for one find it hard to believe that the judges comments aren't ring in the ears of the CPS.

[GoodOlBoy]

a8hex said:

He could always say he'll settle as long as there is no gagging clause.....

Good point. It rather depends on how much he's motivated to expose Derek Hood/JD vs his desire to obtain a financial settlement. My understanding is that failure to accept a reasonable settlement offer can prejudice the award of costs, even if the claimant is successful. This is not always the case though and Mr Tuke may feel it's worth the risk.

It's obvious that JD are trying to keep Derek Hood out of the firing line, for good reason. If the case continues, and other members of the JD management are shown to be implicated, it will be an even bigger disaster for the company.

My guess is that they will eventually settle out of court and Derek Hood will leave the company.

[Livia1]

Too late for gagging clauses anyway. The genie's out of the bottle with 2 reported High Court cases.

[Burwood]

Livia1 said:

Too late for gagging clauses anyway. The genie's out of the bottle with 2 reported High Court cases.

A relatively small amount of bad PR can be managed. It’s bad but not an End Of Days moment. Yet.

[mph]

Burwood said:

Livia1 said:

Too late for gagging clauses anyway. The genie's out of the bottle with 2 reported High Court cases.

A relatively small amount of bad PR can be managed. It’s bad but not an End Of Days moment. Yet.

I'd agree with that. At the moment only the bare bones of the allegations are available, and with an out of court settlement, damage limitation is possible. Even better If Derek Hood leaves, it will imply that the current management weren't complicit.

When they get into details and JD can't, or won't, supply supporting documentation for the allegedly fraudulent transactions it becomes a whole different ball game and the fall out will be much more serious.

[TooMany2cvs]

Hood is personally finished, and the brand name JD is probably dead. But the basic business will live on.

[lowdrag]

Rather a bold statement that I feel. People have survived worse and made a comeback. Perhaps his Goodwood days are over, but there will be many people out there with no idea that this is going on, even now.

[aeropilot]

lowdrag said:

Rather a bold statement that I feel. People have survived worse and made a comeback. Perhaps his Goodwood days are over, but there will be many people out there with no idea that this is going on, even now.

I agree, many a Teflon coated person out there surviving seemingly unscathed from far worse. I no longer buy any of the monthly 'classic car' mags, so is this even being reported in their editorials?

If not, then as you say, regardless of what happens next in the case or what the eventual outcome is, (other than perhaps Mr Hood getting a custodial sentence as the result of a full-on fraud trial if CPS thought such a case could be made) I suspect on the surface to 90% of customers, life at JD will go on as normal.

[nicanary]

aeropilot said:

lowdrag said:

Rather a bold statement that I feel. People have survived worse and made a comeback. Perhaps his Goodwood days are over, but there will be many people out there with no idea that this is going on, even now.

I agree, many a Teflon coated person out there surviving seemingly unscathed from far worse. I no longer buy any of the monthly 'classic car' mags, so is this even being reported in their editorials?

If not, then as you say, regardless of what happens next in the case or what the eventual outcome is, (other than perhaps Mr Hood getting a custodial sentence as the result of a full-on fraud trial if CPS thought such a case could be made) I suspect on the surface to 90% of customers, life at JD will go on as normal.

JD advertise extensively in C & SC. It'll be interesting to see whether they cover this case in their opening pages. Money talks.

[Livia1]

I wouldn't have thought the backers could afford to leave Hood in place. From the Judgment it is clear that the last two cases which they lost are mere skirmishes compared to what is coming on behind.
Hood refused to give evidence to defend the company at the last hearing, so he's certainly not going to be doing so at the next ones.