JD Classics, what have they been up to?
Discussion
Doofus said:
Nikki Lauda drove me round Brands in a Transit once.
Bet that's worth a fortune.
James Hunt drove me, the future MrsC and her family round Oulton Park in a Bedford CF minibus (He was sponsored by Vauxhall in his early years) That stands even less chance of surviving than the Transit.Bet that's worth a fortune.
Mikebentley said:
I don’t want to name names but a now deceased uncle used to build a particular pre war car into race cars with great success and was a world wide renowned specialist. He would buy any gearboxes or engines he could many of which were formerly marine or military vehicle running gear. He would then create VSCC competition vehicles from random parts and sell them for £250k each.
He had an English wheel and when buyers from overseas came round to his workshop would roll ally back and forth for 30 seconds nodding and implying he created the £20k bodies himself. He paid an old skilled drunk from the village who for day rate knocked them up in a week or two. When I asked him how these cars were given identities and reg plates and passed scrutineering he showed me the old factory records which he owned. He then pointed out he was the VSCC scrutineer for that particular car.
He was an oily belligerent old bugger with a fantastic mind and mechanical ability the match of anyone. If he told you it was Tuesday on Monday you believed him.
What he did was give them what they wanted and I for one miss him. These cars are just “Triggers broom”. Fools and their money.
P.S. If he knew someone had nothing he would give his time and knowledge for free. Before he died he was funding a mechanical apprenticeship for disadvantaged kids costing him millions.
So he was a con Man then ?He had an English wheel and when buyers from overseas came round to his workshop would roll ally back and forth for 30 seconds nodding and implying he created the £20k bodies himself. He paid an old skilled drunk from the village who for day rate knocked them up in a week or two. When I asked him how these cars were given identities and reg plates and passed scrutineering he showed me the old factory records which he owned. He then pointed out he was the VSCC scrutineer for that particular car.
He was an oily belligerent old bugger with a fantastic mind and mechanical ability the match of anyone. If he told you it was Tuesday on Monday you believed him.
What he did was give them what they wanted and I for one miss him. These cars are just “Triggers broom”. Fools and their money.
P.S. If he knew someone had nothing he would give his time and knowledge for free. Before he died he was funding a mechanical apprenticeship for disadvantaged kids costing him millions.
Mikebentley said:
I don’t want to name names but a now deceased uncle used to build a particular pre war car into race cars with great success and was a world wide renowned specialist. He would buy any gearboxes or engines he could many of which were formerly marine or military vehicle running gear. He would then create VSCC competition vehicles from random parts and sell them for £250k each.
He had an English wheel and when buyers from overseas came round to his workshop would roll ally back and forth for 30 seconds nodding and implying he created the £20k bodies himself. He paid an old skilled drunk from the village who for day rate knocked them up in a week or two. When I asked him how these cars were given identities and reg plates and passed scrutineering he showed me the old factory records which he owned. He then pointed out he was the VSCC scrutineer for that particular car.
He was an oily belligerent old bugger with a fantastic mind and mechanical ability the match of anyone. If he told you it was Tuesday on Monday you believed him.
What he did was give them what they wanted and I for one miss him. These cars are just “Triggers broom”. Fools and their money.
P.S. If he knew someone had nothing he would give his time and knowledge for free. Before he died he was funding a mechanical apprenticeship for disadvantaged kids costing him millions.
Who was your uncle? I love pre-war and Edwardian races so would be fascinated to know. He had an English wheel and when buyers from overseas came round to his workshop would roll ally back and forth for 30 seconds nodding and implying he created the £20k bodies himself. He paid an old skilled drunk from the village who for day rate knocked them up in a week or two. When I asked him how these cars were given identities and reg plates and passed scrutineering he showed me the old factory records which he owned. He then pointed out he was the VSCC scrutineer for that particular car.
He was an oily belligerent old bugger with a fantastic mind and mechanical ability the match of anyone. If he told you it was Tuesday on Monday you believed him.
What he did was give them what they wanted and I for one miss him. These cars are just “Triggers broom”. Fools and their money.
P.S. If he knew someone had nothing he would give his time and knowledge for free. Before he died he was funding a mechanical apprenticeship for disadvantaged kids costing him millions.
Here's today's High Court judgment In Tuke v Hood
http://www.bailii.org/ew/cases/EWHC/Comm/2020/2843...
http://www.bailii.org/ew/cases/EWHC/Comm/2020/2843...
TL;DR : Damages of £13m+ awarded to Tuke. God knows how he'll collect them...
Administrators of JD said:
The affidavit supplied in support of that application stated that the Administrators "have rarely, if ever, seen a fraud which is as multi-faceted or as wide-ranging as Mr. Hood's fraud is now thought to be …" including that: "a. at least 29 of JDCL's top 50 sales by profit were fictitious, of which 28 were entirely fictitious; b. at least a further 15 sales, including four of the top 50 sales by profit, related to a transaction with a third party which was allegedly not concluded but was recorded in the books and records; c. in addition, outside the top 50 sales, a further 8 sales were entirely fictitious; … f. Mr. Hood was only able to accomplish this alleged fraud because, in large part, he appears to have either grossly overstated the value of sales and purchase transactions which did occur, or to have generated entirely false sales and purchase transactions in JDCL's books and records."
RichB said:
They being who in this case, Derek Hood?
And his wife. From paragraph 109:On 12 August 2016, all the shares in JDC Classics Holdings Ltd were purchased by Daytona Bidco Ltd ("Daytona Bidco"), an SPV incorporated by Charme Capital Partners, a private equity fund, for the purpose of acquiring and holding the shares in JDC. Mr. Hood remained CEO and director, and a major beneficial shareholder. Mr. and Mrs. Hood received consideration in excess of £38m in respect of that sale.
BobToc said:
RichB said:
They being who in this case, Derek Hood?
And his wife. From paragraph 109:[quote]On 12 August 2016, all the shares in JDC Classics Holdings Ltd were purchased by Daytona Bidco Ltd ("Daytona Bidco"), an SPV incorporated by Charme Capital Partners, a private equity fund, for the purpose of acquiring and holding the shares in JDC. Mr. Hood remained CEO and director, and a major beneficial shareholder. Mr. and Mrs. Hood received consideration in excess of £38m in respect of that sale.
Having just experienced the sale of a company for £55m over the last 6 months I am amazed that none of the "dodgy dealings" (can't call them fraudulent because back then they were judged as fraudulent) were not exposed by the buyers due diligence. We had a team from Ernst & Young, a team of software specialists and the buyer's lawyers crawling all over every piece of information in the data room. For such blaten crooked operations to have slipped through makes me wonder whether the buyers didn't really want to know too much about it.
RichB said:
dr_gn said:
Doofus said:
Nikki Lauda drove me round Brands in a Transit once.
Bet that's worth a fortune.
Shame it wasn’t Niki Lauda, would be worth even more.Bet that's worth a fortune.
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