McLaren F1 legal dispute
Discussion
I couldn't see a thread on this topic - please delete if this is a re-post.
I wonder whether the current boom in classic car values is attracting those who are, on one side of the deal, wealthy and arguably reckless, and on the other side, unscrupulous.
I was quite surprised to see no mention of this case to date (except in this month's Octane):
http://www.wilmotslitigation.co.uk/blog/2013/12/23...
The judgment is linked to at the bottom of the article.
It appears that a potential investor was content to give someone (a "rogue" no less) £10m to buy pretty much whatever cars he wanted - unfortunately sometimes the buyer pocketed the money and/or sold the cars on!
It's interesting to see how these very valuable deals are undertaken in practice - the judgment goes into some detail. It appears to be fairly chaotic to me in this case.
It also potentially goes to show the difficulties of being the "owner" of a car which is sold by your agent, who then pockets the cash - the new buyer has good title to the car. Given a few high profile examples of SOR deals going bad recently, that's worth bearing in mind (although what you can practically do to protect yourself I don't know).
I wonder whether the current boom in classic car values is attracting those who are, on one side of the deal, wealthy and arguably reckless, and on the other side, unscrupulous.
I was quite surprised to see no mention of this case to date (except in this month's Octane):
http://www.wilmotslitigation.co.uk/blog/2013/12/23...
The judgment is linked to at the bottom of the article.
It appears that a potential investor was content to give someone (a "rogue" no less) £10m to buy pretty much whatever cars he wanted - unfortunately sometimes the buyer pocketed the money and/or sold the cars on!
It's interesting to see how these very valuable deals are undertaken in practice - the judgment goes into some detail. It appears to be fairly chaotic to me in this case.
It also potentially goes to show the difficulties of being the "owner" of a car which is sold by your agent, who then pockets the cash - the new buyer has good title to the car. Given a few high profile examples of SOR deals going bad recently, that's worth bearing in mind (although what you can practically do to protect yourself I don't know).
Hmmm. Someone with more money than sense gives someone else who turns out to be a con-artist some of that money to buy stuff for them with no contracts, auditing or due dilligence, then gets pissed off when they realise how stupid they've been and tries some speculative and ultimately unsuccessful litigation against an innocent third party to recover their losses.
The fact that it was over an expensive car is kind of incidental. Could have been any property.
The fact that it was over an expensive car is kind of incidental. Could have been any property.
Edited by r11co on Tuesday 25th February 13:18
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