The Gray Lady finally catches on to something we've been reporting for more than two weeks and we learn absolutely nothing new. One thing the author focuses on is that the likelihood that the value of these cars, which was probably not going to increase anyways, could seriously decrease. What we know and what all of this means after the jump.
After reading reports and following up with local police and former associates, here's what we've learned:
First, the owner of Unique Performance and everyone at the company (whoever is left, we hear most were laid off already) ain't talking. There are serious legal issues and the lack of attempts at saving face mean that UP probably isn't coming back.
Second, there have been no formal charges made by the Dallas County District Attorney. This doesn't mean anything because the DA isn't obligated to file charges yet and it's possible that part of the investigation continues.
Third, if you've given Unique Performance money and haven't gotten your car yet things aren't looking good. It's a little unclear what the end-game is here but the ability to get money back (probably punitively) is likely tied to there being money and significant assets at the end of the day.
Unfortunately, the behavior of this company is not indicative of a company awash in cash. If we're generous in our assumptions, Unique Performance got in this situation because they weren't able to generate enough revenue to cover expenses and accrued significant debt. But this is only speculation as we haven't seen the company's balance sheet yet (and probably won't until it becomes an exhibit for the prosecution).
The next move we expect to happen is that the Dallas DA will file charges and then UP will make some sort of statement... maybe. We'll keep you posted as we learn more. [NY Times]