Jalopnik
Because Unique Performance declared bankruptcy and had debts outstanding, what was left in the UP warehouse was auctioned off this weekend. The hope was that, after the $900K went to the government there would be some left over for the 140 individuals with claims (including 40 employees owed back-pay). According to our source and records on the auction company's website, the auction netted approximately $1.037 million, leaving $137K after the IRS took their cut, which means $978 per person... before lawyers.
We don't have a final tally on how much the lawyers get, or if there are other ways to recoup the money (maybe not). Either way, it doesn't look like those on the wrong end of this are going to get justice from this particular auction. Though, as one former employee told us "I guess we have the memories... and the hope to see [owner Doug] Hasty behind bars!" More when we get additional information.
Comments
I'm sure a good amount of the stuff was bought by other "enterprising individuals." Imagine how many places finished products of this auction will show up.
a bankruptcy si always terrible. I hope the employees get their money! They were working for it.
It's kind of fucked up that the IRS gets their cut before employees' back pay. I mean, $900k is a drop in the bucket to the IRS but those people have to buy gasoline to look for new jobs.
@anonymousryan:
Exactly.
@JimtheNomad: The IRS will obviously redistribute that money into employment programs.
Right?
Shoulda just told the IRS when they first came knocking, "I'm really sorry, my book keeper / accountant is a felon, what amount can I pay right now and have this taken care of?"
Then again, every time I saw Unique Performance, I had to remind myself that they were not related to Unique Whips.
Id be curious where Mr. Hastings is hiding out. What a douchebag
@anonymousryan: It's not really that fucked up when you think about it. Employees are free to quit at any time. The IRS has to collect taxes.
Also, I'm thinking the lawyers are gonna get paid before the IRS, so the employees are SOL
I am a hurtin!
I loved the Mustang's since I can rember. I have had and currently own a few decent muscle cars. But the one I spent some serious coin on and was to my belief going to be of real value was a 2006 pre production Foose Stallion (I purchsed the first retail car sold signed by Chip Foose himself). Now this car is now just another newer style modified mustang with a history Unique and Foose will have long wished never happened.
After my 1st heart ache, (and after I dumped my deposit 2 years prior) my 2008 Shelby GT 500 Conv shows up at the dealership. This was my child hood dream to own a Shelby GT 500 Convt. I love the car! But with all the negative media related to Unique costing fellow motor heads millions and Foose and Shelby bailing out and headed for the hills I gotta say, what the hell.
I am and always have been a mustang guy. And I feel fortunate not to be one of the folks whom lost thier cash without anything to show for it. But believe me I feel like I have lost a limb, by dumping tons of cash into these "dream cars" and only after doing so do I finding out my dreams and my investments are marked as nothing more then an ugly reminder of the current dark time in mustang muscle cars.
I must admit, these recent events may just be enough for me to stop my late model performance mustang preaching and find me a old beater big block anything and start over by simply enjoying the rumble, of an old muscle car with the torque and open road as my passangers and not give a second thought to these new high dollar frauds.
I still dig the new mustang. I even bought one.
Unique & Shelby were most likely complicit in swindling people by selling them a dream. If you have ever done business with either of them, you would understand.
Most of the people who bought these cars thought they could use these cars as an investment, or flip them at barret jackson.
The fact is that the original mustang and other musclecars were popular without a signed dashboard, or shelby's involvement, or barret jackson. They were also used as transportation, not just a weekend ride.
Foose is a stand up guy, and I have heard that he has made efforts to take care of any loose ends with what happened.
Go out & do some burnouts with the cars that you have, you will feel better. @Tlang:
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