Just came across this. Unique Performance was the company that made the Elenor Mustang and had partnered with Chip Foose for the 69 Camaro project as depicted on the TV show "Rides".

http://www.mustangblog.com/index.php/2007/ex-employee-of-unique-performance-tells-all/

alan

Just adds to the things I've heard about Mr. Unique ...

See - http://www.camaros.net/forums/showthread.php?t=118752&highlight=unique+performance

This thing is far from over for all involved :sad:

Strong accusations. I always wonder if reports like that are from disgruntled fired employees. Maybe I'm just too cynical.

Strong accusations. I always wonder if reports like that are from disgruntled fired employees. Maybe I'm just too cynical.

Well, Foose and Shelby sure bailed out real fast. Foose might even be contemplating legal action. 61 cars siezed by the authorities? Re-plating vins? Sure sounds like a bit more than just a disgruntled employee.

Kinda wonder what the heck went wrong, they seemed to be a thriving, viable entity. Gambling?

alan

Strong accusations. I always wonder if reports like that are from disgruntled fired employees. Maybe I'm just too cynical.

Sure they are, but there are disgruntled un-fired employees, they just don't talk until they become disgruntled fired employees. :yes:
Need that income too much. Nothing to lose once they become disgruntled fired employees.
Tom

Strong accusations. I always wonder if reports like that are from disgruntled fired employees. Maybe I'm just too cynical.

Not really that strong, considering these guys are now out weeks of pay (and most, if not all of their vested 401 contributions ect ...) and have to get in line - with all the other creditors - for the 'NOTHING' that "Unique Performance" says is left after their bankruptcy filing last month :sad:
Unique Performance is just the shop side of things, funny that Unique Motorsports (who holds all the assests ...) is not included in the Dallas bankruptcy filings ...
Doug Hasty and Kerry Keating will no doubt surface again :mad:

The suits are starting as we speak - http://dockets.justia.com/search?q=Unique+Motorcars+Inc

Watch for Tecstar and Quantum to be brought up in this soon too. One reason that one of our favorite programs to be 'delayed' in returning this season ...

Watch for some news from Foose Design in the coming month ;)

This is old news. And the 401k stuff will kill them - don't screw with the IRS.

Not really that strong, considering these guys are now out weeks of pay (and most, if not all of their vested 401 contributions ect ...) and have to get in line - with all the other creditors - for the 'NOTHING' that "Unique Performance" says is left after their bankruptcy filing last month :sad:
Unique Performance is just the shop side of things, funny that Unique Motorsports (who holds all the assests ...) is not included in the Dallas bankruptcy filings ...
Doug Hasty and Kerry Keating will no doubt surface again :mad:

The suits are starting as we speak - http://dockets.justia.com/search?q=Unique+Motorcars+Inc

Watch for Tecstar and Quantum to be brought up in this soon too. One reason that one of our favorite programs to be 'delayed' in returning this season ...

Watch for some news from Foose Design in the coming month ;)

Quantum Tecstar, the body shop here is SoCal is in trouble as well?

alan

Quantum Tecstar, the body shop here is SoCal is in trouble as well?

alan

There are lots of changes coming down the pipe for Tecstar (et all...) - some due to the UPC/Foose/Shelby mess and others due to their other business segments.

Most of the condition of the company can be read about in their required SEC filings to shareholders ...
If I may paraphrase;
"Possible Sale/Restructure of Tecstar Business Segment:

On October 29, 2007 we and our asset-based lender signed a Term Sheet that summarized the principal terms of a proposed sale of the entire Tecstar Automotive Group business segment to the lender.
In connection with the signing of the Term Sheet, our lender provided a $5.0 million term loan to Tecstar Automotive Group, which was guaranteed by Quantum, and received a promissory note in return (the "November 2007 Term Note").

On December 13, 2007, our lender informed management that although it is not withdrawing at this time from the transaction contemplated by the Term Sheet, the lender does not intend to move forward with the transaction unless we propose an acceptable plan to further reduce the Tecstar business segment's present cost structure.
We anticipate that any cost restructuring plan will be implemented either through negotiations with Tecstar's creditors or by seeking the rights, remedies and protections available to the Tecstar business segment under the Bankruptcy laws.
We cannot provide any assurances that we will be able to develop a plan acceptable to the lender in a time frame acceptable to us, if at all.
Nor can we provide any assurances that the lender will proceed with the purchase of Tecstar even if such a restructuring plan is developed and implemented.
If a definitive agreement, in connection with a restructure or reorganization, cannot be finalized in the near term, we anticipate that we may have to liquidate the Tecstar Automotive Group business segment operations.

We previously disclosed that we had engaged a financial advisor to perform an assessment of strategic options for our Tecstar Automotive Group, Inc. subsidiary and to solicit offers in the open market for a sale of that business segment.
Based upon the results of this assessment and the range of fair value obtained in the solicitation process, we determined that the net assets of the Tecstar business segment were impaired in the amount of approximately $58.9 million as of July 31, 2007. In accordance with Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets," and SFAS No. 144 -
... intangible assets of $45.8 million in the segment have been written-off in addition to a $9.6 million impairment charge recognized for property and equipment for the period ended July 31, 2007.

If our Tecstar business segment were to be sold or liquidated, $18.7 million of net assets, excluding obligations under long-term debt, would be disposed of, based on October 31, 2007 balances. "

There will soon be an SEC filing available for the departure settlements of some Tecstar employees.
Stay Tuned ...

I feel sorry for all those who invested in those cars

Update on Unique Performance...

http://67mustangblog.com/?p=989

http://67mustangblog.com/?p=1015



===================

The Unique Performance saga gets more and more astonishing by the day with information now coming to light that Unique Performance used Texas prison inmates to help build the cars. Cars that some customers paid up to $200,000 for.



Celebrities, star athletes and wealthy business people all paid a North Texas company big money for a one-of-a-kind collectible. But police say they got scammed. The story has rattled so many cages that the Texas Governor and the US Secret service are now paying close attention to and the Police now say “Charges are imminent”



Celebrities such as Jason Giambi of the New York Yankees, the managing partner of the Boston Celtics and a royal family member from Bahrain are all victims. There’s even a former Secret Service agent.



“James Bartee protected several U.S. presidents, but now he wonders how he could have protected himself from losing more than $100,000. Bartee gave Unique Performance $106,000 to build a 1966 Shelby Mustang GT 350.”



When Unique Performance could show him no more than a shell of a car, Bartee started to worry. He never got the car he ordered, and he hasn’t seen his money either.



And this is where the investigation took a huge twist. The investigation led detectives to the Texas Prison System.



Unique Performance used inmates to build the cars. “At least 17 felons convicted of crimes such as aggravated assault, aggravated robbery and murder worked on the cars.” CBS11tv reported.



Investigators say the inmates illegally removed the VINs from the Unique Performance cars.



“We’re looking at who gave the orders to remove those VIN numbers,” said Harris.



IT was revealed that Unique Performance’s president, Douglas Hasty, had a contract with the prison system, where the prisons would work on the cars and receive small payment. Thought no prison guard or official keep watch on the inmates while they worked, in fact other Unique Performance employees were responsible for the inmates, some of whom are convicted felons, murder being among some of their crimes.



It is however worth noting that the Police aren’t looking to charge any inmates, which points the finger at someone higher up, say Douglas Hasty for instance.



“I don’t think the inmates did anything other than follow orders,” Harris said. “As far as criminal charges, we’re not looking at anything against the inmates.”



What’s more astonishing is the work the inmates did was never checked, in fact the inmates were not qualified either. Some just laborers and when paying over $200,00 on a car you want to know that whoever is building it is qualified to do so. It is now with the inmates that blame is being sort for the tampering of VINs, quite fitting really.



Bondo



Detective Harris also noted that each car contained over 13 gallons of Bondo. “I think the customer out here, one thing that they don’t realize, a large majority of these cars, each car had 13 gallons of Bondo,” said Harris.



Bondo is the brand name for an adhesive putty commonly used to repair auto bodies before they’re painted.



“You would never Bondo a car of this value, so that would be deceitful. That would be fraud,” said Bartee.



Detectives say the inmates used Bondo, fiberglass and parts from Taiwan. And now more charges are being sort “We’re looking at fraud and deception charges,” Harris said.



Douglas Hasty did not comment but his lawyer, Tom Pappas did issue the following statement:



"Every customer that has received a car has ultimately been satisfied with the quality of the car they received. Farmers Branch Police are continuing their witch hunt. They continue to leak false accusations to the press knowing that we have not had an opportunity to have access to the cars to rebut their claims. There were no title issues or criminal problems with the titles and no one has been defrauded. We are eager to address these cases in a court of law, on the record, where people will have to be responsible for their conduct. And I’m referring specifically to the Farmers Branch Police Department."



===================



The investigation into Unique Performance’s alleged title washing has been wrapped up and the Farmer’s Branch Police Department has prepared 25 felony cases against the executives of Unique Performance.



As reported earlier, inmates from two Texas correctional facilities were used by Unique Performance to help build their cars. Investigators believe the inmates were illegally removing vehicle identification numbers from cars. Police say they don’t anticipate filing criminal charges against inmates, instead they’re focusing their investigation on who within the company gave the inmates orders to tamper with the VINS.



The case is now in the hands of the Dallas County District Attorney’s Office who will take it to the grand jury.



“It’s a complicated case, so once they go over all the cases that were presented to them, then they’ll decide the appropriate charges to file,” explains Cpl. Chad Taylor with the Farmers Branch Police Department.



CBS11, the news station that has been following the story for months has been receiving letters from the inmates involved in the case, despite the Texas Department of Criminal Justice (TDCJ) trying to stop them speaking to the press. In the letters one inmate says he was hired by Unique Performance and describes how the private company ran an “illegal chop shop” supported by taxpayers. The inmate claims “corruption behind prison walls.”



However prison spokesman, Jason Clark, denied there was a “chop shop” operating inside the prison system and said TDCJ will let local investigators do their work to determine what happened inside the prison units.



What’s even more interesteing is a seperate investigation by the Officials with the North Texas branch of the U. S. Secret Service Office who have also said they have identified three suspects in its own investigation into Unique Performance.



Federal investigators have presented their case to the U.S. Attorney’s Office, which may pursue federal criminal charges

So let me understand this:

1. They had a viable biz selling high end muscle cars worth $120-200K with orders into the next decade.
2. Next to nothing labor costs as they were using inmates for the bulk of their labor.
3. Many people prepaid with huge deposits.
4. Had high profile partnership deals with Carrol Shelby and Chip Foose.

I have to stop, I think my head is gonna explode...........

alan

And 13 gallons of bondo in each one. That's a lot of bondo - I'm not sure I could intentionally put that much bondo in one car, but it does sound amateurish or fraudulent....that is if it's true. Lordy Lordy