Briggs Cunningham Corvette Race Car - News Flash
06-30-2015, 10:09 AM
#41
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Provenance on this car is somebody stuck an oversize gas tank in it. It took a couple laps around a famous race track in France then crashed and burned in less than a couple of hours. Besides the fact that ole Briggs may have farted in the drivers seat a time or two, I don't know what else there is.
People with money and a lot of wannabe's have some strange sense of value.
People with money and a lot of wannabe's have some strange sense of value.
Some may thing old race cars are a pile of non-original parts. Others may think old race cars are extremely rare and highly desirable.
The current market indicates that there are enough people that value old race cars to the point where the dollars far exceed the value of a similar non-raced Corvette.
Supply and demand.
Old Corvette race car = added value
Briggs Cunningham raced car = additional value
Raced at Lemans = additional value
1960 was the first year Corvette went to Lemans, and the Briggs Cunningham cars were pseudo factory sponsored cars. For Corvette race cars, that is about as good as it gets.
Last edited by emccomas; 06-30-2015 at 10:12 AM.
06-30-2015, 10:59 AM
#42
The full truth will never come out about this scam. I'm confident a similar scam by the usual suspects will occur in the future because this one paid off.
https://www.google.com/?gws_rd=ssl#q=domenico+idoni
https://www.google.com/?gws_rd=ssl#q=domenico+idoni
http://www.sportscarmarket.com/colum...erent-corvette
Sad to see such an important car to our hobby as the Real McCoy now mired in controversy.
07-01-2015, 04:55 PM
#43
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2022 Corvette of the Year Finalist -- Modified
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07-01-2015, 07:56 PM
#45
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Interesting article...
I also think it is interesting that the article seems to indicate that the original VIN tag is missing from the car.
One of the previous articles about the car also included a photo (perhaps an old photo) of the VIN tag.
I also think it is interesting that the article seems to indicate that the original VIN tag is missing from the car.
One of the previous articles about the car also included a photo (perhaps an old photo) of the VIN tag.
Last edited by emccomas; 07-01-2015 at 08:01 PM.
07-02-2015, 02:55 PM
#46
07-02-2015, 06:52 PM
#48
Race Director
Thread Starter
I'd have to question the judge? If GB & MR.I worked together as a team, why wasn't it a 50/50 split with Kevin?
Both paid little and will gain a lot! The 25k to Mathis deal well, just great negotiating!
Both paid little and will gain a lot! The 25k to Mathis deal well, just great negotiating!
07-02-2015, 07:04 PM
#50
Safety Car
AS NOTED LAST WEEK, THE SUPREME COURT MADE NEW RULES OF LAW. I am very happyc with the wifes original 77 coupe she bought new. Can't wait for the movie.
07-02-2015, 07:34 PM
#51
Race Director
Thread Starter
07-02-2015, 07:35 PM
#52
Race Director
I drove my car around the Indy speedway once, does that make it more valuable?
Doug
Doug
Mike, it is what it is!
Some may thing old race cars are a pile of non-original parts. Others may think old race cars are extremely rare and highly desirable.
The current market indicates that there are enough people that value old race cars to the point where the dollars far exceed the value of a similar non-raced Corvette.
Supply and demand.
Old Corvette race car = added value
Briggs Cunningham raced car = additional value
Raced at Lemans = additional value
1960 was the first year Corvette went to Lemans, and the Briggs Cunningham cars were pseudo factory sponsored cars. For Corvette race cars, that is about as good as it gets.
Some may thing old race cars are a pile of non-original parts. Others may think old race cars are extremely rare and highly desirable.
The current market indicates that there are enough people that value old race cars to the point where the dollars far exceed the value of a similar non-raced Corvette.
Supply and demand.
Old Corvette race car = added value
Briggs Cunningham raced car = additional value
Raced at Lemans = additional value
1960 was the first year Corvette went to Lemans, and the Briggs Cunningham cars were pseudo factory sponsored cars. For Corvette race cars, that is about as good as it gets.
07-02-2015, 07:53 PM
#53
Drifting
The 25K paid to Mathis was for his "asset", his share of either a 60/40 or 70/30 contract with Idoni to share the car if they were successful. Mr. Mathis attempted to sneak through a personal bankruptcy in Florida but the law firm he owed caught it before it was final and bought the asset forward. I'm reasonably sure that the law firm received the 25K. Mr. Mathis ends up with an Idoni t-shirt and a blank look.
07-03-2015, 08:11 AM
#55
The ironic part of the story will probably be after Idoni sells the car to the highest bidder, the new owner will probably end up taking the car to Mackay to restore.
07-03-2015, 01:44 PM
#56
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And http://www.sportscarmarket.com/colum...erent-corvette
AS NOTED LAST WEEK, THE SUPREME COURT MADE NEW RULES OF LAW. I am very happyc with the wifes original 77 coupe she bought new. Can't wait for the movie.
AS NOTED LAST WEEK, THE SUPREME COURT MADE NEW RULES OF LAW. I am very happyc with the wifes original 77 coupe she bought new. Can't wait for the movie.
Looks like you need a membership in this to access the story. Can you elaborate further?
Ed
07-03-2015, 04:51 PM
#57
Race Director
07-04-2015, 08:58 PM
#58
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And the banker would be in even better position, given estimates of $5 million to $7 million for the car.
What I think will happen is that Mackay will end up restoring the car, then the "partners" will auction it off at Barrett Jackson for hopefully (in their minds) mega-bucks.
07-04-2015, 10:30 PM
#59
Drifting
Ed, you're accepting a wildass, out of the blue guess as having any validity. The I&B duo created this estimate to get a hearing before a _______ judge, alleging that Mackay was not providing sufficient insurance coverage. This is as I understand it, WITHOUT any input from the principals involved.
There is an comparison available that has just occurred - the National Champion A/P car in 1962, totally restored and documented, the Gul Oil 1962 Corvette. This car changed hands 8 years ago for 1.48M; it resold in May for 1.65M. By the time you take out the commission, one has to say "They got their $$$ back.".
Pray for Mackay...pray that he finds that buyer that I & B told the judge is out there.....his alternative is to be a "partner" with I & B, ala Mathis Jr, he with the Idoni t-shirt and blank look.
There is an comparison available that has just occurred - the National Champion A/P car in 1962, totally restored and documented, the Gul Oil 1962 Corvette. This car changed hands 8 years ago for 1.48M; it resold in May for 1.65M. By the time you take out the commission, one has to say "They got their $$$ back.".
Pray for Mackay...pray that he finds that buyer that I & B told the judge is out there.....his alternative is to be a "partner" with I & B, ala Mathis Jr, he with the Idoni t-shirt and blank look.
07-05-2015, 02:43 PM
#60
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Location: Madison - just west of Huntsville AL
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Ed, you're accepting a wildass, out of the blue guess as having any validity. The I&B duo created this estimate to get a hearing before a _______ judge, alleging that Mackay was not providing sufficient insurance coverage. This is as I understand it, WITHOUT any input from the principals involved.
There is an comparison available that has just occurred - the National Champion A/P car in 1962, totally restored and documented, the Gul Oil 1962 Corvette. This car changed hands 8 years ago for 1.48M; it resold in May for 1.65M. By the time you take out the commission, one has to say "They got their $$$ back.".
Pray for Mackay...pray that he finds that buyer that I & B told the judge is out there.....his alternative is to be a "partner" with I & B, ala Mathis Jr, he with the Idoni t-shirt and blank look.
There is an comparison available that has just occurred - the National Champion A/P car in 1962, totally restored and documented, the Gul Oil 1962 Corvette. This car changed hands 8 years ago for 1.48M; it resold in May for 1.65M. By the time you take out the commission, one has to say "They got their $$$ back.".
Pray for Mackay...pray that he finds that buyer that I & B told the judge is out there.....his alternative is to be a "partner" with I & B, ala Mathis Jr, he with the Idoni t-shirt and blank look.
I hear you man.
I don't know what the car is worth, I'm not even sure the owners know what the car is worth.
However, lets take a couple of pieces of information...
1. The real McCoy 1956 Sebring car bids to 2.3 million.
2. The is an (perhaps even a real) offer on the car for $3 million as is.
I am not saying the car is worth $2.3, or $3, or $5, or $7 million. I don't know what it is worth.
What I am saying is that IF the car is worth that kind of money, loaning $750K against it is a no brainer.
I would be comfortable saying the car is worth AT LEAST $1 million. Based on recent sales of cars with race history, especially Lemans race history, seem to support that number.
Bottom line, lending $750K on ANYTHING that is worth significantly more than $750K is not a hard decision.
I think you all are missing the point. It is simply that lending money against something of value (collateral) is not rocket science. The lender just has to make sure that the collateral is worth more that the amount of the loan.
I would NOT accept the owners valuation of this car; I would insist on multiple and independent appraisals.
One person I would contact for his opinion would be the owner of the Camoradi 1960 Lemans car.
Just for the record, I am NOT a fan of the owners of the car, or the crappy way this whole thing was handled.
Maybe we should have a contest to guess:
1. Who will finally end up with the car?
2. What the final value will be?
Last edited by emccomas; 07-05-2015 at 02:47 PM.