Briggs Cunningham Corvette Race Car - News Flash
06-26-2015, 11:17 PM
#1
Race Director
Thread Starter
Briggs Cunningham Corvette Race Car - News Flash
06-26-2015, 11:45 PM
#3
Race Director
I guess to be continued...........in 90 days?
06-26-2015, 11:53 PM
#4
Race Director
I was reading about this deal a little earlier tonight, and I'm still trying to make sense out of it. It should be interesting to hear what Kevin has to say about it.
06-27-2015, 08:49 AM
#5
Le Mans Master
Is forgotten about this dispute. Interesting the pair "bought out" Mathis' claim to ownership from the father/judge ownership days.
Wasn't the duo involved in some other funky dealings? Thinking back to a thread some time ago.
Wasn't the duo involved in some other funky dealings? Thinking back to a thread some time ago.
06-27-2015, 09:20 AM
#6
Melting Slicks
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I thought the Florida guy, Lance Miller and McKay were the only ones involved.
When did Burelli and Idoni get involved.
Stay tuned for the next act....
When did Burelli and Idoni get involved.
Stay tuned for the next act....
06-27-2015, 09:55 AM
#7
Sounds like a King Solomon move, let's see who wants to split the baby. Hopefully the good guys who have the manner and means to restore the car to its former glory and display it for all to see will ultimately end up with it.
06-27-2015, 10:07 AM
#8
Complicated arrangement. Would have been easier just to have a three way duel.
06-27-2015, 03:19 PM
#10
Drifting
It's interesting how Lance Miller shows up. He somehow got a hold of my race car after a Tampa guy who owned it was killed in a freeway accident. Seems like if it's Corvette in Florida he's on it!?
Steve
Steve
06-27-2015, 08:29 PM
#14
Drifting
That would indicate that the $$$ has been paid - Mr. Burelli's $$$ -
now to find a restorer. Why do I feel that the "information pool on how
to restore it" might be drying up?
now to find a restorer. Why do I feel that the "information pool on how
to restore it" might be drying up?
06-28-2015, 05:32 PM
#16
Team Owner
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If I read the statements correctly, the buy out option is a one way deal. Idoni-Burelli have a option to buy out Mackay for $750K. They have 90 days to exercise that option.
After the 90 days is up, Mackay does not have to sell his interest, prior to that he cannot refuse if I-B come up with the funds.
This seems like almost a no brainer to me. If I am bank official, I am beating a path to I-B to lend them $750K on a high interest, short term loan, with a $2.5 million dollar car as collateral.
Then they put the car up for auction, get say $2.25 million, pay off the $750K loan (and maybe $75K interest), and dance all the way out the door with their $1.5 million profit.
After the 90 days is up, Mackay does not have to sell his interest, prior to that he cannot refuse if I-B come up with the funds.
This seems like almost a no brainer to me. If I am bank official, I am beating a path to I-B to lend them $750K on a high interest, short term loan, with a $2.5 million dollar car as collateral.
Then they put the car up for auction, get say $2.25 million, pay off the $750K loan (and maybe $75K interest), and dance all the way out the door with their $1.5 million profit.
06-28-2015, 05:49 PM
#17
Melting Slicks
I believe they say the car has the potential of 2.5M when restored, it's a long way from there.
If I read the statements correctly, the buy out option is a one way deal. Idoni-Burelli have a option to buy out Mackay for $750K. They have 90 days to exercise that option.
After the 90 days is up, Mackay does not have to sell his interest, prior to that he cannot refuse if I-B come up with the funds.
This seems like almost a no brainer to me. If I am bank official, I am beating a path to I-B to lend them $750K on a high interest, short term loan, with a $2.5 million dollar car as collateral.
Then they put the car up for auction, get say $2.25 million, pay off the $750K loan (and maybe $75K interest), and dance all the way out the door with their $1.5 million profit.
After the 90 days is up, Mackay does not have to sell his interest, prior to that he cannot refuse if I-B come up with the funds.
This seems like almost a no brainer to me. If I am bank official, I am beating a path to I-B to lend them $750K on a high interest, short term loan, with a $2.5 million dollar car as collateral.
Then they put the car up for auction, get say $2.25 million, pay off the $750K loan (and maybe $75K interest), and dance all the way out the door with their $1.5 million profit.
06-28-2015, 06:40 PM
#18
Team Owner
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The restoration won't even cost 10% of the value of the car.
The real cost will be the buyout for $750K.
If the car is $2.5 million restored, it is $2.3 million plus as it sits.
06-28-2015, 06:48 PM
#19
Race Director
lucky your not a bank official, I bet you would lose the banks money and your job, obviously you don`t know who you are (or would be) dealing with...
06-28-2015, 07:05 PM
#20
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I would require bank possession of the collateral in this case, that's just prudent.
An unsecured loan for $750K, not gonna happen.