RolandT3Speed

I couldn't find if this has already been posted but it looks like all of Unique Performances remaining assets are on the block to pay their outstanding IRS debt.

Here's an article from Jalopnik.

Unique Performance assets up for auction.

zmetalmilitia

That's too bad. What a bunch of douchebags for letting something like that, an awesome business,turn into what it did.

retro77

Wow, thats crazy. Their main web page is down too.

edit: additional thought: If the quality of their workmanship is suspect, then is the price of all these cars they built going to suddenly drop over night?

Oxnard Montalvo

I wouldn't be surprised if the opposite were true. The value goes up because of the notoriety.

67 evil eleanor

At least they didn't change the VIN on the trailer. I just wonder if they actually wentbankrupt, or, are they in the Cayman Islands sitting ona beach laughing theirbehinds off. A lot of money went somewhere.

andrewmp6

After reading this site http://www.fixeleanor.com/ and them changing the vins on cars its what they get.

Tims65

The problem is, while they are the one's that perpetrated this, they are not the only one's that will have to pay.

Think of all of the innocent people that will be negatively impacted.
Employees did not receive their paychecks.
Employees 401K accounts are empty.
Customers who wrote $100,000.00 + checks are without a car, a refund, or any recourse.
And I'm sure there are subcontractors and vendors that are out so much money that they may in turn have to file bankruptcy.

In the end the government will get their's, but the common man will be left with nothing.

So hopefully the owners/operators of Unique Performance will get their's and serve time in jail for being such ********.

Tim

67 evil eleanor

Where did the money go, and where did they?

JMD

Chances are that the owners of the company won't be walking away "poor", and whatever assets that have not been seized by the IRS, or siphoned off already, will go to the lawyers.

Creditors and employees due money will be lucky tosee tenths or hundredths of a cent on the dollar, and this will take many, many years. (like 10 to 20 years for the lawyers to spend all of what is left, if there is anythingthere after the IRS is done.)

I have seen this happen too many times in my industry... only to see the "poor broke owners" open up another business a year or so down the road... and start the process all over again.

It sounds like they might not have been paying their payroll taxes,,, this is a quick path to destruction. The IRS frowns when people spend money that is not, and never was their own...

andrewmp6

The workers knew what was up they should have quit when they seen them cutting the vins off the cars like they did.