Bob,
House of Cobras did exist, but from everything I have read they have closed down several years ago. I'm not sure of the exact reasons why they went out of business.
I did some research on them when I purchased my (second owner) SPF as the 418 was built by HOA. Most of my information was gathered after I purchased the car.
My general understanding is that early on they build fantastic engines, but in there final years they may have had questionable practices putting used parts in New engines. I can't speak for all the rumors, but I do know of one other person with a HOC 418 who rebuilt his engine with few miles on it to find many used parts and discrepancies.
I recently (Dec 08) pulled my engine out and tore it down to find the same thing. My 418 had 4000 miles on it and it would burn over a qrt of
oil with each gas fill up.
This may have been way to much information, but let me know if you want more.
Dan