CRII-GLR Build? - Page 2

wreckerboy · #21 (**permalink**) 02-22-2009, 05:38 PM

Terry Hate to bash but when a man doesn't return phone calls or supply parts he promised month's before and doesn't return money how would you take it and I'm not the only one that he has done this too.

tcrist · #22 (**permalink**) 02-22-2009, 08:41 PM

Wreckerboy,
1st, I was questioning Scarey59. One moment he is sounding like he is saying he is sol and the next he feels that there is still hope.
From the post that is said to be an e-mail from Don on the CRII web site, CRII is now bankrupt and no one is getting anything. I do not know if that e-mail (from Don) is true or not.

****This post is from the CRII forum from a 1st time poster. ****
Bankruptcy letter i recieved from Don

"It saddens me deeply to have to write this letter to everyone but after 2 years of unsuccessful attempts to sell Classic Roadsters I have had no choice but to file Bankruptcy. I appreciate the patience and understanding that everyone has given me and I tried my best to keep the company going and do what was right for each one of you.

My bank is the lien holder of all assets in the corporation and everything has been turned over to them. There is nothing left. I am truley sorry for the losses that people have incurred and had hoped to be able to give something back. I am on a 5 year repayment plan under the bankruptcy and those monies will go to the unsecured creditors first. Since the company was turned over to the bank any money they get from the liquidation will go towards paying that debt.

I have understand that we are all in a troubled economy right now. I spent 20 years of my life dedicated to the industry that i love and I walk away with nothing but good and bad memories. Please understand that I did not profit from your loss. In this situation I was able to keep my home. Everything else has been sold or forfeited including business and personal property. I have nothing left. My hope and prayers are that each one of you will recover from your losses and forgive me for not delivering on my promises." *****

That same bashing has been going on for over a year now. As I said before, I have no dogs in this fight. I am owed nothing, thank goodness. I know a lot of people are and that really sucks.
That said, if I was owed anything like some people (I.E. "thousands") I would not be happy either.
We are a tight CR group here on CC. So, if there is anything that I/we can do for anybody, just ask.

Terry (from Calif)

Double Venom · #23 (**permalink**) 02-23-2009, 03:33 AM

Terry(tcrist)
That just about sums it up-end of chapter 3.
DV

Scarey59 · #24 (**permalink**) 02-23-2009, 05:10 AM

Every day I get more information and learn more about the situation i find myself in....i apologize if i sound confused but you have interpreted it correctly. I have hope because i want to believe that my efforts to obtain a Cobra will not be in vain. The information i have received leads me to believe that Terry has a great passion for this industry. It is that passion that gives me hope that CRII will be purchased become a viable manufacturer for all of us. Stay tuned.

Double Venom · #25 (**permalink**) 02-23-2009, 08:53 AM

Scarey,
Sad day in the making.....Terry has absolutely nothing at this point, the bank now owns virtually everything. Terry's only hope is to now becom the highest bidder at the bankruptcy sale. If by some miracle Terry pulls that off, I'd say one to two years before the first cobra comes up for sale.

May I suggest that you IMMEDIATLY (How could he have sold something he didn't own?) go after Terry for your money. You may even tell him I suggested it until HE has the product. Your only silver lining that I can see at this point is that you gave the money to Terry and not Don. ? And I doubt if Don would have even taken it at that point!

Damnn. I do wish you and all the CR family well.....
DV

sdfletch · #26 (**permalink**) 02-23-2009, 09:17 AM

I wonder when the bank holdings might become a matter of public record. Might be helpful to see what assets remain with what debt.

Double Venom · #27 (**permalink**) 02-23-2009, 09:26 AM

Once again I mention .........C0-OP..........?
DV

sdfletch · #28 (**permalink**) 02-23-2009, 09:36 AM

Yes, CO-OP is a possibility with an understanding of the issues involved. Let's get it out in front of the people on this site.

tcrist · #29 (**permalink**) 02-23-2009, 09:53 AM

DV,
Could't GLR still sell cars under the premis that he is an autherized dealer? He would not be selling what he does not own. Not saying that it is proper knowing what is/was going on with CRII at the time.
Terry (from Calif.)

Double Venom · #30 (**permalink**) 02-23-2009, 12:20 PM

Terry,
Being a dealer is one thing but "KNOWING' the company was not and could not produce a product is something else. Being a "Dealer" went down the aisle over a year ago! That is why he, Terry told 'scarey' that Bill would build his car(?) rolling chassis an entirely different car-which of course 'scary' knew nothing about! I can't imagine the actual charges that could be brought forth, fraud comes to mind real quick, plus internet violations, U.S. Mail is a very major violation depending on how 'scarey' paid? Credit Card fraud? And the list goes on and on.

I certainly hope not, hoping Terry (GLR) has some way out of this mess. But when it comes to taking thousands of dollars from a guy on promises that you will or can deliver, knowing full well it is impossible........shame on him/they!
DV

tcrist · #31 (**permalink**) 02-23-2009, 12:42 PM

DV,
I agree. Wouldn't that be the same issue with Don and CRII. Taking money knowing that he was not going to be able to deliver?

From what I read on the CR web site, this is not the first time GLR has done this. There is a guy from overseas in the same boat with a Sebring. I just hope Scarey59 can get something back and this does not put him off on the hobby we all crave.

Terry (from Calif.)

Double Venom · #32 (**permalink**) 02-23-2009, 01:09 PM

Terry,
Now you need an attorney. I assume and I think the evidence shows this, once Don new he was closing the doors and put the company up for sale, as far as I know he did not take any more monies for anything he could not deliver. ???
DV

tcrist · #33 (**permalink**) 02-23-2009, 04:23 PM

DV,
My guess is that you know Don better than all of us put together. I would go with your understanding of his and GLR's situation.
It is unfourtunate for all of the people are losing their money.
But like I/we said before. We have our own CR family here on CC. As for that, if there is any way that I can help anyone, just let me know. If it is at all possible, help will be there.

Terry (from Calif.)

Double Venom · #34 (**permalink**) 02-23-2009, 05:41 PM

Terry,
You and the dozens of guys writing me, I am seriously thinking of doing a study to actually see if a co-op is a feasible idea. I think we all know that a CR's Cobra and the MX's are some of the finest reproductions on the market. Don was almost there but was forced to spend so much money, defending from the original owners, from people he never should have trusted ( I can't help but feel I helped put him in one very bad situation that cost him thousands) that it just became overwhelming for a regular guy like himself.

I have no idea but I am guessing we need a very professional attorney (Car guy), plus around 1 million dollars (maybe less) to get this thing back where it was and can still be!
Maybe wishfull thinking on my part but this company can be #1 again, in that I have no doubt!

Proud to be in this Cobra family and always have been!
DV

Scarey59 · #35 (**permalink**) 02-23-2009, 07:21 PM

Well...i Guess I'm gonna have to focus on getting my money back...Might have to take a drive? DV want to meet me 125 mi east?

GLE · #36 (**permalink**) 02-23-2009, 07:21 PM

In June 2005, we purchased a raffle ticket at The London Cobra Show and won a CRII kit. We entered into a contract with Don Scott to build a turnkey car for us. We had made the required payouts except for the final payment which was due upon delivery of the car. Don's last response to our attorney was that our car would be finished when he sold his business. Then came "The Letter" from Don. To make a long story short, we never received our car. We are out all of that money, and now a bank in Minnesota owns the car that we paid for. Not fair!!!

Gary

MaSnaka · #37 (**permalink**) 02-24-2009, 05:59 PM

Not fair at all!

John

onefastmustang · #38 (**permalink**) 02-24-2009, 06:22 PM

Makes me happy I made that last push to buy everything and finish my car... woooh...

MaSnaka · #39 (**permalink**) 02-24-2009, 07:52 PM

It can be said "timing is everything". Winning a kit would be awsome, then spending good money to get the prize assembled at a quality shop, only to be left with empty pockets. Talk about good luck then bad luck. It too makes me glad my car is parked in the garage.

John

Trueoo7 · #40 (**permalink**) 02-24-2009, 08:08 PM

GLE
I would think that you could at least get the kit back since it never was theres to begin with. If a car dealer goes bankrupt and there are customers cars on the lot being worked on then I don't believe they would lose their cars if they own them. Did you get a "certificate of origin" with the kit?