02-11-2004, 04:14 PM
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CC Member
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Join Date: Feb 2004
Location: Crawley,
WS
Cobra Make, Engine: AC427 MkIII of 2004 vintage
Posts: 1,210
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Not Ranked
Now that I am officially logged into this site, I guess I can offer a few comments regarding some of the Price/Lubinsky deal. I was fortunate that Jimmy Price rang me when he was in the UK last year to close the AC Autokraft factory in Frimley. I guess I can reveal most, if not all, of the conversation but whether Jimmy will be taking further action is unclear at the moment. Or I am unaware of it....
Jimmy Price did not approach AC Cars for a deal. He had a visit from AC to suggest that he take over the running of the Frimley factory to build AC 427s, 289s and FIA aluminium-bodied cars under license. Since AC owed him a sum of money, (for the pile of unused AC Ace chassis he still has in his factory) he would not pay AC Motor Holdings any royalties until the debt was cleared. He shook hands on the deal with Mr.Lubinsky and John Owen was put in charge of the new AC Autokraft business. His only instruction was that Jimmy Price did not necessarily need to see a profit - just as long as he did not make a loss!
The only down-side of the deal became apparent - Alan Lubinsky always avoided signing the official documents that would cement the deal.
Less than two years later, Mr.Lubinsky phoned Jimmy to tell him of his deal with Carroll Shelby International. Jimmy realised that he had a factory full of cars but no rights to use the AC badge any more. What could he call the cars? He had no option but to fly to the UK and give the staff letters of redundancy and close the factory. The same factory that Mr.Lubinsky still had claim to continue as a base for building his new Shelby AC Cobras. Jimmy Price was out by a large six-figure sum.
I know what I think......
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trev289
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