Jim Price Issue

[Mark IV]

Mr. Price does not OWN any part of AC as it curently exists unless things have changed in the VERY recent past (such as the last 10 days).

Where the connection to AC started was in 1996 when Alan Lubinsky bought AC out of receivership. Jimmy (Hi-Tech) at that time became a supplier to AC, providing parts for the "Cobra" cars such as windscreen frames, the body and chassis units for the "Brooklands" Ace and other items. Hi-Tech was given license to use the "trade dress" (shape) of the AC products.

As time went on and Lubinsky drove AC deeper in the hole, Mr. Price provided product on credit and according to the CVA (receivership) papers filed in 2002 and available on-line at the UK court site, he also had outstanding loans to AC.

In 2002 as AC was in the posistion of dis-solution Jimmy stepped in and provided an "out". AC was to produce and supply to Hi-Tech alloy rolling chassis which would be finished and sold by Hi-Tech, thus repaying the outstanding loans and invoices. This never happened.

In 2003 a licensing agreement was reached with Mr. (and I use the salutation tounge-in-cheek) Lubinsky that gave the operation of the Frimley factory, worldwide marketing rights and license to all AC alloy car products, from the early Ace to all the Cobra varients. Mr. Price stepped in and paid the staff at Frimley who had either be made redundant as they say in the UK or not been paid for a period of time. The agreement would allow Lubinsky to continue to develope and market (if he could) the new Mamba and whatever other cars he could. Mr. Price would have EXCLUSIVE rights to build, sell and market the aluminum AC cars and use the "AC" trademark on them for a royalty. Jimmy and another party proceeded to invest a SUBSTANTIAL sum of money in the Frimley works as well as prepare a new sales channel in the USA for the products. Mr. Price told me on more than one occaison he did not expect to get more than the interest on his investment in AC back, he merely did not want to see the brand die and his reasoning was more emotional than businesslike-never the less he wanted to save AC.

This is where things got stickey.

Several people posted that Jimmy now "owned AC"-in fact he did not "own" it but had 10 years exclusive use of the brand and product. Lubinsky, showing his usual disdain for contracts, started to advertise "original aluminum ACs" and other goods that were not his to sell based upon the licensing agreement. These even appeared on eBay starting even more confusion. As Jimmy and the other party (whom I have spoken with many times) were at the point of investing more than $500,000.00 dollars in the factory and product to allow its sale worldwide. When Lubinsky refused to honor the agreement and cease offering cars he had no right to build or sell, much less a place to build them, Jimmy and his partner balked. They made the decision to pull out and shut down the Frimley works letting all the staff go! The decision was made to take the matter to the legal system and cease all operations and investment until such time as the matter is resolved.

I assume (I have no personal knowledge) that Lubinsky has since re-taken the Frimley works so that he has a base of supply for the proposed deal with Shelby.

It is no secret that I hold a low opinion of Alan Lubinsky. My dealings with him were very unsatisfactory and multiple searches and investigation of his previous business ventures have turned up a trail of questionable business practices including some stock dealings that the New York State Attorney General is investigating. One of his former partners in the AC holding company has been indicted by New York in this matter.

If you believe that Leopards don't change their spots, you may draw your own conclusions.

Upon the settlement of the licensing issue in court it is possible that Mr. Price may indeed become the "owner" of AC. Time will tell.

And yes, I have the documentation to back this up. I will not make it public as I am not a direct party to this legal issue and it is not my place to do so. If you choose to believe me, fine. If you choose not to, that is your right.

Rick


(edited for grammar, not content)