Jim Price Issue

[HIQ]

Can someone please explain the Jim Price issue?

[Excaliber]

Ha ha ha ha,,,,,,, like someone is capable of doing that at this point in time? It's extremely complex to say the least.

...but I do love a good rumor, so here we go as I've been able to piece together a bit here and there over the last few months of this very controversial subject.

J. Price CLEARLY owns SOME PART of AC. WHAT part that is has been hotly debated. Licensing? His name on the title of the land under the plant? He owns at least one set of "tools" (bucks, jigs or what?) in the plant?

Lubinsky? I have no idea WHO this guy is but depending on who you talk to he is:
A. Snake in the grass.
B. A salesman with kohunos so BIG he can barely walk.
C. A developer, a businessman a worthy "competitor".

APPARENTLY in connection with "Shelby" (which may NOT be SAI Licensing as the term "Shelby" itself needs some qualification as to WHAT division your reffering to) Lubinsky and "partners" have "opened" the Frimly plant and "production" of AC alloy Cobras HAS begun!

Some say this is impossible because of J. Price and partners and what THEY own/control.

This is a HUGE soap opera so don't feel alone if your confused over the players and their position.

I have a gut feeling "Shelby" (not sure WHAT division were talking about here) will in fact and may be as we speak building AC Cobras in the Frimely plant! Can they sell them outright without legal complications from "other players"?

Got me, have to ask a lawyer if you want a straight answer to that. Uh,,,,,, a lawyer would give you a straight answer? Right?



Ernie

[Double Venom]

Thanks Ernie! That's exactly what I thought...I think, but wasn't Mr. Price...oh never mind!

DV...needs more tylenol

[cobra427mnsi]

Now there is an oxymoran of sorts " a lawyer with a straight answer". If you put all the lawyers in the world (except Jamo of course) in a sack and hit it with a stick, you would hit the correct one everytime !!

Paul

[REAL 1]

Another silly lawyer joke.

Funny, everyone loves to knock lawyers until they need one.

My understanding is that JP bought the production rights, which may or may not include tooling from AC during the SPF/SAI war from Lubinsky.

Unless Price is getting paid from this deal it seems somethings a miss.

[cobra427mnsi]

Real 1
You're a little touchy about lawyer jokes. You must be a lawyer. No offense intended to you personally. But it is fun to pick on lawyers!!

Paul

Ps. Although I do feel that our/your society is in the trouble it is in because of so called "enlightend" judges (who were once lawyers) who lack common sense. Common sense may not be the correct word. What I am trying to say is before judges come up with some of the decisions they make, they should guage the will of the majority.

[BlueRooster]

Hey Evan! Most times you only need one because of one....just kidding.....NOT!

[Excaliber]

So, are lawyer jokes like "Blond Jokes"?

,,,short,,,, so guys can remember them?

Ernie

[southernfriedcj]

Originally posted by REAL 1



Funny, everyone loves to knock lawyers until they need one.

Evan, I knock even while when I need 'em. As a matter of fact, the best lawyer jokes come from lawyers themselves.

[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)

[Excaliber]

Rick (Mark IV) has been one of the few to bring meaningful clarity to these complex issues. It would seem, at this point, that what J. Price "owned" was/is marketing rights.

Thanks for the up-date. Keep us informed as this goes forward.

Ernie

[Dan Semko]

Evan,
Can you decipher Mark IV's post for me? I'm a little brain drained and I'm sure I'm misreading/misunderstanding the implications.
Thanks

[JWheaton]

Evan,

You've been a lawyer long enough to have developed a thicker skin to lawyer jokes, haven't you?

If not, I am sure that this group can help to build up your tolerance.

JW

[Mark IV]

TRANSLATION:

Lubinsky is a crook

Jimmy trusted Lubinsky

The fat lady hasn't sang yet

Rick

PM me if you want more...

[TerrysSPF]

I remember a few months back, someone posting a picture of a Teal colored "AC Cobra" sitting in a Superformance shop somewhere, and saying Superformance dealers were going to start selling them through a "deal" set up with AC. Were there any more of these rollers made / shipped to SPF dealers, or was that Teal car the only one? Does anyone know where this car is today? (Wonder what it will be worth in the future???)

So, it looks as though Jim Price was pretty much "saving" AC from financial woes and trying to keep the company afloat (and got slapped in the face for it), and now AC is dealing with Shelby (in a last-ditch effort by BOTH companies to rake in some tall coin while CS is still around) who tried sueing Price / SPF out of business!

........This is better than any soap opera on TV. Someone should turn all of this into a movie one day. Writers couldn't be this creative if they tried!

[Woodz428]

If it's the car I think you're referring to, it was at Dynamic when we picked up #1726 in September. It may still be there.

[TerrysSPF]

Woodz: I've been at Dynamic since then (Sept) and don't recall seeing it (unless they have it hidden under a cover like they did with their alum bodied, round tube roller #001 before it was finally purchased). That Teal car looked sweet though.....I want to say it was a 289 body style. Maybe someone will post the pictures again. I tried a search, but came up empty. The pictures are out there though........somewhere.

Say Woodz, someone I know told me I should get a hold of you regarding my 427SO. I've been looking for a good FE mechanic out here, but haven't had any luck. Can you recommend anyone in the Chicago area? How far are you from Chicago??
Send me a private e-mail and we'll talk more.....

[Mark IV]

....a 289 FIA car in the 1964 Viking blue color. I lost the pictures I had when my hard drive went AWOL. Do a search, there should be pics here on CC yet.

This was one of a couple FIA cars AC built over the last couple years. The frames were left over from a batch Angliss had built. I had COB1001 during 1999, that was a polished aluminum FIA that we showed at the SAAC national meet at Michigan International Speedway. A very sweet car. That car ended up painted and sold to Duncan Hamilton who was an AC dealer in the UK until they had their fill of Lubinsky. Ac had plans for a run of 25 cars but the market was a little soft at the price point-swe were at $130,000 for a roller in 1999.

Rick

[What'saCobra?]

Hello from a newbie.

I noticed a posting by Gabriel Diaz last summer. Who is he and how is he related to AC?

Thanks for help.

[Mark IV]

Gabriel was the partner in "Private Corp, Ltd" the corporate entity that Jimmy used to operate AC. gabriel was to be the US distributor at first. Later it was dewcided that a new distrubution channel would be developed. Gabriel owned the FIA car that was here in the US. That car was later put in the care of Dynamaic.

Rick