Club Cobra - Unique Performance

Unique Performance files for bankruptcy
Local authorities raided firm earlier this month

Bob Gritzinger
AutoWeek
November 29, 2007 - 2:25 pm ET

Texas-based specialty-car maker Unique Performance appears to be calling it quits.

The company filed for Chapter 7 bankruptcy Nov. 12, just 10 days after authorities raided the firm's operations in the Dallas suburb of Farmers Branch, Texas.

In that raid, local authorities and federal investigators seized 61 vintage cars that allegedly had improper or illegible Vehicle Identification Numbers.

Under Chapter 7 bankruptcy, Unique Performance seeks to end its business operations. In the filing in U.S. Bankruptcy Court for the Northern District of Texas in Dallas, the company listed no assets. A Dallas legal publication listed Unique Performance's debts at $1 million to $100 million, but did not disclose major creditors.

Besides customers, many of whom had placed substantial deposits on cars with list prices ranging from $100,000 to $250,000, creditors no doubt include Carroll Shelby Licensing and Foose Design.

Shelby Licensing was working with Unique Performance to produce continuation Shelby GT350SRs and GT500E "Eleanors." The cars, which are refurbished versions of the original cars with updated powertrains, chassis and safety components, carry price tags of $100,000 to $200,000.

Foose licensed the company to produce the Foose Mustang Stallion, the Foose Camaro, the Foose Challenger and the Foose Motorcycle. Both companies severed those licensing agreements in the past two months.

No arrests have been made in the case, and authorities are still investigating whether charges will be brought against Unique Performance owner Doug Hasty or other company employees.

In an earlier statement to AutoWeek, Hasty said his company had delivered 119 vehicles since 2003 and had invested all the money from deposits into parts and production of 106 more vehicles.