If you heard about the raid of Unique Performance just outside of Dallas, you could guess that things would only deteriorate for the infamous specialty shop in the future. In that raid on November 2, local authorities seized 61 vintage vehicles with questionable VIN tags.
Well, mark it in the books, they’ve filed for Chapter 7 bankruptcy.
By filing for Chapter 7, Unique Performance is ending all of its business operations. The company did not list any assets in its public filing in the US Bankruptcy Court for the Northern District of Texas, located in Dallas. Even so, the company owes between $1 million and $100 million to unnamed creditors in a Dallas legal publication.
While those sums are no doubt attributed to the countless claims from customers that they had placed deposits of up to $250,000 on custom orders, the majority of the debt is sure to include Foose Design and Carroll Shelby Licensing.
For those who aren’t aware, Unique Performance was involved in an ongoing project with Shelby Licensing to produce Shelby GT350SRs and GT500E “Eleanors.” The price tag on these beauties would range from $100,000 to $200,000, which factors in the updated powertrains, chassis and safety components.
Foose Design carried a more informal relationship with Unique Performance, licensing them to produce the Foose Mustang Stallion the Foose Camaro, the Foose Challenger and the Foose Motorcycle. In a report from Autoweek.com, both Foose Design and Carroll Shelby Licensing have cut off their relations with the company in the past two months as their situation has worsened.
As for the title-washing scheme, no arrests have been made. Any charges against the company’s owner, Doug Hasty, or any employees, have yet to be announced.
StangPlanet will keep you updated as more information becomes available.
[Source] Autoweek.com
Unique Performance has filed for Chapter 7 bankruptcy
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