Thanks Phil coming from you that means a lot
Clyde Romero
just the right amount of wrong!
"SCARS ARE TATTOOS WITH BETTER STORIES"
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From: Phil Tegtmeier [mailto:philville [at] windstream.net]
Sent: Wednesday, October 19, 2011 11:03 AM
To: clyde romero
Cc: Phil Tegtmeier; 'The FerrariList'
Subject: Re: [Ferrari] [Ferrari list is the right place to bring arguements to.]
Thank you Clyde
The Post from ClyDe says it all, and, it all boils down to greed.
The next time I have any extra money, I am having a new mug made
Of course this action will not increase my cash flow.
Thanks, Phil
On Oct 18, 2011, at 9:27 PM, clyde romero wrote:
"If I were selling Ferraris I would not sell to anyone who didn’t know what they were buying
I would be broke but I wouldn’t be in court."
On Oct 18, 2011, at 9:27 PM, clyde romero wrote:
Guys if it looks like a fish an smells like a fish well …..
Anyway both parties involved were trying to maximize their positions when the market was white hot!
If you look at like the real estate market boom that we all just experienced it’s the same shit!
Car dealers/brokers call them what you want, especially in the Ferrari market sell hype to the max!
They earn their reputation !
Just like investment houses and good lawyers!
All that being said doing due diligence in buying a depreciating asset is paramount!
You can’t put bank owned on your car and expect to get out alive
In this instance both parties were at fault, big time.
If you have that much money you can check out who is going to do the work on your car!
What I think happened was the guys buying the car wanted a packaged deal thinking they could come out ahead while the market was white hot!
The market collapsed before the work could be completed and both parties got burned
Had the market not collapsed everyone would have walked away happy!
Bottom line greed got in the way of good business practices
Anyone seen that before?
If you look at this objectively MS would not have been the go to guy in the first place if he had a bad reputation, not saying he isn’t guilty in this case
But he just did not show up !
As for the buyers one can speculate that they wanted a quick kill in the hot market!
As I have always said
“buy your Ferrari like a drug deal” because it is!
And if the drug deal goes bad, it is what is!
So buyer beware!
If I were selling Ferraris I would not sell to anyone who didn’t know what they were buying
I would be broke but I wouldn’t be in court.
Enough said
Clyde Romero
just the right amount of wrong!
"SCARS ARE TATTOOS WITH BETTER STORIES"
Confidentiality Notice: This e-mail (including attachments) is covered by the Electronic Communications Privacy Act, 18 U. S. C., Sections 2510-2521, and is intended only for the person or entity to which it is addressed, and may contain confidential or privileged material. Any unauthorized review, use, disclosure, dissemination, copying, forwarding or distribution is prohibited.
If you are not the intended recipient contact the sender by reply e-mail and destroy all copies of the original message. If you are the intended recipient but do not wish to receive communications through this medium please so advise the sender immediately.
Electronic Transmission Security Notice: E-mail transmission cannot be guaranteed to be secure or error-free. The sender does not accept liability for any errors or omissions in the contents of the message that arise as a result of its electronic (e-mail) transmission.
From: Brian E. Buxton [mailto:BrianBuxton [at] BuxtonMotorsports.com]
Sent: Tuesday, October 18, 2011 8:38 PM
To: Clyde
Cc: The FerrariList
Subject: Re: [Ferrari] [Ferrari list is the right place to bring arguements to.]
Here is the result ..,.
LOS ANGELES. -- Former top Ferrari broker Michael Sheehan never thought he would find himself in the kind of legal troubles he is in today.
The man who peddled the most expensive vintage Ferrari ever sold -- a classic GTO at $13.75 million -- placed his Costa Mesa company, European Auto Sales and Restoration Inc., into bankruptcy last March.
Meanwhile, two civil fraud lawsuits against him are pending, and he has yet to settle another one.
Sheehan's legal troubles began after global Ferrari prices surged in the late 1980s, then crashed in the early 1990s.
After the market collapse, several wealthy ear collectors claimed heavy financial damages; they alleged they had been cheated.
Criminal complaints were filed, and Sheehan's house was raided by police in the course of the investigation.
Sheehan, 47, denies the allegations. "It was totally unethical," he said. "It was totally immoral. They lied, they lied."
One case involved Japanese millionaire Yoshikuni Okamoto, who in 1990 paid Sheehan $320,000 for a 1962 Ferrari 250 GT Berlinetta. Three years later, Okamoto filed a civil fraud suit, claiming he spent $170,000 for European Auto to restore the car, with little result. As he waited, the car's market value fell until it bottomed at less than what he had paid for it.
In 1995, restaurateur Yoji Oyama filed a similar complaint against European Auto. Oyama said he paid $375,000 for a 1950 Ferrari roadster and nearly $200,000 more for restoration. But after six years, the company had not completed the job.
Then Hong Kong collector Michael Mak sued, alleging he paid Sheehan $582,000 for a 1965 Ford GT40 race car, but instead received a replica built from the scraps of the original.
Okamoto won a settlement last August for less than half his attorney's fees. The other cases are pending.
And other legal issues remain, including a claim by European Auto's bankruptcy court trustee that Sheehan laundered funds before the bankruptcy, an allegation Sheehan denies. But he has been cleared of any criminal fraud charges.
"If I could do it all over again I would do it differently," Sheehan said.
"Because what I've been through has been emotionally, financially, devastating."
On 10/18/11 10:55 AM, Douglas Le Grand wrote:
Thank You Adam, Yes, it is true, I am new to the Secret World of Ferrari Brokering to the rich and famous. I also have a Masters Degree in Economics, Bachelors Degree in Business Administration and Graduate from UTI in 1974. People like Mike Sheehan, who by the way tossed Mark Ketchem under the bus on the first sign of trouble, need to be stopped. Why allow dishonest person, see article, to continue ripping people off. Most people are wealthy because they work hard, smart and are honest. Mark Ketcham is a retired Dot.com millionaire living the good life on his personal winery in Hearldsberg, CA. He is now mixed up with Mike Sheehan who has been convicted of Fraud against Ferrari owners. I think, personally, that I am doing everyone a favor, except Mike Sheehan by exposing his business practices.
Douglas S. Le Grand
Mortgage Associate
Alliance Direct Home Mortgage
3131 Camino Del Rio North, Suite 900
San Diego, CA 92108
Phone: 619-327-2204 Fax: 619-327-2264
Email: dlegrand [at] alliancedirecthm.com
Website: www.alliancedirecthm.com
<EmailLogo.jpg>
From: Adam Green <FlatCrank [at] gmail.com>
To: Douglas <gemologist007 [at] yahoo.com>
Cc: The FerrariList <ferrari [at] ferrarilist.com>
Sent: Monday, October 17, 2011 6:54 PM
Subject: Re: [Ferrari] FW: Fw: Your past is catching up with you. Know your broker.
I don't have a dog in this fight, I don't know any of the parties first hand, but any suggestion of censorship is outrageous. Where the hell else does public debate on such a focused topic occur if not here?
If the claims by one party against another are wrong, well, it's no more damaging than the fact that there was a suit filed and court proceedings on record -- it's of course wrong to assume that just because there's a plaintiff case, that the plaintiff is somehow presumed "the innocent, injured party" so it's a matter of free, public, respectful discourse and, as ever, we can only trust that justice is done in the courts. I won't be so skeptical or cynical as to widen the aperture to include the issue of justice. : )
I think we've heard good advice and opinions thus far and the only thing that should not happen is to censor or censure. After all, we are living in a new age of public debate where no topic is out of bounds, especially corruption, and I can only hope some good will come of it.
Adam
On Mon, Oct 17, 2011 at 6:35 PM, David Handa <dave [at] davehanda.com> wrote:
Douglas,
I think it is time to take this “internet extortion” attempt, off List.
I appreciate the entertainment value while it lasted, but it is getting boorish now….
From: Douglas Le Grand [mailto:gemologist007 [at] yahoo.com]
Sent: Monday, October 17, 2011 3:57 PM
To: dave handa
Cc: The FerrariList
Subject: [Ferrari] Fw: Your past is catching up with you. Know your broker.
The lawyer who filed this was fired by his firm.
The Costa Mesa Police filed criminal charges against the lawyer who filed this..
Fuck you.
From: Douglas Le Grand [mailto:gemologist007 [at] yahoo.com]
Sent: Monday, October 17, 2011 3:50 PM
To: sales [at] ferraris-online.com; mark [at] ketchamimports.com
Subject: Your past is catching up with you.
TITLE
Fraud cases plague former Calif. Ferrari broker
PUB. DATE
May 1997
SOURCE
Automotive News;05/12/97, Vol. 71 Issue 5712, p27
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports on the civil fraud lawsuits filed against former top Ferrari broker Michael Sheehan. Bankruptcy protection for Sheehan's Costa Mesa company European Auto Sales and Restoration Inc.; Financial damages claimed by car collectors after global Ferrari prices crashed in the early 1990s.
Douglas S. Le Grand
Mortgage Associate
Alliance Direct Home Mortgage
3131 Camino Del Rio North, Suite 900
San Diego, CA 92108
Phone: 619-327-2204 Fax: 619-327-2264
Email: dlegrand [at] alliancedirecthm.com
Website: www.alliancedirecthm.com
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Brian E. Buxton
Buxton Motorsports, Inc. | 301 North Royal Ave. | Buxton Plaza | Evansville, IN 47715-2866
Office - (812) 476-2281 x 209 | Mobile/Text - (812) 760-5513 | Fax - (812) 476-2284
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President, Brian Buxton Enterprises, Inc.
Nationwide Enclosed Auto Transportation
Founder & Past President
So. IN Region Porsche Club of America
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