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Mr Tuke is suing Mr Derek Hood and his company, JD Classics Ltd, for around £9 million, with success

Discussion in 'Vintage (thru 365 GTC4)' started by Platini 289, Apr 23, 2018.

  1. Timmmmmmmmmmy

    Timmmmmmmmmmy Formula 3

    Apr 5, 2010
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    Timothy Russell
    I think the question becomes one of trust, the way I see it its like anyone running a game, be it a stockbroker or a bookie, they are almost always working for their own game, some take the long view and can be trusted and others are just out to suck you dry with promises of "you cannot lose, best deal ever and the market is red hot" I mean whether its shares, an old car or a horse running in the 3rd race, you are effectively betting on the seller giving honest advice. Even the best struggle to know the difference between someone legitimately getting you a deal and someone simply sucking you dry, that said IF I were to build a collection of anything, I would assume anyone trying to sell something might be running a game only known to them, I would invest 5 - 10% of my total spend and hire my own agent to act as a counter party to the seller/dealer and if the agent is any good they will negotiate a deal that negates their costs anyway.

    In some ways it reminds me of the Warren Buffet quote
    “If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.”
     
  2. Daytonafan

    Daytonafan F1 Rookie
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    Oct 18, 2003
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    Matthew
    Wasn’t one of the key parts of the case that Hood claimed to be acting as an agent when he was actually the seller.
     
    Bas Jaski likes this.
  3. Timmmmmmmmmmy

    Timmmmmmmmmmy Formula 3

    Apr 5, 2010
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    Timothy Russell
    Absolutely, being misleading is not in and of itself wrong, we are all capable of mistakenly claiming something or not having all the facts but when you are knowingly being misleading to make personal gain, well......... I would note stockbrokers are supposed to declare when they are selling on behalf of third parties and when they are selling on behalf of their own book because if its their own book, you know to get independent advice
     
  4. Timmmmmmmmmmy

    Timmmmmmmmmmy Formula 3

    Apr 5, 2010
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    Timothy Russell
    Today it has been announced that "We are delighted to announce that JD Classics has been acquired by Woodham Mortimer Ltd. We are excited by the opportunity to bring a fresh new brand to the classic car market while benefiting from the established and highly-skilled JD Classics personnel. As you all know, our team of specialists employed throughout the business have a reputation for producing work of the highest possible quality, from concours-winning restorations to an unrivalled track-record at the highest level of historic motorsport and we look forward to continuing to do that as Woodham Mortimer. Learn more: https://bit.ly/2NKixlJ"

    :rolleyes:
     
  5. davidoloan

    davidoloan Formula Junior

    May 6, 2009
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    David
    Cayman company with investment managers in London & New York as directors of U.K. entity plus the “CEO” mentioned in the press.
     
  6. LVP488

    LVP488 Formula 3

    Jan 21, 2017
    1,578
    Everything to inspire confidence then :)
     
    635CSI likes this.
  7. Ferrari 308 GTB

    Ferrari 308 GTB F1 Rookie

    Feb 21, 2015
    3,959
    Adjust your bargepoles accordingly
     
  8. Patrick Dixon

    Patrick Dixon Formula Junior

    Mar 27, 2012
    573
    UK
    I skim read the Judgment but the bit that interested me was that the whole relationship was built on JD taking a 10% fee of the profit after all restoration and running expenses, so there was no consideration of the market ever going down or stagnating.
     
    Timmmmmmmmmmy likes this.

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