Put a fork in Level 5

Been five years since the ball dropped on the Level 5 party. Shame that in that time a lot of this stuff has become worthless junk. None of those cars are raceable in their current form and some are just lawn furniture.

Shame that it has taken so long but at least it's going to the courts.

Some of it was on Ebay also at high prices.

There's definitely stuff "missing" from the auction. Whether not catalogued or sold separately, who knows?

Yes - what a shame, again, that this stuff has sat for 5 years. Crawford Ferrari? Who cares? <shrug> Lola LMP cars? Vintage? With what for spares? Unless you're at the level of a Napolis and can have all the stuff you need made for you that's gonna be a real tough row to hoe.

Some of the expectations seem quite reasonable but others are highly optimistic. I guess I'll be registering so that I can follow the bidding if I'm not making the trip.

 

At 2.5 plus Billion he can afford whatever he wants.

 

You betcha. I'm not criticizing him. What he has done to Mt. Temblant is great. Let's say he knows how to race with style.

 

CW I think we are both in agreement with slightly different takes on the subject. At the end of the day Level5 only existed because of ST. Not for a second to I fault a single person who worked on the team or derived any income from ST spending money on racing. I would not turn it down either and I see no real moral or ethical decision to be made. In my mind nobody on the team did anything wrong to work for ST.

That said I know a number of people who worked both directly and indirectly for Level5. Some thought that the government case was a bunch of hot air and that Level5 was going to go on forever. I think those people were naive and wishful thinkers and ironically most of them were left without a backup plan when the team shut down. I don't really feel bad for those guys because I think they really ignored the obvious and were blinded by the endless spending; greed and ambition are ugly things. Other people I know rode the gravy train and prepared wisely. They knew the deal could die overnight and they saved for that rainy day.

Racing is full of boundless optimism but it is necessary to have your eyes open and with years you learn to sniff out the BS.

 

That's one of the funny recurring bits on the "Dinner with Racers" podcasts: all the B$ meetings drivers have to sit through with people they KNOW don't really have any money or any lines into sponsors with bags of the stuff either.

 

Fair enough, Nuvolari.

As to Stig's post, even the guys with bags of cash waste people's time in this business!

CW

 

http://news.google.com/news/url?sr=1&ct2=us%2F1_0_s_12_1_a&sa=t&usg=AFQjCNF-n68z4Iwh5yMf7iUNhqyF0cBReA&cid=null&url=https%3A%2F%2Fwww.law360.com%2Farticles%2F917265%2Ftrailer-co-appeals-asset-freeze-tied-to-racer-s-loan-scam&ei=SgUOWYiOMtTQ3gGA3L9o&sig2=mZmmlhsHiWiLv6v0gQudTg&rt=SECTION&vm=STANDARD&bvm=section&did=6660299379756655662&sid=-6809793679264886954&ssid=cstm&st=2&at=dt0

 

The Level5 auction went off pretty well, but no way close to recovering $1.3B. I'm told his personal belongings will be up for auction next.

CW

 

I'm kicking myself for being two days late and missing the auction. I had it in my head it was today and not Thursday. Really bummed I missed the opportunity to bid.

Any idea how some of the parts lots did? I am scouring Auctions America site and don't see the results posted.

 

I haven't seen results published, yet, either, but a couple of items for you by way of example from word of mouth...

The gantry lighting. Estimate of $2-3K, IIRC. I'm told hammered at $9K.

The Daytona class-winner 458 GTD. Estimate $225-275K. I'm told hammered at $450K (also reported at $420K hammer price).

Bottom line is that bargains weren't to be had. The big teams (Penske, Ganassi, Wayne Taylor, etc.) were also present and bidding.

CW

 

Okay, that makes me feel better. Was afraid I missed out on some rock bottom bargains.

 

I wouldn't feel too bad. I doubt you missed out on anything. The other Ferraris, reportedly went for what I would consider to be FMV (or close to it). This auction was well publicized and the low-ball estimates attracted a lot of bidders. This seems to be the new tactic of the auctioneers.

The Duemila Ruote auction is another recent example, IMO, of this.

CW

 

Trial starts Monday.
https://www.law360.com/banking/articles/960162/-2b-trial-puts-tribal-payday-lending-in-spotlight-

 

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guilty on all counts...


http://sportscar365.com/imsa/tucker-found-guilty-in-payday-lending-scheme/

 

http://www.kansascity.com/news/local/crime/article178784906.html

 

How the mighty have fallen...

 

Yeah, but sentencing is in December and we may bet our bottom dollars that the attorneys
will be slugging it out for a reduced sentence.

Will the judge do the right thing and make an example of Tucker?

Or, will the judge do what usually happens in these types of financial cases and give a light
sentence at a country club?

My money is on the later.

BHW

 

Sentencing January 5 and Tucker's attorney already says they are appealing.

 

IIRC Tucker has previous convictions and jail time. Combine that with the scope of these charges and I doubt he'll get much leniency.

 

He does. He borrowed 50 large from a bank using a Porsche that he no longer owned as collateral. He also ran a fake loan brokerage business and collected about $100,000 in advance fees for loans that were never given. He had previously written a bad check to a local business and wound up going to jail for mail fraud (the loans) and making a false statement to a bank along with the felony charge for the bad check. He was sentenced to one year in Leavenworth.

 

I purchased one of the lots for the nose piece to the Lola car for wall art in my garage where I've been collecting nose pieces. Ironically, in the giant box, came all kinds of other parts that weren't described. torque wrenches, radiators, and tons and tons of extra carbon parts. If anyone wants the other Lola body parts (side pods, under body aero, jigs etc...), they are yours for shipping or pick up in Texas. In two weeks I'm tossing everything that was extra if no takers.

 

Are the side pods stickered?

 

Considering that this thread is over five years old yet has generated only 472 responses, I was just wondering: is this an F'Chat record for a racing thread?