COys go bust - or do they....

[josvandeperre]

Hmmmm

http://www.telegraph.co.uk/money/mai...2Fcncoys22.xml

Comments please

[Peter Mallett]

This is a very sad bit from the link above.

"One creditor, who has not received a settlement cheque for his pre-war classic that sold on Dec 4, said: "I've lost the car, I've lost the money, everything. That was my pension. Why in hell's name was buyers' money not kept in an escrow account?""

Indeed why aren't buyer's monies kept in Escrow?

From our point of view though, if this is a market trend rather than mismanagement, it looks like the years of inflated prices and therefore the "mothballing" of interesting race cars may be over.

[simon drabble]

If you look at what sells and what doesnt you will see that all the important cars sell at very strong prices, the problem is always with cars with bad history and inflated prices. To that end the cars being "mothballed" I fear will stay there!
The most ironic part of this story is that barely a month ago Coys were in the press extolling the virtues of investing in cars! To be fair the article does point out that its only one part of teh company that has gone into liquidation, the rest of the group is ok, for now at least..