The End of Farnbacher Loles
12-12-2009, 10:02 AM
#18
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The real sad story is that all the employees including Spencer *** whom we all know to be a great guy have lost their jobs just before Xmas. I know that one of the guys has just had twins.
The good news is that Spencer & Crew have setup shop 10mins away and are open for business and are willing to help everyone, please lend your support to a great bunch of people who have misfortune to be part of this.
Spencer can be reached at 203 733 1454.
The good news is that Spencer & Crew have setup shop 10mins away and are open for business and are willing to help everyone, please lend your support to a great bunch of people who have misfortune to be part of this.
Spencer can be reached at 203 733 1454.
Last edited by Jerseybean; 12-12-2009 at 10:50 AM.
12-12-2009, 04:08 PM
#20
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That's a good question. Nobody I've talked to, including the newspaper reporter, seems to know where he is. I've seen reports from skipping the country to in the hospital recovering from a suicide attempt to in the hospital recovering from a heart attack.
Supposedly there will be a much updated newspaper article in tomorrow's New Haven Register, though.
--Donnie
Supposedly there will be a much updated newspaper article in tomorrow's New Haven Register, though.
--Donnie
12-12-2009, 09:36 PM
#21
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How to make a small fortune in racing?
Start with a large fortune.....there is a bevy of pissed off Greeks...they never forgive and forget. Ask me how I know...I am married to a Greek. Once you get on her sh*& list, you never get off...
12-13-2009, 11:21 AM
#22
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From this mornings New Haven Register....
"A Detroit company Tuesday filed a federal lawsuit against Loles and his company, claiming they’re owed nearly $1 million for two custom BMW race cars. Loles entered into the contract although he did not have enough money in an account for the $200,000 needed for the down payment, lawyers for Pratt & Miller Engineering & Fabricating allege.
Loles contracted Pratt & Miller in Detroit to build him two GAGT-BMW-M3Rs, each costing $340,000. The custom parts installed on the cars pushed the total price to $929,750.
A $200,000 down payment check drawn from a Farnbacher Loles Motorsports’ bank account bounced in September. Pratt & Miller allege Loles knew all along the firm didn’t have the funds for the check, but told Pratt & Miller not to stop work on the cars and not to talk to other potential customers.
When notified of the problem with the check, Loles said he would wire money, according to the lawsuit. Instead, he knowingly gave Pratt & Miller a fraudulent wire reference number, Cynthia J. Haffey, the Detroit attorney representing Pratt & Miller, wrote in the complaint.
Reached by phone in Chicago, Haffey declined to comment on the lawsuit.
“The complaint speaks for itself,” she said."
"A Detroit company Tuesday filed a federal lawsuit against Loles and his company, claiming they’re owed nearly $1 million for two custom BMW race cars. Loles entered into the contract although he did not have enough money in an account for the $200,000 needed for the down payment, lawyers for Pratt & Miller Engineering & Fabricating allege.
Loles contracted Pratt & Miller in Detroit to build him two GAGT-BMW-M3Rs, each costing $340,000. The custom parts installed on the cars pushed the total price to $929,750.
A $200,000 down payment check drawn from a Farnbacher Loles Motorsports’ bank account bounced in September. Pratt & Miller allege Loles knew all along the firm didn’t have the funds for the check, but told Pratt & Miller not to stop work on the cars and not to talk to other potential customers.
When notified of the problem with the check, Loles said he would wire money, according to the lawsuit. Instead, he knowingly gave Pratt & Miller a fraudulent wire reference number, Cynthia J. Haffey, the Detroit attorney representing Pratt & Miller, wrote in the complaint.
Reached by phone in Chicago, Haffey declined to comment on the lawsuit.
“The complaint speaks for itself,” she said."
12-13-2009, 12:44 PM
#24
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Maybe they will have to finish them, sell them and sue for the difference between the original contract price and what ever they get for them.
12-13-2009, 02:23 PM
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...
A $200,000 down payment check drawn from a Farnbacher Loles Motorsports’ bank account bounced in September. Pratt & Miller allege Loles knew all along the firm didn’t have the funds for the check, but told Pratt & Miller not to stop work on the cars and not to talk to other potential customers.
A $200,000 down payment check drawn from a Farnbacher Loles Motorsports’ bank account bounced in September. Pratt & Miller allege Loles knew all along the firm didn’t have the funds for the check, but told Pratt & Miller not to stop work on the cars and not to talk to other potential customers.
It doesn't take but a day to wire funds, so they should have known within a day that FL couldn't pay.
12-13-2009, 03:04 PM
#26
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P&M builds chassis for tube frame GT cars. Sounds like Loles was also looking to build tube-frame M3's to run in Rolex GT?
12-13-2009, 04:20 PM
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self agrandizment (spellcheck?)
the over-the top entry of Lolis into this thing of ours was doomed from the getgo. The allowance, mezmorizing display of expectation from track participants was typical absurdity to the n'th degree. Many (not all) of the "members" of the absurdity displayed an unjustified attitude that remains unearned. It surprises me that some continue to pontificate this ragtag operation that was successful by using so many people's life savings as their doormat. Hard work came for just a few of the many who rode the wave of this ego maniac..........I remain convinced that his attempt at ending it all was as much a farce as he and his operation displayed............It is unjust to perpetuate any post op on how they should survive.........the poor souls who have lost their life savings cannot!! end the sorrow for the workers and begin the sadness for the so many more that we haven't heard of yet but will.
12-14-2009, 10:37 AM
#30
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Are these the supposed Koni GS cars or something different all together? GAGT doesn't sounds like Koni GS. Sounds like Grand-Am (Rolex) GT. And I have no idea what is meant by M3R. sounds like a P&M designation. I don't think these were the Koni cars, as the Koni cars were supposed to be lightly modified BMW M3 GT4 factory race cars.
P&M builds chassis for tube frame GT cars. Sounds like Loles was also looking to build tube-frame M3's to run in Rolex GT?
P&M builds chassis for tube frame GT cars. Sounds like Loles was also looking to build tube-frame M3's to run in Rolex GT?
--Donnie