375+ # 0384

This multi-year opera with the cast of charismatic characters ended without a proper final and concluding act. Somehow I feel cheated as an engaged spectator in the auditorium for some reason...

 

You mean we've followed this saga for years, nearly 4,000 posts, and THIS is all we get??!!!

BOOOOO!!!!!

 

If the rumors are true.....
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now it is time to read again from #1 to #3963. the show must go on. cheers. clemente

 

I think its time for a book and a follow-up movie...

 

200 pages! finally is not a secret the man can say: Victoria!!!

 

This is quite usual process, people engage in lawsuits to judge the quality of arguments and show how serious ( or not) they are in their claims and just before it's too late, they negotiate as this is better than being exposed to the risk to lose it all.

Congratulations that common sense prevails at the end. This should end the process, only people who are not party to the settlement may have the ability to continue to claim, but they need to prove they have a case and reason to convince a judge they should have been a party.

So if settlement included all the parties we know named in the lawsuit, I believe there is a very small risk that this is not the end of to process. Which support my belief that having the purchaser suing Bonhams in London might have been a tactic to ensure the case will be heard in London. Except for the fact that I heard that he does not want to do business anymore with Bonhams. So may be, even if they agreed, he did not like the adverse publicity and energy spent on this case...

 

We should sue the SOBs that left us hanging!

 

Agreed!


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Great idea!

Where do we file, London or Ohio?

 

I would like to know if one of the terms of settlement was that Ocean Joe cancel his membership in Ferrarichat. If the settlement includes confidentiality we should expect that OJ will not be contributing very much more to these pages. Of course as we saw with the Heads of Agreement, in OJ World the signing of a settlement is the beginning, not the end.

Let's speculate at what are the terms. First, all parties agree to bear their own attorney fees. At least this is how it would go in the States. It is my understanding that the billings for attorney fees have long since exceeded the value of car. Only Wexner, and possibly Bonhams, have the wherewithal to reach into resources outside the $19 million pool of money paid in by Wexner, to pay awards of attorney fees. The easiest and cleanest way to deal with the parties' claims to attorney fees is to call it a wash.

Wexner gets a quitclaim from OJ and Kristi Lawson, and an agreement from them to cooperate with Wexner -- or at least not get in the way -- while he exports the car to the US and gets a US certificate of title.

Swaters gets the BC's 50% of the proceeds of sale. Gardner, Ford and Lawson get the OC's 50%. The Florida arbitration ruled that Gardner gets 50% of the OC's share, that Ford gets the other 50% of the OC's share, and that Ford must pay Lawson her share -- up to 30% of the OC share -- from his 20%. Although this won't be in the UK settlement, Ford now proceeds to screw Kristi Lawson out of her share. I expect that OJ persuaded Lawson to have the OC share payable to him alone, with the false assurance that he will pay Lawson her share at a later date.

Does Bonhams refund its Buyers Premium to Wexner? Highly doubtful. Wexner was the driver of this whole mess. If he had not aligned with Ford, this litigation would have resolved long ago. It's unlikely that Bonhams would have preferred to refund the Buyers Premium, rather than to go forward with trial and take its chances.

If you look at these speculations you'll see that they align pretty much with where the parties would have been on June 27, 2014.

Whatever are the true terms, Joe Ford finally gets his payday. The MG can come out from under the tarp.

 

$19 million in attorney fees...if that is in fact the case, it is almost perverse.

From what I recall "High Street" barristers charge around 400/500 GBP per hour.

I can't see how the combined work of all parties would require more than 2000/3000 hours.

 

The way I see it is that Bonhams blinked and settled with Wexner (and I think the key to achieving that settlement was to ensure sufficient compensation had been provided to the OC to finally abandon their title claims in the US).

My guess is the auction house and vendor shared in the cost of providing the compensation required for the OC to abandon their title claims in the US.

M

 

Did you mean to instead type, "from his 25%?"

Obviously, these speculations aren't quite where the parties would have been on June 27, 2014 when factoring in the massive legal fees incurred by all the parties since then. When I say "all parties," I'm not sure if Joe Ford incurred all that much in UK-based legal expenses being as he seemingly was self-represented for much of that duration. Perhaps he still has some outstanding legal bill(s) to deal with from before he parted ways earlier on with his UK counsel? Also, wasn't there some earlier ruling by Judge Flaux where Ford was found to be financially responsible for some of the legal expenses of some of the other parties to the case?

 

Bill - 180Out

Please clear some space in your PM box

 

That's just a guess ;-)

 

It's a wonder how fast things can move when Ford and Lawson don't renege on their settlement agreements. In Swaters v. Lawson, Ford & Gardner (the case that the March 2013 HoA had previously settled): "Consent Final Judgment and Dismissal with Prejudice" filed April 20, 2016 (http://www.courtclerk.org/case_summary.asp?sec=history&casenumber=A1001370).

Also, in Gardner v. Ford & Lawson (the case that was ordered to arbitration): "Stipulation of Dismissal With Prejudice" also filed April 20, 2016 (http://www.courtclerk.org/case_summary.asp?sec=history&casenumber=A1306451).

 

"The resolution of the litigation, including the transfer of valid Ohio title and Bonhams' contribution to Copley's costs , finally enables the completion of the sale of the car with the disputes to title now definitively resolved."

So it appears that Mishcon de Reya drove a hard bargain in the settlement negotiations.... Bonhams even contributed to Copley's costs... wow.

Victoria's Secret's Les Wexner finally gets his £11million Ferrari | Daily Mail Online

 

the lineage of ownership is now continuous... the courts and litigants collectively must have decided to close the gaps/defects that were apparent from the many legal mechanizations and rulings from the efforts to determine ultimate ownership, if they did not first settle the outstanding claims to ownership in Ohio... the UK court or any other court could not effect a true transfer of title that would be universally accepted and withstand any further challenge in absence of the settlement reached.

it would be interesting to know the total cost of the settlement including legal fees... I would speculate that the amount has a chance of being double or more over the revenue generated by the sale price...someone or their insurance had to dig deep into their pockets

 

Do we actually know how much if any of the "hulk" or parts were used in the recreation?


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In restorations of this type, the source materials serve as "patterns"......for my money there is probably very little of the original "car" left in the project.

Identifiable castings of course are another matter.

Things like engines, gearboxes, steering gears, those are more impervious to time.
Those one would think, are the "original bits" of the machine.

Article in the link has a nice video of the car on track...worth watching!!

And lace panties....any good story has some of those........

 

A real heartfelt "THANKS" to all of those that devoted their time and personal expertise, to the legal analysis we have enjoyed here in the thread.

Best wishes to Kristi and Phat Boy, MBz Gurl and those wacky Florida folks, and looking forward to seeing OJ loose in the MG!

There's a family wedding in Key West this weekend, let's head on down...........get some hand rolled cigars in Parate's Alley, and watch the sunset into the Gulf.

 

How does one 'restore' new metal exactly? This strikes me as building a complete new car whilst the real one sits rotted beyond repair in a crate.

At least the new owner has the crate of unusable parts to show his friends.

 

I believe you are wildly out in your cost assessment, and I am probably more informed than you are.

 

I am wondering if Ocean Joe and Kristi Lawson had to pay any of the costs that had already been awarded against them, to put this settlement together. They did have a claim on a pool of money to fund these awards: one-half of the OC's one-half. The joint Bonhams-Copley-Wexner press release reported in the papers states that Bonhams paid something toward Copley's fees. But it is silent regarding the awards against OJ and Lawson.

Anyways, I saw this is the 4,000th post in this thread and I had to snag it.