mustang restoration auction

[iauction]

for those interested there will be a bankruptcy auction
november 4, 2006. there are apx 20-30 shells, parts, and
equipment for more info or a flier please email iauction@kdsi.net

[bmxmon]

You might also want to list the location and time, im guessing that may be helpful. Also, why did they go bankrupt, bad parts? That'd be funny.

[iauction]

the auction is North Platte NE. I'm sure you have heard of these people sometime or another. Pearson Mustang. He took a lot of down payments on a lot of mustangs to finish and never finished them. I do not know what there are for parts, we just got the okay from the bankruptcy attorney to go in and sort through what is there.

[bmxmon]

Alright, thanks for responding, I didnt expect you to honestly. Alot of people post a couple things much like yours on this board and never return, so I hope things go well for you, good luck.

[Top_Fuel]

The place going bankrupt is called Pearson Mustang. Why did they go bankrupt? It's a long story...but let's just say the guy took orders to build lots of cars that were never completed...and there's about $500K in cash that the owner can't account for.

For the full story, check out this link:

http://www.mustangforums.com/m_1351551/tm.htm


As for what will be sold at the auction... I was at the Pearson Mustang facility in North Platte back in July and I've seen the "cars" that will be for sale. There are about 10 67-68 Mustangs in the VERY early stages of restoration inside the shop. They've all been media blasted and primed, but most have had no significant bodywork done. Those that have had some work done...well...the work isn't that great. There are more cars (not all are Mustangs) sitting outside in the weeds in the back of his shop. I'm not sure any of those cars are worth the trouble.

Only 1 car in the shop has an engine and drivetrain. The rest have neither.

Keep in mind that these cars are shells...there are absolutely no interior parts, glass, engine compartment items, etc included with them. A few of the cars don't even have front fenders and hoods.

The auction flier I have seen shows 3 cars sitting in the shop that are painted. Those cars have aleady been sold. Those were the only cars that might have been worth anything, in my opinion.

[iauction]

AS FAR AS THE AUCTION GOES, THESE CARS WERE NOT ADVERTISED AS COMPLETE. THERE IS ONE CAR THAT IS PAINTED THAT WILL BE SOLD ON THIS AUCTION. IF ANYONE WOULD LIKE
ACURATE INFORMATION ON THIS AUCTION YOU MAY CONTACT ME AT IAUCTION@KDSI.NET. SINCE I HAVE BEEN IN THE BUILDING YESTERDAY AND DO KNOW WHAT IS GOING ON. THANKS.

[Top_Fuel]

I'm not trying to step on anyone's toes. It's obvious someone is here to promote an auction. I'm posting here to give out information to fellow Mustang enthusiasts.

For anyone heading to this auction, my recommendation is this: Ask lots of questions up front so you know what to expect. I'll leave it at that.

The part that's sad is that every car in that shop being auctioned has already been PAID FOR by a customer. The average deposit was roughly $30,000 per car. Unfortunately, these customers only have purchase contracts for their vehicles...they never received titles. The Nebraska bankruptcy court only cares about who is holding the title. So you've got approximately 20 people out there who gave Scott Pearson $30K each. That's $600,000. And now the owner is broke, and he's not sure where the money went...