Legal Files

Making Old Cars Safer

You’ve probably seen news reports about comedian Kevin Hart’s car crash and his extensive injuries. Despite Internet reports that all involved have “lawyered up” and that a “lawsuit’s almost certain,” we haven’t seen an actual lawsuit filed. Maybe it’s getting filed as you read this, but the lack of a […]

From Auction House to Courthouse

Falcon Woods LLC, a Nevis, West Indies, limited-liability company, was about to cut a fat hog. It had consigned its 1954 Ferrari 250 Europa GT coupe, chassis number 0379GT, to Gooding & Company for its 2018 Scottsdale auction. The estimated sales price for Lot 116 was $1.6m to $2m. Just […]

Trailer Insurance Woes

SCMer Lee Cross, a Shelby enthusiast who organizes the annual GT350 Tour, shared a very interesting story: I am passing along an incident as something that might present a topic with wide relevance to your audience; i.e., the legal technicalities that arise when a collector attaches a trailer to their […]

When a Friend Crashes Your Car

You’re a trusting soul — a nice guy. Your best friend Tom tells you how disappointed he is that his Ferrari is in the shop for an extended stay and he has to miss the next Ferrari Club weekend drive. You have already agreed to spend that weekend with your […]

Auction Wars in Scottsdale

Leake Auction Company has big plans for its first-ever auction in Scottsdale, AZ, in January 2020. But the welcome mat is not out. Immediately upon announcing its new auction, Leake got hit with a lawsuit filed by Russo and Steele alleging interference with contractual relations. Of course, Leake knew it […]

Menacing the Highways

Before you read any further, let me make one point crystal clear — this column has absolutely nothing to do with the SCM 1000 Tour. Feel free to participate. I’m going. At the other end of the spectrum, participants in the Eurorally 2019 were met with a huge surprise as […]

Where Should Your Cars Live?

As Baby Boomers ease into retirement, they are becoming a very mobile generation. Many are migrating to other states, not just in search of a sunnier climate — but also for tax planning considerations. We’ve just seen federal income tax rates drop to historic lows, with ordinary rates peaking at […]

The Stealth Claim

Legal Files” has written many times about the concept of diminished value — where even a perfectly repaired car is still worth less than it was before the damage occurred. This month, I’m enlisting the help of Mike Shoemaker, a Houston-based attorney who conducts a national practice representing car and […]

New Tax Opportunities

Collectors lamented that the 2017 Tax Cuts and Jobs Act eliminated our ability to do 1031 Exchanges with our collector cars. After 2017, 1031 Exchanges are limited to real estate. This also means that doing a straight exchange with a car dealer doesn’t work either. That is, going to a […]

Jerry Seinfeld Sued Over ’58 Speedster Sale

Alawsuit has been filed against Jerry Seinfeld, alleging that the 1958 Porsche Speedster he sold for $1,540,000 at the March 2016 Gooding & Company Amelia Island Auction is a fake. Seinfeld politely and sensibly declined to comment on the litigation, as one would expect, so we have to rely upon […]