How does a company go from securing a partnership with the maker of the Emira, getting an ex-Formula 1 World Champion on its About Us page, and beating legacy supercar marques to Goodwood awards to bankruptcy and a lawsuit that is so full of drama that tabloids are breaking the news? We’ll soon find out. People has revealed that Radford Motors, creator of the retro-modern 62-2 supercar, has filed for bankruptcy. Worse still, its celebrity co-founder, Wheeler Dealer star Ant Anstead, is being sued for fraud by one of his colleagues. This stuff reads like the script for a 2000s soap opera, so strap in.
Lotus
The brainchild of Colin Chapman, Lotus Cars was the roadgoing arm of Lotus, founded in 1948. Priding itself on lightweight models with a driver focus, Lotus has become synonymous with the featherweight ethos promoted by Chapman of “Simplify, then add lightness.” Lotus also enjoyed great success in Formula 1, with seven world championships to its name. A controlling stake in Lotus was acquired by Geely in 2017.
- Founded
- 1948
- Founder
- Colin Chapman
- Headquarters
- Hethel, England
- Owned By
- Geely Holding, Etika Automotive
- Current CEO
- Qingfeng Feng
The Bankruptcy Issue
Documents filed with the U.S. Bankruptcy Court in the District of Delaware confirm that Radford Motors filed for Chapter 11 bankruptcy. The voluntary petition was filed on October 10, along with a cash flow statement and other exhibits. A subchapter trustee was appointed the following day, and over the course of the next week, more documents were filed and more meetings held as Radford made the case for its situation.
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As of this publication, it’s unclear what the boutique automaker’s next steps are, but this is still in the early stages. The Radford website is still active, so CarBuzz has reached out for more information and will update this article if a reply is forthcoming. We sincerely hope this isn’t the last we see of its record-setting Pikes Peak competitor or its roadgoing siblings, but that may have to happen under different leadership.
Customer Cash May Have Been Misappropriated
People earlier reported that Pastor (Pat) Velasco, one of Anstead’s business partners, filed a lawsuit against Anstead and another co-founder, Chief Financial Officer Daniel Bednarski, in Orange County Superior Court. Velasco claims that he is owed $2 million by the pair, and he’s not the only one who has an issue with how the two controlled company funds. Another co-owner, Roger N. Behle Jr., alleges Bednarksi was Anstead’s life coach before becoming CFO at Radford and their closeness led to collusion when the pair allegedly secured a $100,000 sale for a 62-2 supercar but almost immediately spent the vast majority elsewhere.
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The lawsuit says they “took $54,635.52 from this deposit and used it to pay a vendor for work unrelated to the new client’s vehicle,” and that “29 minutes after the first wire was sent, Bednarski took more of the new client’s funds and paid himself $20,000 via wire.” More was allegedly spent on personal expenses including car insurance.
Radford has filed a counterclaim against these and others, so we’re likely in for a long legal battle. In closing, Bednarski suggested that leadership changes may be on the horizon when he gave the following statement to People:
“Radford Motors is going through a Chapter 11 Business restructure that will be implementing strategic changes to strengthen our foundation for the future. During this process, it’s expected that certain ownership transitions will occur, which is an important step in our evolution. We are excited about the road ahead and remain focused on continuing business as usual with renewed energy and purpose.”
Source:
People
News Summary:
- Iconic Supercar Manufacturer’s Revival Derailed By Fraud And Bankruptcy
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