“As there are a sufficient number of comparable vehicles in the relevant marketplace on which to base a credible value conclusion, the Sales Comparison Approach has been employed”
“Like any other market, the market that exists for collectable automobiles is subject to volatility. The market for post-war sports cars and Ferraris in particular has been increasingly active in the last several years reflected by a sharp upward price trajectory. As such, it is recommended that this appraisal be reviewed every six to eight months or upon request”
“I would have thought that AMW had just as much chance of maximising the retail price of the Heritage Vehicles as any other retail outlet”
“Heritage Strategy” he noted that “Auction – probably won’t realise the best prices and unlikely to create any profit once charges are taken out”
“Sure, that’s only fair – Mat, can you keep the team in Kuwait updated?”
“These are the remaining 14 cars from previous car selection (from initial 22 cars), could you please put new prices (valuations) for each Vin nbr”
“Better for my health not to be drawn in, as I would find myself conflicted.”
“in order to imply a term into an ordinary business contract, the term must be necessary to give business efficacy to the contract: it must be so obvious that it goes without saying; it must be capable of clear expression; and it must not contradict any express term of the contract”
“AML accepts that unreasonably incurred costs would not be recoverable under either of the Barter Agreements (even though it is only the 2016 Agreement which expressly mentioned any reasonableness requirement); again whether that conclusion is reached by way of interpretation or implication is immaterial.”
“All debts must be cleared by no later than30 June 2016 . Any surplus sale proceeds will be paid directly from [AMW] to PIMG”
“In any event, it is denied that AML “used its best endeavours” and/or that the 2016 Heritage Vehicles were sold at a price “as close to contemporary market value as possible”“.
“Not entitled. The Defendant’s case is already sufficiently pleaded. Without prejudice to the generality of the Defendant’s pleaded case, the Defendant denies in paragraph 16.5 of the Defence that the Claimant sold any of the 2016 Heritage Vehicles at “as close to contemporary market value as possible”
“the best or highest price that could be achieved on the sale of a vehicle. In the case of the Heritage Vehicles, it reflects the price which I consider AML could have achieved for each Heritage Vehicle if their sales methodology was improved” and at paragraph 14 he says: “The OSP also takes into account lost sale opportunities in relation to each of the Heritage Vehicles”
“[Mr Jones] and [Mr Page] agreed that, in general, the market for heritage Aston Martin vehicles has declined from21 December 2015 and the present day. The fall in prices can be said to have accelerated after 2018 and to have been further exacerbated by (a) the Covid-19 global pandemic and (b) Brexit. However, some vehicles in very good condition have increased slightly in their values since late 2020”
“publicly available auction data is the benchmark for determining market value and … is the most accurate way of doing so” and “there is no reliable data source for retail sales and sometimes a great deal of difference between an asking price and the actual price paid”
“Conceptually, including the buyer’s premium shows what the buyer was prepared to pay for a vehicle on the day”
“From my point of view liquidation of the assets is a priority, given they are risk-free to AML”
“You’ll see the current loss on disposal is£0.8m (sorry, I told you£0.6m ) – and is held within the accounts of AML as a PIMG receivable as it is entirely underwritten by the Kuwaiti shareholders” and further on, after setting out Clause 3 of the 2016 Agreement, the email goes on: “Even at the time we were handing this ‘challenge’ the initial valuation of the vehicles felt high, given the condition they were in and the fact that they had not been imported and the relevant taxes had not been paid – that we have limited the loss so far to £(0.8)m is quite an achievement and we have been trying to liquidate the stock for the best return without damaging the market which has since suffered a correction itself of around 20-25%”
“I’m sure you are aware there has been a fairly major change within AML recently and we need to revalue these assets with a view to disposal through auction over the next 6 months”
“Lastly, as noted in our conversation, it is important to stress that these debt settlements involve different entities with different shareholders. Particularly, I do not have any say in either Mr Al-Roumi or K’s decisions/accounts. While we are doing our best to facilitate an overall resolution, I will need to separately obtain approval from each entity/person”
“So, to be clear the is [sic] the request to clear the debt” and asked: “Please let me know as I don’t want to have the wrong understanding when presenting it internally”
“Could you provide us with the Barter Deal statement of Account since inception and up to date please?” to which Mr Hall responded to say he would provide “the ledger account within the hour”
“One that can start with a£14.3 Million Balance and move to date. Do you think you can provide me with that?”
“from your reconciliation I understand that we now have a credit balance of£4,943,330 in the Barter account. Right?” to which Mr Hall replied: “This was the balance before the offsets were applied to contra the balances with the oldest debts”
“reflect our viewing of some of the balances and the credits applied”