This is an email reportedly sent out to a customer yesterday.
First apologize for the content of this email as it is going to be upsetting. But I want to paint you a clear picture exactly what’s going on. Over the last 12 months it has become increasingly difficult to complete vehicles due to inflation, parts, shortages, and numerous challenges with vendors.
Since February I have invested nearly $250,000 of my own money, which constitutes everything that I have. In an attempt to assist the business through this challenging period. Unfortunately, things have not gotten any better over the ensuing months and have led me to the point of now longer being able to maintain the business.
I have exhausted every option, including loans in an attempt to continue operations. At this point, I have no money or assets left and have no choice but to close the business and file bankruptcy both corporately and personally. I have taken almost no income from the business over the last 12 months and when taking into account, my personal investment has made no money from Vintage Speedsters and more than three years.
Where it stands right now the assets of the business need to be liquidated to facilitate any payback to creditors and clients were possible. This is going to be a process that takes some time I will provide you information as it becomes available.
This is not a decision taken lightly understanding the impact on everyone involved. While I understand that certain attorneys will be involved in this process for the sake of transparency, I want to be very clear that I personally have no assets left that haven’t been sold or used to facilitate the survival of the business.
I am devastated by this development, both emotionally and financially. I have been advised that Communication via email is preferred going forward to insure a record of anything communications.
Matt"