[DeTomaso] Should we purchase vintage cars for our investment portfolio?

Tue Aug 18 19:50:15 EDT 2015

Jeff,

I did that.  Kinda.  I sold some of my Peregrine stock in June 2000 and bought my Pantera (#7104),
from Jim Rethwish (sp?), here in Sandy Eggo .   Peregrine went bankrupt on March 31, 2003 and the
rest of my Peregrine stock went to "0".   <Thank You John Moores>  But at least I got my Pantera
out of it.  ;-)   (I left Peregrine and came back to JPL in 2001)

Terry

Back Story:
Fraud

In 2004, a federal grand jury issued an indictment charging eight former executives of Peregrine Systems, Inc., one former outside auditor of Peregrine, and two outside business partners of Peregrine, with conspiracy to commit a multi-billion dollar securities fraud. The case resulted from an investigation by the Federal Bureau of Investigation, and the Securities and Exchange Commission had pursued a parallel civil enforcement action.

In 2003, the U.S. Securities and Exchange Commission charged Peregrine with "massive financial fraud" for the purposes of inflating the company's revenue and stock price. Peregrine, without admitting or denying the allegations of the complaint, agreed to a partial settlement.

Peregrine filed suit against its auditor Arthur Andersen in 2002 for $1 billion in damages, for allegedly allowing incorrect audits that overstated revenues by as much as $250 million to be filed for the 2000-2002 fiscal years. In 2003, the former Peregrine CFO, Matthew Gless, pled guilty to fraud charges. In 2008, the former Peregrine CEO, Stephen Gardner, was sentenced to eight years and one month in prison for his role in the fraud, which resulted in bankruptcy for the company. Although former chairman of the board, John Moores, sold more than $800 million of shares during Peregrine's fraudulent period, the court of appeals determined that there was insufficient evidence that Moores knew about the fraud that led to the company’s bankruptcy.

BS!!!

"Sometimes I think the surest signs that intelligent life
  exists elsewhere in the universe is that none of it has tried
  to contact us!"

Terry W. Himes
JPL Jet Propulsion Laboratory
InSight Sequence Team Lead
Rosetta/MEX Sequence Team Lead
Phone: (818) 393-6261
Cell:     (818) 653-8213
Fax:     (818) 393-3147
thimes at jpl.nasa.gov<mailto:thimes at jpl.nasa.gov>
🇺🇸

From: DeTomaso <detomaso-bounces at poca.com<mailto:detomaso-bounces at poca.com>> on behalf of Jeff Detrich <jjdetrich at gmail.com<mailto:jjdetrich at gmail.com>>
Date: Tuesday, August 18, 2015 4:10 PM
To: John Taphorn <jtaphorn at kingwoodcable.com<mailto:jtaphorn at kingwoodcable.com>>
Cc: POCA <detomaso at poca.com<mailto:detomaso at poca.com>>
Subject: Re: [DeTomaso] Should we purchase vintage cars for our investment portfolio?

If you had used some of your stock portfolio to buy a classic or vintage
car just before the stock market crash, it would have saved you from losing
a lot of money on those assets. Does that count?

Jeff

On Mon, Aug 17, 2015 at 6:03 PM, John Taphorn <jtaphorn at kingwoodcable.com<mailto:jtaphorn at kingwoodcable.com>>
wrote:

This Bloomberg story greeted me at my office this morning. Here is one
person's opinion on vintage cars as an investment.  Would you agree?

http://www.fa-mag.com/news/why-a-classic-car-is--almost--never-a-good-investment-22791.html?utm_source=PW+Subscribers&utm_campaign=f7ee052d6d-PWN_PW+News_081715&utm_medium=email&utm_term=0_1899ce8517-f7ee052d6d-232404493

JT

_______________________________________________

Detomaso Forum Managed by POCA
Posted emails must not exceed 1.5 Megabytes
DeTomaso mailing list
DeTomaso at poca.com<mailto:DeTomaso at poca.com>
http://poca.com/mailman/listinfo/detomaso_poca.com

To manage your subscription (change email address, unsubscribe, etc.) use
the links above.

-------------- next part --------------
   Jeff,
   I did that.  Kinda.  I sold some of my Peregrine stock in June 2000 and
   bought my Pantera (#7104),
   from Jim Rethwish (sp?), here in Sandy Eggo .   Peregrine went bankrupt
   on March 31, 2003 and the
   rest of my Peregrine stock went to "0".   <Thank You John Moores>  But
   at least I got my Pantera
   out of it.  ;-)   (I left Peregrine and came back to JPL in 2001)
   Terry
   Back Story:

Fraud

   In 2004, a federal grand jury issued an indictment charging eight
   former executives of Peregrine Systems, Inc., one former outside
   auditor of Peregrine, and two outside business partners of Peregrine,
   with conspiracy to commit a multi-billion dollar securities fraud. The
   case resulted from an investigation by the Federal Bureau of
   Investigation, and the Securities and Exchange Commission had pursued a
   parallel civil enforcement action.

   In 2003, the U.S. Securities and Exchange Commission charged Peregrine
   with "massive financial fraud" for the purposes of inflating the
   company's revenue and stock price. Peregrine, without admitting or
   denying the allegations of the complaint, agreed to a partial
   settlement.

   Peregrine filed suit against its auditor Arthur Andersen in 2002 for $1
   billion in damages, for allegedly allowing incorrect audits that
   overstated revenues by as much as $250 million to be filed for the
   2000-2002 fiscal years. In 2003, the former Peregrine CFO, Matthew
   Gless, pled guilty to fraud charges. In 2008, the former Peregrine CEO,
   Stephen Gardner, was sentenced to eight years and one month in prison
   for his role in the fraud, which resulted in bankruptcy for the
   company. Although former chairman of the board, John Moores, sold more
   than $800 million of shares during Peregrine's fraudulent period, the
   court of appeals determined that there was insufficient evidence that
   Moores knew about the fraud that led to the company's bankruptcy.
   BS!!!

   "Sometimes I think the surest signs that intelligent life

     exists elsewhere in the universe is that none of it has tried

     to contact us!"

   Terry W. Himes

   JPL Jet Propulsion Laboratory

   InSight Sequence Team Lead

   Rosetta/MEX Sequence Team Lead

   Phone: (818) 393-6261

   Cell:     (818) 653-8213

   Fax:     (818) 393-3147

   [1]thimes at jpl.nasa.gov

   From: DeTomaso <[2]detomaso-bounces at poca.com> on behalf of Jeff Detrich
   <[3]jjdetrich at gmail.com>
   Date: Tuesday, August 18, 2015 4:10 PM
   To: John Taphorn <[4]jtaphorn at kingwoodcable.com>
   Cc: POCA <[5]detomaso at poca.com>
   Subject: Re: [DeTomaso] Should we purchase vintage cars for our
   investment portfolio?

   If you had used some of your stock portfolio to buy a classic or
   vintage
   car just before the stock market crash, it would have saved you from
   losing
   a lot of money on those assets. Does that count?
   Jeff
   On Mon, Aug 17, 2015 at 6:03 PM, John Taphorn
   <[6]jtaphorn at kingwoodcable.com>
   wrote:

   This Bloomberg story greeted me at my office this morning. Here is one

   person's opinion on vintage cars as an investment.  Would you agree?

   [7]http://www.fa-mag.com/news/why-a-classic-car-is--almost--never-a-goo
   d-investment-22791.html?utm_source=PW+Subscribers&utm_campaign=f7ee052d
   6d-PWN_PW+News_081715&utm_medium=email&utm_term=0_1899ce8517-f7ee052d6d
   -232404493

   JT

   _______________________________________________

   Detomaso Forum Managed by POCA

   Posted emails must not exceed 1.5 Megabytes

   DeTomaso mailing list

   [8]DeTomaso at poca.com

   [9]http://poca.com/mailman/listinfo/detomaso_poca.com

   To manage your subscription (change email address, unsubscribe, etc.)
   use

   the links above.

References

   1. mailto:thimes at jpl.nasa.gov
   2. mailto:detomaso-bounces at poca.com
   3. mailto:jjdetrich at gmail.com
   4. mailto:jtaphorn at kingwoodcable.com
   5. mailto:detomaso at poca.com
   6. mailto:jtaphorn at kingwoodcable.com
   7. http://www.fa-mag.com/news/why-a-classic-car-is--almost--never-a-good-investment-22791.html?utm_source=PW+Subscribers&utm_campaign=f7ee052d6d-PWN_PW+News_081715&utm_medium=email&utm_term=0_1899ce8517-f7ee052d6d-232404493
   8. mailto:DeTomaso at poca.com
   9. http://poca.com/mailman/listinfo/detomaso_poca.com