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Ernie

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  9. Security Exchange Commission v Michael Kelly, etc

    in Avanti Pub

    Posted

    U.S. SECURITIES AND EXCHANGE COMMISSION

    Litigation Release No. 21620 / August 6 , 2010

    SEC v. Michael E. Kelly, et al., Case No. 1:07-CV-4979 in the United States District Court for the Northern District of Illinois

    Court Enters Final Judgment Against San Marcos, Texas Resident Richard E. Riner and his Company Southwest Income Marketing, Inc.

    The Securities and Exchange Commission announced today that on August 5, 2010, Judge Elaine Bucklo of the United States District Court for the Northern District of Illinois entered a final judgment against Richard E. Riner, of San Marcos, Texas, and Southwest Income Marketing, Inc. (SIMI), Riner's business. The final judgment: (1) enjoined Riner and SIMI from violating Sections 5(a), 5© and 17(a) of the Securities Act of 1933, Sections 10(B) and 15(a) of the Securities Exchange Act of 1934, Rules 10b-5 and 10b-10 promulgated thereunder, and enjoined Riner from aiding and abetting violations of Rule 10b-10 of the Exchange Act; (2) ordered Riner and SIMI to pay disgorgement in the amount of $2,784,293.38, plus prejudgment interest of $1,155,871.72 for a total of $3,940,165.10; and (3) ordered Riner to pay a civil penalty in the amount of $120,000.

  13. Phillip Brown - Fatal Crash

    in Avanti Pub

    Posted

    FOR IMMEDIATE RELEASE

    Contact: Rebecca J. Bonham, Executive Director

    574.235.9714

    Studebaker National Museum Mourns Loss of

    Trustee and Volunteer Phil Brown

    South Bend, Ind. - The Board of Trustees and Staff of Studebaker National

    Museum are saddened by the sudden passing of Museum trustee and volunteer

    Phil Brown. Brown died Sunday, April 11, when his 1967 Avanti went out of

    control on Dragoon Trail. He was returning home from a meeting of the

    Pioneer Automobile Association at the Museum.

    "We're shocked and deeply saddened by the passing of Phil Brown," said Mark

    McDonnell, President, Board of Trustees, Studebaker National Museum. "He

    was a man of great stature within the 'Studebaker family' and the 12,000

    members of the international Studebaker Drivers Club. He has been the face

    of the Museum to so many across the country for many years." McDonnell

    added, "I have lost a very good friend who was a fine, fine man."

    A museum trustee and volunteer for 25 years, Brown actively served on the

    museum's Collections Committee as project manager for the restoration of

    several vehicles including the 1947 Woody Station Wagon, 1928 Commander and

    1966 Cruiser. The 1928 Commander was restored for the Museum to participate

    in the 1990 Great American Race. The 1966 Cruiser was the last vehicle

    produced by the Studebaker Corporation in Canada. He represented the Museum

    at many car shows throughout the country.

    "I have known Phil for the past 27 years and he was part of the fabric here

    at the Studebaker National Museum," said Rebecca J. Bonham, executive

    director. "Always an ambassador for the history of the Studebaker

    Corporation and the role it played in our community, Phil was instrumental

    in garnering support from the international Studebaker Driver's Club to

    build our new Museum. I will miss him terribly."

    In addition, Brown and his wife Cindy served as the international Studebaker

    Drivers Club Meet Chairpersons in 1983 and 2007, and he chaired the

    Studebaker Drivers Club Capital Cost Fund Committee. He was an active

    member and served as past president of the Pioneer Auto Association, the

    Antique Studebaker Club and Avanti Owners Association International. He

    served on the board of directors of the S. Ray Miller Car Museum in the

    early 1990s and was the chairperson of the local Studebaker Swap Meet for

    many years.

    Brown and his wife were honored by the Studebaker National Museum in 2008

    with the Spirit of Studebaker Award for his commitment to the Museum and

    recognized by the South Bend/Mishawaka Convention and Visitors Bureau in

    2008 with a Live the Legends Tourism Partnership Award for his role as

    meeting planner for the 2007 Studebaker Drivers Club international meet in

    South Bend.

    He was a 40-year employee of Ava Maria Press and owner of Phil's Studebaker

    Parts.

  15. Another extension for Mike Kelly

    in Avanti Pub

    Posted

    Michael E. Kelly co-defendant in civil Security Exchange ruling of April 8, 2010:

    U.S. SECURITIES AND EXCHANGE COMMISSION

    Litigation Release No. 21481 / April 8, 2010

    SEC v. Michael E. Kelly, et al., Case No. 1:07-CV-4979 in the United States District Court for the Northern District of Illinois

    Court Enters Final Judgment Against Meridian, Idaho Resident John E. Tencza and his Company American Elder Group, L.L.C.

    The Securities and Exchange Commission announced today that on April 5, 2010, Judge Elaine Bucklo of the United States District Court for the Northern District of Illinois entered a final judgment against John E. Tencza, of Meridian, Idaho and formerly of Scottsdale, Arizona, and American Elder Group, L.L.C. (AEG), Tencza's business. The final judgment: (1) enjoined Tencza and AEG from violating Sections 5(a), 5© and 17(a) of the Securities Act of 1933, Sections 10(B) and 15(a) of the Securities Exchange Act of 1934, Rules 10b-5 and 10b-10 promulgated thereunder and enjoined Tencza from aiding and abetting violations of Rule 10b-10 of the Exchange Act; (2) ordered Tencza and AEG to pay disgorgement in the amount of $1,661,837.07, plus prejudgment interest of $759,082.71, for a total of $2,420,919.78; and (3) ordered Tencza to pay a civil penalty in the amount of $120,000 and AEG to pay a civil penalty in the amount of $600,000.

    The SEC's complaint in this matter charges that Michael E. Kelly and 25 other defendants, including Tencza and AEG, participated in a massive fraud on U.S. investors that involved the offer and sale of securities in the form of Universal Leases. Universal Lease investments were structured as timeshares in several hotels in Cancun, Mexico, coupled with a pre-arranged rental agreement that promised investors a high, fixed rate of return. The SEC's complaint alleges that from 1999 until 2005, Kelly and others, including Tencza and AEG, raised at least $428 million through the Universal Lease scheme from investors throughout the United States, with more than $136 million of the funds invested coming from IRA accounts. The SEC further alleges that a nationwide network of unregistered salespeople who sold the Universal Leases, including Tencza and AEG, collected undisclosed commissions totaling more than $72 million. The SEC also alleges that Kelly and others ran the scheme from Cancun, Mexico, through a number of foreign entities in Mexico and Panama. According to the SEC's complaint, Kelly and others told investors that Universal Leases would generate guaranteed income through the leasing of investor timeshares by a large, independent leasing agent. In fact, the complaint alleges, the leasing agent was a small Panamanian travel agency controlled by Kelly, and for most of the scheme its payments to investors came from accounts funded by money raised from new investors. Further, the complaint alleges that Kelly and the other defendants, including Tencza and AEG, failed to disclose key facts about the Universal Lease investment, including the risks of the investment and that Kelly was paying commissions as high as 27% to the selling brokers. The SEC's action against the remaining defendants is pending.

    For further information, see Litigation Release Nos. 20267 (Sept. 5, 2007), 20573 (May 14, 2008) , 20578 (May 15, 2008), 20579 (May 15, 2008), 20664 (July 31, 2008), 20679 (August 12, 2008), 20708 (Sept. 9, 2008); 20709 (Sept. 9, 2008), 20799 (November 6, 2008) and 21003 (April 15, 2009); [sEC v. Michael E. Kelly, et al., Civil Action No. 07-cv-4979 (N.D. Ill.]

    http://www.sec.gov/litigation/litreleases/2010/lr21481.htm

  16. Checking Out My Avanti

    in Avanti Pub

    Posted · Edited by Ernie

    It was a beautiful-sunny Easter morning. I took my Avanti out of hibernation and drove it to church services. I attend church in Oak Brook, Illinois, where five million dollar homes are 'normal.'

    As I left the church service, I was stopped at a red light. I could feel the people in the car next to me staring. As the light turned green I looked over and there were two well dressed, middle aged males driving their brand new Bentley two door. They kept looking at the Avanti and drove next to me for half a mile to 'check out' the Avanti.

    Even Bentley owners, admire our Avanti's!

    post-15-127041110219_thumb.jpg

  22. Bio on the 1990 4-door

    in 1984-91 Avanti

    Posted

    Hemmings Find of the Day – 1990 Avanti four-door

    Avanti four-door sedan for sale on Hemmings.com

    While Studebaker president Sherwood Egbert had envisioned a four-door sedan based on the Avanti way back in 1963, this 1990 Avanti four-door sedan currently for sale on Hemmings.com is not the result of Egbert’s dreaming. Instead, it’s the product of John J. Cafaro’s brief tenure as the guy who kept the Avanti name alive in the late 1980s. In fact, the Avanti four-door, based on a Caprice chassis, is the only vehicle his Avanti Automotive Corporation built in 1990, and according to John Hull’s “Avanti: The Complete Story,” AAC built less than 100 Avanti four-doors that year. From the seller’s description:

    Fantastic, 12772 Miles. Only a few of these were built. Rear seat has tray tables! Down sizing collection!! Car is As NEW! Drive Anywhere. Has current California Plates. This car is a Fraction of the cost new. Ready for any collector car event! Paint and interior are original and excellent.

    Be prepared to shell out $19,500 for this LA-based Avanti.

  23. Bendix Woods

    in Avanti Pub

    Posted

    The Chicagoland & Indiana Avanti Clubs have had several picnics at the Bendix Woods. And, we were able to drive our Avantis on the Bendix/Studebaker test track, with is in the woods.

    For those who have not been there, notice how the trees were planted to spell S-T-U-D-E-B-A-K-E-R.

    Furthermore, CEO Sherwood Egbert, the father of Avanti, lived in a house on the property. The house is still standing and is a museum.

    http://www.docstoc.com/docs/27235825/Studebaker-Clubhouse-brochure-for-web-pub

  25. History of Disc Brakes

    in Avanti Pub

    Posted

    The History of Disc Brakes

    Most vehicles these days come with disc brakes on the front. Many even come with disc brakes on the back as well. However, it was not all that long ago those disc brakes were not widely available and they were typically only found on high end sports cars.

    Believe it or not the disc brakes have been around almost as long as the automobile has been. They were developed in the late 1890s in England and patent by a man named Frederick Lanchester and put to use in Lanchester cars in 1902. What should have been a great innovation was not as the choices of metals in those days were very limited and this forced Lanchester to go with copper for the braking part that acted on the disc itself.

    Because the roads were very crude at the time and consisted of little more than dirt trails, the copper proved to wear out much too quickly and just like that the disc brakes were put back on the shelf. It would be almost another 50 years before the disc brakes would begin to see some light at the end of the tunnel and begin to be implemented into certain automobiles.

    The first modern style disc brakes were produced in a very small number and put into the 1949 Crosley Hotshot. The design proved to be a bust and they were discontinued one year later due to design problems.

    At the same time Chrysler was offering its version of the disc brakes from 1949 to 1953 on their Imperial model. These brakes were greatly different however and were fully enclosed. It wasn’t until 1953 that Dunlop would change the world of braking as they came out with what was considered to be the first “reliable” disc brakes.

    These reliable disc brakes began to catch on as the years rolled forward and they could be seen in a number of automobiles such as:

    • 1953 Jaguar C-Type Racer

    • 1954 Austin-Healy 100S (first model with four wheel disc brakes)

    • 1955 Citroen DS

    • 1956 Triumph TR3

    • 1963 Studebaker Avanti (optional on other Studebaker models for the year)

    • 1965 Rambler Marlin (optional on other AMC models for the year)

    • 1965 C2 Chevrolet Corvette Stingray

    • 1965 Ford Thunderbird

    Very quickly the auto manufacturers began to see all the advantages of having disc brakes as opposed to the traditional drum brakes. Stopping distance was greatly reduced and the disc brakes performed much better in wet conditions. Disc brakes also had a much greater resistance to overheating which caused “brake fading” to take place.

    It wasn’t much longer before more and more models of various name plates begun coming standard with at least front wheel disc brakes. Today you would be hard pressed to find a vehicle that doesn’t at least have standard front disc brakes and many of today’s sports cars feature disc brakes on all four corners standard. Even cars that are not considered “sporty” are now coming with four wheel disc brakes as standard equipment. Though the technology had existed for some time, amazingly it took quite awhile to catch on. But catch in it did and now almost every vehicle on the road today is stopped courtesy of disc brakes.

    http://www.smokinvette.com/corvette/articles/the-history-of-disc-brakes/

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