De Tomaso supercar revival hits speed bump with lawsuit against founder
with a $1 million base price proved a sensation and, within a few days, received more legitimate purchase inquiries than the planned 72-unit limited run, according to the suit.
By early 2022, De Tomaso had received about $36 million in nonrefundable deposits, with demand far exceeding supply, Berris claims. According to his suit, Berris sought to raise more money to boost production of the P72, but Choi started taking a different approach.“Choi began to cut corners behind Berris’s back, conjure false financial statements, and mislead the discerning customers who were already putting down their sizable deposits for De Tomaso’s vehicles,” Berris claims.
The former CEO claims Choi breached his fiduciary duty to De Tomaso by using more than $10 million in company funds to buy himself an apartment at Manhattan’sChoi allegedly told SPAC investors in financial statements that he put $3.1 million of his own money into De Tomaso, but Berris claims Choi made it clear in a text message to him that the money came from Sino Vision Worldwide Holdings Ltd.
According to the suit, Sino Vision is a shell company associated with the so-called Enigma Network — a group of 50 Hong Kong companies identified by shareholder activist David Webb as stocks to avoid due to their questionable business practices and lack of transparency. Berris said many companies controlled by Choi were associated with the network.
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