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How does the stolen Mach 1 look now?

Discussion in 'Uncategorized Threads' started by bcnu, Aug 7, 2007.

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  1. bcnu

    bcnu Active Member

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    Just wondering how the stolen/recovered Mach One is doing now? I was going to bid on it till it was discovered that it had been stolen. Just wondering. John
     
  2. Dennis DeVault

    Dennis DeVault Well-Known Member

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    John,

    The gun was recovered but I have not seen it since the police and the ATF took posession of it last year. I bid on the gun to buy it back from the insurance company but they told me that it was not enough money. I later learned that someone that worked for the insurance company bought the gun and I have not seen it since. That's the way things go.

    Dennis DeVault
     
  3. mobear

    mobear Member

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    Dennis,

    Did the insurance company state how much the person paid for it, it seems to me that anybody that works for the insurance company should not be allowed to buy anything that they are selling.

    Dan
     
  4. W.P.T.

    W.P.T. TS Member

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    I'm not sure it is legal for someone from the insurance company to buy anything that has been recovered unless some of the laws have changed, because it sure never was before ... The insurance Company contacted a family member over some guns that were stolen some years ago and even after several years my family member had first shot at buying them back and refused, then they were auctioned off ... The family member of mine shot with the Insurance agent who said he would like to have one of the recovered guns and my family member had to buy it back from them because the Agent said he was not eligible and it was not legal for him to buy anything that has been recovered from a theft or burglary ... The family member was my father who has since passed on ... WPT ... (YAC) ...
     
  5. foghorn220

    foghorn220 Active Member

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    mobear

    Years ago we had a family service station buisness and also Wrecker service and you would be suprised on what the insurance adjusters will do because we wasn't in the click and we was on a KY State list with about 4 more in the county that anytime some one said they didn't care who came after the auto then the state trooper would call the next one on the list funny thing there was one state trooper that worked at the Taber's body shop in his spare time we always got the home town drunk that would rather spend time in jail then at home and of course would never pay the tow bill on a 100.00 car and the insurance adjusters must had been taking money under the table because Tabers body shop and Mc Clard's shell station got all of the gravy must had been why they had fancy wreckers.

    Anyway I agree that anyone working for the insurance company shouldn't be able to buy the stuff but there is always someone on the outside that is getting a kick back to buy it for them.

    I have seen it first hand a lot of times many years ago.

    Fog
     
  6. Bridger

    Bridger Member

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    I'm not sure of the whole story here but from what I have read the Mach 1 was stolen and the owners insurance company paid the owner for the loss. If that is the case, the insurance company now owns the gun if/when it is recovered. It is perfectly legal for them to sell to one of their employees if they wish although when I was a claims manager I tried to refrain from that although we did do it. Some recovered property is difficult to sell and often its expedient for the company to put it up for competitive bids within the company to get rid of it. The insurer is under no obligation to anyone except their stockholders in trying to obtain the best value they can. I always took utmost care to make sure everything was above board and no one could come back and say someone got a special deal. If the company sold the gun to an employee who bid higher than anyone else then nothing was wrong with selling it to the employee.
     
  7. Hitapair

    Hitapair Active Member

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    Bridger, Agree w/ most of what you said but if the ins co paid the claim, it seems to me they can sell it for whatever they want to whomever they want. If there is no company policy prohibiting that, then it is not "wrong."
     
  8. bcnu

    bcnu Active Member

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    So sorry to hear that. I just assumed that you had got it back and had been working on it. That is why I was wanting to see it now. I did bid on it but it was ended when it was found to be stolen. For those that don't know. Oh well....

    John
     
  9. 12Gagejon

    12Gagejon Member

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    Getting paid full value for the gun and buying it back at a discount is sort of having your cake and eatting it too.if you received a lessor value than you paid then you have a complaint in my view Jon
     
  10. Jim101

    Jim101 Active Member

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    The important question, What happened to the scumbag that stole it????






    Jim
     
  11. foghorn220

    foghorn220 Active Member

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    Ok I still say the insurance employees is in co hoot's if not then offer it to the public to bid on ok maybe yall did but im sure someone in the company had dibb's on it first.

    Fog
     
  12. Dennis DeVault

    Dennis DeVault Well-Known Member

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    No linch mob please, the insurance company did pay us in full for the gun. The gun was very damaged and it was going to cost us $5,500+ to bring it back up to the look it was prior to being stolen. We offered $2,000.00 for both guns the semi auto and the MachOne. We were told that the bid was under the estimated value during an apprasial. It was later sold for $500.00. Just the way things work out. It may have been illegal but I want nothing to do with a lawyer and the expense of a trial. I will just build another gun. Thank you to all that responded.

    Dennis DeVault
     
  13. spitter

    spitter Well-Known Member TS Supporters

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    Buy (1) share of stock and as a shareholder, make an inquiry into the disposition of the recovered property. As was written above, the insurance has a fiduciary responsibility to its shareholders and if it could be documented that the recovered property was sold below a bonafide higher bid, to an insider - someone's head could roll.

    Insider dealing is bad regardless of whther its stock or property - who knows, you might end of up with the Mach One for $500.

    Jay Spitz
     
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