By Matt Miller
The Patriot News
June 25, 2015
A long-running federal court battle over ownership of a battered, but exceptionally rare Corvette race car estimated to be worth at least $2.5 million has ended with the hammering out of a partnership agreement that contains a $750,000 buy-out clause.
The case was as twisting and convoluted as the race course at Le Mans, France, where the 1960 ‘Vette raced – and crashed – 55 years ago.
And the partnership agreement approved by U.S. Middle District Judge John E. Jones III that resolves the dispute sets up a three-way ownership of the car, which a co-owner of Carlisle Productions sold to one of those partners for $75,000 two years ago.
For that partner, Kevin J. Mackey, the operator of a New York Corvette repair firm, that $75,000 investment will reap one heck of a return. If his new court-approved partners buy out his 30 percent share in the ‘Vette, they have to fork over $750,000.
Jones sanctioned the deal after it was outlined by Mackey’s lawyer, Bryan W. Shook, and Joshua D. Bonn, the attorney one of the other partners, Gino Burelli, during a court hearing this week. The third partner is Domenico Idoni, who is allied with Burelli, but represented himself in the case.
The accord also requires Idoni and Burelli to insure the car for $2.5 million.