Later Financial Trouble
In 1998, financial trouble due to a $465,000 loss from a bankrupt customer led Coddington to re-organize Boyd's Wheels and partner with his eldest son (Boyd Coddington Jr.).
His designs, with centrally featured, scratch-built components, appropriated the foundation of a vintage automobile. In his later days he began registering cars that were essentially completely custom fabrications as antique automobiles, avoiding major emissions restrictions and tax liabilities. California officials considered this a "Ship of Theseus" fraud, claiming that so many central elements were replaced the cars ceased to be the same entity. Coddington was charged with a misdemeanor and pleaded guilty on April 7, 2005.
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Famous quotes containing the words financial and/or trouble:
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“Those who trouble their households will inherit wind, and the fool will be servant to the wise.”
—Bible: Hebrew, Proverbs 11:29.