案例库 · 财务与会计 · 财务决策 · 1944–1950
塔克在全部 31 项指控上都被判无罪——但他的公司早已被拍卖一空
普雷斯顿·塔克租下了全世界最大的工厂来造他的汽车,一共造出了 51 辆,随后因欺诈受审——最终在每一项指控上都被判无罪,可他手里已经什么都不剩
塔克公司
传闻流传很广,但拿不出可查的文件。当成教训看,别当成事实。
对今天的意义
When regulators come for the business model, the verdict arrives after the damage: Tucker spent ten months in receivership and won every count, and still lost everything. Price the investigation itself, not just its outcome.
怎么回事
普雷斯顿·塔克从战争年代起就开始筹划自己的汽车。1946 年 7 月,塔克公司签下了道奇芝加哥飞机发动机厂——全世界最大的工厂建筑——的租约,条件只有一个:在 1947 年 3 月前筹到 1500 万美元资本。与 Lustron 公司的纠纷,让他一直拖到 1947 年 9 月才拿到这座工厂,但作秀的速度比工厂建设还要快:1947 年 6 月 19 日,在超过 3000 名受邀嘉宾面前,塔克揭幕了第一辆原型车,整版广告宣称,十五年的测试打造出了这一年度最佳汽车——尽管当时根本不存在一辆能跑起来的原型车。
最终造出来的汽车,成本是承诺价格的四倍:广告宣传的售价是 1000 美元,实际售价却接近 4000 美元。而这笔钱,来自把同一辆车卖了两次——通过“配件计划”,未来的买家可以先购买座椅套、收音机和行李箱,来锁定自己在候补名单上的位置,而这时车子根本还没造出来。美国证券交易委员会和联邦检察官对此展开了调查;公司于 1949 年向 SEC 交出了全部记录。1949 年 3 月 3 日,在造出 51 辆车之后,公司停止运营,一名联邦法官把公司移交给了破产管理人。
1949 年 6 月 10 日,塔克和另外六名高管被起诉——25 项邮件欺诈罪、5 项证券违规罪、1 项共谋罪。审判于 10 月 4 日开庭;1950 年 1 月 22 日,经过 28 小时的合议,陪审团裁定所有被告在全部指控上均无罪。但这份判决什么也挽救不了:没有工厂,深陷债务,被自己的经销商起诉,资产在芝加哥被公开拍卖。塔克怀疑,底特律三大汽车厂商以及参议员小霍默·S·弗格森,参与了这场覆灭的幕后操作——这份怀疑,从未被证实。1956 年 12 月,他去世,享年 53 岁。
这个故事,最终由那些汽车本身讲述了下去:51 辆车中有 47 辆留存至今,是最珍贵的美国老爷车之一——1959 年以 1250 美元买入的一辆,如今估值已达七位数。1988 年,弗朗西斯·福特·科波拉执导的电影《塔克:其人其梦》里,有 21 辆车出镜——这是他从童年起就一直放在心上的项目,1973 年才正式公布。乔治·卢卡斯承担了这部电影 2400 万美元的预算;影片获得了三项奥斯卡提名,其中包括马丁·兰道的一项提名。至今,保存这些汽车的博物馆,仍在问着当年陪审团已经回答过的那个问题:塔克究竟是一位汽车天才,还是又一个骗子?
为什么会这样
- 融资的速度超过了产品本身:买家在车子还不存在的时候,就先花钱买了座椅套、收音机和行李箱来锁定候补名单上的位置——正是这套计划,而不是汽车本身,引来了监管机构的关注。
- 规模是在筹到钱之前就先租下来的:世界最大的工厂,租约以筹到 1500 万美元资本为前提,而首发亮相时,根本没有一辆能跑起来的原型车。
- 无罪判决来得比破产管理人的接管晚了十个月:一份判决无法让一座工厂重新开工,到 1950 年 1 月,市场早已向前走远了。
教训
先卖产品,再卖收据。塔克的配件计划为这个梦想提供了资金,也让这个造梦的人被起诉——而一份无罪判决,无法让一座早已被拍卖的工厂重新开工。
资料来源
- Wikipedia — Tucker 48 (world premiere 19 June 1947: over 3,000 people at the Chicago factory; promotional material claimed '15 years of testing produced the car of the year' despite no running prototype existing at the time; only 51 cars made including the prototype; the Tucker Accessories Program let future buyers purchase seat covers, radio and luggage to secure a spot on the waiting list before their car was built — investigated by the U.S. Securities and Exchange Commission and the United States Attorney, leading to the indictment of company executives; operations ceased 3 March 1949; Tucker acquitted of all charges in January 1950; Tucker suspected that the Big Three automakers and Michigan Senator Homer S. Ferguson had a role in the company's demise; auction record: Tucker #1043 sold for $2.915 million in 2012; museum holdings include the Smithsonian, The Henry Ford, the Petersen and the Toyota Automobile Museum)
- Wikipedia — Preston Tucker (the Tucker Corporation obtained 'the largest factory building in the world', the 475-acre Dodge Chicago Aircraft Engine Plant; lease signed July 1946, contingent on raising $15 million in capital by March 1947; dispute with the Lustron Corporation delayed move-in to September 1947; 10 June 1949: Tucker and six other executives indicted on 25 counts of mail fraud, five counts of SEC violations, one count of conspiracy to defraud; trial began 4 October 1949 before Judge Walter J. LaBuy; 22 January 1950: after 28 hours of deliberations the jury returned 'not guilty' on all counts for all accused; after the trial the corporation was without a factory, buried in debt, sued by its dealers — assets auctioned off publicly in Chicago; Tucker died 26 December 1956, age 53)
- Wikipedia — Tucker: The Man and His Dream (released 12 August 1988; directed by Francis Ford Coppola, starring Jeff Bridges and Martin Landau, executive producer George Lucas; Coppola had envisioned a film about the Tucker car from childhood and announced it in June 1973 during filming of The Godfather Part II; originally planned as a dark musical; Lucas covered the $24 million budget himself after distributors wanted it cut to $15 million; $19.7 million box office, declared a box office bomb; three Oscar nominations including Best Supporting Actor for Martin Landau; Coppola: 'it's not the movie I would have made at the height of my power'; twenty-one original Tuckers borrowed from members of the Tucker Automobile Club of America for the film)
- RM Sotheby's — 1948 Tucker 48, Monterey 2026 ('the 47 surviving examples of the 51 cars he built are among the most valuable and desirable American cars'; eventually 21 original cars participated in the 1988 film; lot estimate $1,000,000–$1,300,000; in 1959 Melvin Hull bought a Tucker for $1,250 — 'plus an airline ticket home for the seller')
- Martin Auto Museum — Tucker: Genius or Scam? (Tucker #1021, repainted only once, for its role in the film; 'Today we're left wondering whether Tucker was an automotive genius, or just another scam artist')
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