Letter from Tom Corbin, taken from former  www.corbinmotors.com web site, March 31st 2003

We were so close to getting the new AC Sparrow and the Merlin Roadster into  profitable production when Ron Huch levied upon our assets on Friday March 21st,  2003. Ronald Huch, our Board of Director, 4th largest shareholder, former Corbin Motors' President, and one of our larger creditors sent the sheriff in to "seize our assets" to satisfy Ron's $600,000 + judgement that day.

Corbin Motors has been in litigation with MCM stockholders since 1999. (Ron  Huch was the largest shareholder, Chairman & President of MCM and it was Ron  Huch's idea to merge MCM with Corbin Motors in 1999.) The litigation accelerated in August of 2001 when Ron Huch was terminated as an officer of Corbin Motors.  In late 2001, Corbin Motors filed a cross complaint against MCM shareholders to rescind its merger for various non disclosures including several hundred  thousand dollars in liabilities Corbin Motors had to pay or assume responsibility for. During the MCM litigation Ron Huch was permitted to pursue his personal claims against Corbin Motors separate from the whole MCM  litigation. Effectively, Ron was able to win his personal claims first while we  were waiting to resolve the MCM claims. Corbin Motors has adequate set offs for Ron Huch's claims. The MCM issues will not be resolved for six months to twenty-four months or more into the future. In the meanwhile, Ron Huch pursued Corbin Motors in an effort to only resolve his personal financial situation with total disregard for all other stock holders, creditors, reservation holders, Corbin Motors associates and many others who have joined us in our dream to  introduce our 21st Century vehicle concepts to the marketplace.

This is an unfortunate turn of events. I am so surprised at how some people  can become so self-serving and short sighted to the detriment of themselves and all others involved. A dream for a better future has been stopped in its tracks  when we were so close. I am sad and sorry to say Corbin Motors filed a Chapter 7  Bankruptcy proceeding in the United States Bankruptcy Court Northern District of California, Case # 0352053ASW on March 31, 2003.

All creditors should be notified by mail. If you are a creditor and you do not receive notice in the mail by May 1st, 2003, this may be because we do not have a current mailing address for you. Please email your name, address, phone number, amount of claim and reason for claim to: tc@corbinmotors.com and mail a  copy to our Bankruptcy Attorneys, Binder & Malter, LLP, 2775 Park Avenue,  Santa Clara, CA 95050, so we can update our records and get you on the creditors list. If you are a dealer, investor or reservation holder and need to talk with me please email me your name address and phone number and the purpose of your  communication and I will do my best to contact you in a timely manner. Keep in mind there are more than 1,000 creditors.

I would like to thank all of you who bet with us on our dream for the future of transportation. I am sorry this chapter of the journey has to end in a bankruptcy.

Thanks to all our enthusiasts and supporters in soul, spirit, and finances,  we were so close...

Tom Corbin
March 31, 2003