I believe the story in the Registry says all it needs to in order for anyone to arrive at a rational conclusion as to the fact that 3232 was severely wrecked and ended up eating resurrected from essentially its paperwork, albeit using what appears to have been a genuine Cobra chassis which was presumably renumbered. As to the legal aspects of the Registry and the facts it attempts to lay out, I will only say that I and the other Registrars do our utmost to present correct details, hence none of us are afraid to appear in court to defend our printed statements. Fortunately, we have prevailed whenever we have been dragged into court by an owner who felt wronged by the facts.
MY "rational" answer, IF I was interested in buying would be to see the pictures of the cars reconstruction and ask for a log of what was used and not used from the original car. Then I"d CONSIDER it as a repaired car rather then an air car but granted, that would take maybe an impossible amount of convincing?
I have my doubts as well but am not as yet convinced that the chassis was not reparable.
I know as a former Registrar that "re-bodies" are not uncommon on "Mustang" chassis or uni-bodies but exactly how a Cobra would be rebodied in that time frame would likely require another Cobra.
Even so, is it as valuable as an original Cobra? I doubt that but the question is what percentage? For sure the owner would equate them.
I do remember that Blood Brothers Wreckers in Mamaroneck had two 427 Cobras that I was aware of. One was a theft recovery. I'm very sure that they bought an entirely new aluminum body for one of the two. I don't know which one and I only knew of one CSX number anyway.
The one I'm thinking was from "Tony Rega" and I think it was close to Brostek's in the CSX 318...something?
I can't think of anyone having a replacement body to sell around 1976 or so except possibly maybe Gordon Gimble but obviously 3232 needed one? I may be wrong but I don't think Brian Anglis was selling full bodies or replacement chassis yet but he's the only other possible source I can think in that time period?