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Old 28 Jan 2004, 16:05 (Ref:853819)   #1
cartpix
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CART in Court????

I thought I'd start a subject line, to post any news on how the court case is going. I found a couple of posts, from indycool, on a different thread, but I thought it would be easier for everybody to find them, on a dedicated tread.

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Old 28 Jan 2004, 16:26 (Ref:853846)   #2
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I can't find a single word about it anywhere.
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Old 28 Jan 2004, 16:29 (Ref:853854)   #3
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CART ruling 'will happen today'
Imminent verdict over future of Champ Car


Today's courtroom action has matched that on the racetrack


The latest news from the federal bankruptcy court that will determine whether the Indy Racing League or the Open Wheel Racing Series will purchase the assets of CART, the bankrupt organisers of the Champ Car World Series, is that a decision will be reached today (Wednesday).

Following lengthy representations of bids by both the IRL and OWRS, Judge Frank Otte called a recess and said: "We are going to take a break now and, when we return, we will determine who buys it."

This followed a dramatic day in court, when the head of CART creditors' committee told the court that the OWRS bid was "substantially better" than the IRL's. The OWRS also revealed that it has increased its bid to match the IRL's $3.26million, and set aside $500,000 to settle the outstanding claim made by Fontana Speedway due its cancelled 2003 finale.

When we return, we will determine who buys it
Judge Frank Otte

Under its revised plan, the OWRS plan boasts a best case scenario of 100 per cent payback for CART's creditors (and a worse case of 62 per cent), while the IRL's best case scenario was 4.7 per cent (worst case 4.3 per cent).

Of the OWRS bid, CART's lawyer told the court: "That's a pretty good offer. The committee was enthused by it."

The attorney for the OWRS even called a motion that the auction should be called off, but Judge Otte responded by saying: "That's not how we conduct business here".

The IRL has also withdrawn its bid for CART's 100 Cosworth engines, which would have left the series powerless in 2004.

Stay tuned to autosport.com for the verdict when it happens.
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Old 28 Jan 2004, 16:57 (Ref:853903)   #4
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Funny how TG and the IRL have mysteriously withdrawn their bid on the Cosworth engines. Kind of makes you wonder why he even bid on them in the first place. Maybe he was taking so much flack for obviously trying to destroy a series, rather than just purchase certain assets that he wanted(needed).
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Old 28 Jan 2004, 17:02 (Ref:853910)   #5
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yup...that was my thought too...of course we all know hes trying to destroy it anyway....
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Old 28 Jan 2004, 17:05 (Ref:853917)   #6
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Okay, here's what I've been able to follow to date, from various places.
--The two sides are in opposite rooms and an auction is taking place.
--There will be no Chapter 7.
--Laguna Seca and Road America have objected to contract transfers.
--Long Beach has conditionally withdrawn its onjection provided OWRS has $15 million in the bank until the trial is over.
--The parent CART holding company has offered to forgive a $63 million loan to the bankrupt CART if OWRS gets the bid. That seems to have ****ed off the judge and indicates collusion.
--Everybody involved feels it will be done today.
--Clarifying: IRL DID bid on the engines. It did not bid on the service contract for them. There is confusion as to whether that part of the bid has been withdrawn or not.

Last edited by indycool; 28 Jan 2004 at 17:07.
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Old 28 Jan 2004, 17:08 (Ref:853923)   #7
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So, the IRL is only bidding on the Long Beach race contract at this point, is that right? Looks like we're not gonna be left with one series for a while yet, then. Especially if LB are supporting the OWRS deal, as are the creditors (as expected).
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Old 28 Jan 2004, 17:12 (Ref:853932)   #8
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this ugliness can set up a real cracker 2004, with bells out racing and relly good promotion- and allowing for a merger to take place during the year, it can be a win win situation, if they do it right.
like hire me to be on the Merger Board, and we get it right.
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Old 28 Jan 2004, 17:26 (Ref:853953)   #9
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It's now 12:20 p.m. ET U.S., court is in recess till 1:30 p.m.

Where to start?

My post above pretty well says it but the $63 million loan from one CART company to the other has everyone pretty confused that I've talked to/emailed.

It has not appeared in any SEC documents previously or court documents that I've seen and came out of the blue. It's pretty routine that holding companies and their subsidiaries move money back and forth but the integrity of this being revealed as one of a number of threats and challenges OWRS is making to go for the throat isn't being viewed well by the judge and some in the courtroom. Even Heitzler is there threatening to sue on behalf of the Mexican races if IRL gets the bid. They're intimidation tactics.

As far as I can tell, no ruling has been made on whether or not to pull the plug on the Laguna and Road America objections to transfer.

Everyone coming out says it'll be done today.
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Old 28 Jan 2004, 17:26 (Ref:853954)   #10
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jjspierx should be qualifying in the top 5 on the gridjjspierx should be qualifying in the top 5 on the grid
Testure - They are bidding on LBGP as well as some hard assets, although we are unsure as to what they are yet. The engines are not part of their bid, but if they are bidding on the mobile medical facilities, or some of the timing equipment and trailers, it could still affect OWRS more than just losing the contract to a race. We should know within the next few hours what is going to happen.
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Old 28 Jan 2004, 17:34 (Ref:853957)   #11
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It was speculated elsewhere that Cosworth has first right of refusal on the engines for some reason. Don't now the how reliable that info is, or if it matters much.

Moreso, the final verdict is of importance.

It would seem to me as though there is room for both bids to come out victorious here.
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Old 28 Jan 2004, 17:39 (Ref:853961)   #12
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FogeHund - Yes, thats what Robin Miller stated last night on Wind Tunnel, and I remember hearing about that a LONG time ago, before this whole bankrupty thing even came into the picture.
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Old 28 Jan 2004, 17:56 (Ref:853979)   #13
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Liz should be qualifying in the top 10 on the gridLiz should be qualifying in the top 10 on the grid
How could both sides "come out victorious"? Other than by the famous method of "declare victory and go home"? (I didn't watch the program last night because it upsets me too much, so if someone could give me just that bit of it please.)
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Old 28 Jan 2004, 18:04 (Ref:853992)   #14
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Thank-you for the thread, cartpix.
I think that it's safe to say that not only the staff, but also a high percentage of the members, would really appreciate it if everything stays in this one thread.

And a quick thank-you to everybody who's keeping us informed!
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Old 28 Jan 2004, 18:19 (Ref:854008)   #15
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Perhaps I had heard the Cossie bit from Robin Miller, though I thought I'd heard it previously as well.

Liz.. if IRL is awarded the Long Beach race, and nothing else, it leaves a great deal of assets on the table. The IRL bid is of decent dollars for limited assets. With the IRL taking the LBGP contract, Otte could then award the rest to OWRS. I am not sure how these are fully mutually exclusive events. Under that scenario, everybody wins, especially the creditors.
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Old 28 Jan 2004, 18:30 (Ref:854017)   #16
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According to two local TV stations (noon newscasts) these two notes:

1. OWRS offered to pay all of CART's liabilities if the Judge would accept this new bid straight up and not consider the auction aspect of the proceeding...the judge denied that motion and said that the auction would occur....a good ssue for IRL

2. Apparently the Judge did express thoughts concerning the many employees of race teams that would be impacted by the decision and that it would be a part of the decision process...definitely in OWRS favor....

They go back into court in about 5 minutes....

Both sides are supposedly revising their bids based on what took place this morning...
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Finally...

One American Open Wheel Series!
Old 28 Jan 2004, 18:33 (Ref:854022)   #17
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Okay, I can see how that would be a "win" for the IRL, in taking away CART's showcase American race and screwing up their announced opening date; however, I'm sure that eventuality would be included in Plans A thru D mentioned before.

If everything is sorted and both series run next year, the rivalry is going to be breathtaking.
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Old 28 Jan 2004, 18:40 (Ref:854034)   #18
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By the way... I have never seen as many members logged in as right now!!
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Old 28 Jan 2004, 18:43 (Ref:854041)   #19
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I'd like to call in sick for work this afternoon!
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Old 28 Jan 2004, 18:44 (Ref:854043)   #20
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It's now 1:45 p.m. ET U.S. Court reconvened at 1:30. It's now in recess again to study a revision of the IRL's bid.
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Old 28 Jan 2004, 18:50 (Ref:854059)   #21
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Liz should be qualifying in the top 10 on the gridLiz should be qualifying in the top 10 on the grid
If only Court actually worked the way it does on Law and Order .
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Old 28 Jan 2004, 18:50 (Ref:854061)   #22
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BTW... Asp has suggested that anyone wishing to discuss the outcome of this day, is more than welcome to enter the ChatRoom.
(Again - I wish I could be around!)
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Old 28 Jan 2004, 18:55 (Ref:854068)   #23
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The suspence is killing me. I had a couple things to do, here at work, I couldn't get this off my mind.

Macdaddy, you're welcome for the thread. I figured it would be easier for me & everybody else if this was in one thread instead of having to search around for info.

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Old 28 Jan 2004, 19:01 (Ref:854079)   #24
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Damn! all the racing forums are being swamped!!!!!!!!
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Old 28 Jan 2004, 19:06 (Ref:854096)   #25
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Okay, IRL submitted revised offer and it supposedly has been significantly upgraded. There's also a report that promoters are now involved. Cards are getting shuffled.
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