Latest on Bankruptcy posted in AR1 rumors

[mlj]

Champ Car series to be placed into bankruptcy UPDATE #9 As AutoRacing1.com stated exactly one month ago Champ Car is filing bankruptcy. ‘Merger’, ‘Unification’? One company is going out of business and the other company is cherry picking the pieces it wants.

In the conference announcing the ‘Merger’ Tony George stated that the IRL was to be getting (buying) the state-of-the-art medical trauma center, which is a good thing, however as in any bankruptcy proceeding a Federal Bankruptcy Judge has the discretion to reverse the sale of any of the assets sold within 90 days, and under some circumstances as far back as two years, if the Court determines the sale was not at Fair Market Value or the Bankrupt company could get more for an asset.

*FYI the attorneys have been working on the bankruptcy documents needed to file since at least the beginning of February non-stop. It is a huge undertaking, with certification of every debt no matter how small.

03/06/08 A reader writes, Dear AutoRacing1.com, It looks like Kalkhoven was lying through his teeth again by denying Champ Car would be bankrupted. A good friend and business associate who is unfortunately owed in the neighborhood of $350,000 by Champ Car tells me that he was told by fax that Champ Car has declared bankruptcy. Cheap bastards couldn't even Fed-Ex the bad news, they burned up 50 some pages of his fax paper to let him know he is getting screwed. Name Withheld to protect the innocent

[G.]

I don't get the whole bankruptcy controversy.:confused:

You have a company that's losing money. You cut off the investor's cash infusion (KK, GF). Company is bankrupt. Court happens.

[KLang]

03/06/08 A reader writes, Dear AutoRacing1.com

Spicoli??

;)

[Sean Malone]

Thanks for the info and I suppose it is somewhat interesting to follow every last detail of the death of Champ Car but really, after I read that I asked myself, "why should I care?". Will there be a phoenix rising from the ashes lead by Poledancer and Forsythe? No. Will some bankruptcy judge mandate with a resounding bang of his gavel that KK reverses his sellout to Tony and promise to make Champ Car as great as CART ever was? No.
So as predicted by everyone except Steve Johnson's loyal message board followers, CC is declaring bankruptcy, many lawyers are working hard, Tony will continue to suck the life out of AOW.

Got it. Thx. :thumbup:

[dando]

Will there be a phoenix rising from the ashes lead by Poledancer and Forsythe? No.

That's not what,,,,,some,,,,peeps say. :gomer: :saywhat:

-Kevin

[cameraman]

Will there be a phoenix rising from the ashes lead by Poledancer and Forsythe?

Don't ya see, Forsythe is going to show up at the bankruptcy court with a big ole check and buy the whole thing up:gomer: :gomer: :gomer:

[Spicoli]

Spicoli??

;)

yep?:p


Nah. There's nothing left. A couple people in accounting. not much interest......looks like Atlantics is going to die off as well....

i wish the teams well, but this whole thing went down like a bad B movie. On the brightside....there's lots of good skiing left. Gonna be travelling alot the rest of the spring.:thumbup:

Off to the Tavern. :tony:

edit: I was told they filed yesterday.
weaksauce indeed.

[shaggy_socal]

03/06/08 A reader writes, Dear AutoRacing1.com, It looks like Kalkhoven was lying through his teeth again by denying Champ Car would be bankrupted. A good friend and business associate who is unfortunately owed in the neighborhood of $350,000 by Champ Car tells me that he was told by fax that Champ Car has declared bankruptcy. Cheap bastards couldn't even Fed-Ex the bad news, they burned up 50 some pages of his fax paper to let him know he is getting screwed. Name Withheld to protect the innocent

Based on the amount, I'd say it's the guy who fixed the DP01 fueling problem.

[oddlycalm]

:
looks like Atlantics is going to die off as well....

i wish the teams well, but this whole thing went down like a bad B movie. Yeah, it went down without an iota of concern for anyone involved at any level. :shakehead

oc

[SurfaceUnits]

: Yeah, it went down without an iota of concern for anyone involved at any level. :shakehead

oc
that is why everyone has such high hopes for the reformolated league:shakehead

[gjc2]

Champ Car had a seasons worth of contracts and other agreements to get out of. Probably declaring bankruptcy makes breaking all those deals easier (cheaper).

George

[Munk]

Based on the amount, I'd say it's the guy who fixed the DP01 fueling problem.That sounds like the figure I heard for that guy as well. Well I heard $300,000 but what's $50,000 among friends?


Champ Car had a seasons worth of contracts and other agreements to get out of. Probably declaring bankruptcy makes breaking all those deals easier (cheaper).

George
Sounds logical and probable to me.

[cart7]

If a bunch of us got together, went to the hearing and promised to "run" the '08 season, could we takeover CCWS?

I can "run" my wifes 2002 Taurus with the DOHC V6. :gomer:

[Insomniac]

This was mentioned in another thread:


Champ Car yesterday filed Chapter 11 bankruptcy, igniting what could potentially be a bidding war for its assets.

...

The filing, submitted in U.S. Bankruptcy Court in Indianapolis, showed that the Indy Racing League essentially paid $10 million for all of Champ Car’s intellectual property rights, a mobile medical unit and a non-compete agreement and consulting fee for Champ Car co-owners Gerald Forsythe and Kevin Kalkhoven. The filing, however, states that Forsythe and Kalkhoven would use $4 million to promote the Long Beach Grand Prix in April.

http://blog.ibj.com/thescore/?p=75

[Ruben Barrios]

...looks like Atlantics is going to die off as well....


Atlantics got a huge boost based on the $2,000,000.00 prize money... That's gone, watch how car numbers die as well...

People continue to sing how GF and KK sank millions into CCWS... they made most of their money back... trust me... They did!

There are no heroes in this whole fiasco!... There never were, it has always been about power... sad but true...

[Spicoli]

filed 11 on wed.

interestingly, Cosworth was listed @ 1.8m owed.


you think these osswholes didn;t have this planned?:thumdown:


sad indeed. not the kinda folks i wanna be hangin with.


btw - skiing was goooot today. :tony:

[JT265]

filed 11 on wed.

interestingly, Cosworth was listed @ 1.8m owed.


you think these osswholes didn;t have this planned?:thumdown:


sad indeed. not the kinda folks i wanna be hangin with.


btw - skiing was goooot today. :tony:


Just as telling, Paulie "I never met a billionaire I didn't like" 's team is owed, wait for it, the grand total of

NADA

Between working tirelessly to raid someone elses' pockets....er, I mean, save the series, it looks like he got time to pay himself. :laugh:

[Racing Truth]

Just as telling, Paulie "I never met a billionaire I didn't like" 's team is owed, wait for it, the grand total of

NADA

Between working tirelessly to raid someone elses' pockets....er, I mean, save the series, it looks like he got time to pay himself. :laugh:

And now, a delicious Marxie rumor that Poledance is talking w/ some Finnish F3 nobody about running in the IRL. Probably bs, but delicious still.

[SurfaceUnits]

AR1 UPDATE "We hear that the team talked to this driver's manager but that there will be no deal". Hey, how about we cut PG some slack.

How does one say, I'm not driving a crapwagon, in Finnish.

Oh, some are saying that Friday was the cut off date for Paulie to join the leeg.