Internal Andretti lawsuit

[dando]

http://www.racer.com/indycar/item/120198-indycar-internal-lawsuit-leveled-at-andretti

:rofl:

[chop456]

He deserves everything he gets. Anyone else think that he's not paying for his own lawyer?

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[Ed_Severson]

I'm no lawyer and I don't have any special knowledge of this case, but when I first read the article there was something that jumped out at me right away:

"... insolvent and in imminent danger of insolvency ..."

It's got to be one or the other, right? How can you be both insolvent but also only in imminent danger of being insolvent?

Without knowing anything about the actual merits of the case, it sounds to me like Lopes is flinging ******** around hoping something will stick. He can't seem to even get his story straight.

[Tifosi24]

It may seem like a distinction without a difference, but my guess is the first part alleges that there is no money left and very soon this lack of money will trigger a bankruptcy. If I'm flatbroke, I am insolvent, but I am not legally insolvent or bankrupt until I miss payments.

[Elmo T]

Clicked the link to read the article - stayed to read the comments. :rofl:

[TravelGal]

Clicked the link to read the article - stayed to read the comments. :rofl:

Good for you. My eyes glazed over along about the 150th line by FormulaFox.

What jumped out at the was "Lopes also helped guide IndyCar driver Simona de Silvestro after she broke from her longtime manager last year." So yeah, he's always in the thick of stuff. Not always good stuff. To paraphrase one of the comments, he's probably figuring he can get some money if he hacks the company now but he doesn't know how much until the discovery phase of the lawsuit. He must feel the books are cooked for the shareholders.

[cameraman]

Michael Andretti selling stake in company as part of lawsuit settlement


Associated Press

INDIANAPOLIS -- IndyCar team owner Michael Andretti has agreed to sell his stake in Andretti Sports Marketing as part of a preliminary settlement of a lawsuit filed in Indianapolis.

The race team made the announcement Wednesday, less than a week after details of the suit went public.

John Lopes and A. Starke Taylor claimed Andretti had improperly allocated money from the marketing company to help fund his race team. Lopes and Taylor each own 20 percent of the marketing company, while Andretti had owned 60 percent.

Andretti also has recently fired Lopes as ASM president and manager.

The settlement came after a meeting Tuesday with mediator John R. Van Winkle.

Andretti's team said terms of the settlement will remain confidential and no further litigation will take place.

[chop456]

So now they control 100% of the worthlessness? Better than 40%, I guess. :tony:

[TravelGal]

Word. I keep trying to step away from they keyboard on this but I just can't help saying how stoooopid it all looks. If it was all that bad, it seems like Andretti got rid of an albatross. What's not to like from his standpoint? :tony:

Edit: Having wasted a few more brain cells on this, I've concluded that Mickey must have paid Lopes to trump this whole thing up so Mr Mikey could divest himself of the said marketing company and take a loss. Or something. It's too fishy to be believed, even in the world of IndyCar.

[DagoFast]

"This lawsuit is a disingenuous and self-serving attempt to benefit John Lopes and Starke Taylor at the expense of Andretti Autosport and its 120 employees. The allegations by Lopes and Taylor will not be supported by the evidence and we will aggressively respond with the truth.
"My family has strived to earn an exemplary reputation in all facets of our personal and professional lives. We will not allow this reckless attempt at grabbing leverage to impact our family name."

I love statements like these. They almost always turn out to be pure bombast and balderdash. Just like they did this time.