Who owns TA?

[Chaos]

Does OWRS now own the Toyota Atlantics?

[fourrunner]

Gentilozzi was on Windtunnel last night talking about Atlantics being a feeder series for OWRS, so I'm guessing OWRS owns them!

[Chaos]

I have to say I'm surprised TA was not sought after by the other group.

[JoeBob]

The TA series was a subsidiary of CART (Delaware) just like CART (Michigan). It wasn't involved at all in the bankruptcy proceedings. However, OWRS included the purchase of the series from CART (Delaware) in their purchase offer.

[Chaos]

can you please explain to me this whole cart michigan/delaware situation?

when cart became public what became public?

[JoeBob]

When CART became public, you could buy shares in CART (Delaware). CART (Delaware) owns some subsidiary companies. Two of those are the ChampCar World Series (aka CART (Michigan)) and the Toyota Atlantic Series (aka Pro-Motion).

It was CART (Michigan) that filed for bankruptcy.

Make sense?

[Cart4Live2003]

Yes, OWRS baught off of CART Delaware the assets of the Bankrupted CART (michigan) and the whole Toyota Atlantics Series.

That's why in court there was the motion by CART (Delaware) that said if the IRL bid won they would sue for the full payment of the 63 million loan to CART (Michigan). But if the OWRS bid won they wouldn't and would forgive the loan. ( I think or at least not force OWRS to pay them back first and work out something between the two entities.. not sure on that one) But either way that was a move by CART (Delaware) to voice and help their views that the OWRS bid should be the winner.

[Chaos]

ok...CART Michigan was essentially the ChampCar series. So does this mean that CART Delaware still exists?

[Cart4Live2003]

Yes, CART Delaware exists for the time being.. in the end CART Delaware will take the money they made off of the bankruptsy of CART Michigan and sale of Atlantics to OWRS.. And liquidate CART Delaware and that money will then be used to pay off any creditors they owe and to pay to the Stockholders. That's the way I understand it at least. If I am wrong please correct me :D

[JoeBob]

That sounds about right.