Penske, Forsythe, Ecclestone, Pook and ISC

[rabbit]

With the current rumors of a pending announcement regarding the future of CART and its possible privatization, the timing of Penske's resignation from the ISC board sends up flags for me. Or am I reading too much into it?

[sundaydriver]

Are you suggesting that Pimpski is going back to CART?:eek:

[Gurneyflap]

Why not?...after all, it's ONLY business!

[WickerBill]

What kind of flags? Mr. Penske taking over CART in order to have control of an alternate series, or Mr. Penske taking over CART in order to kill it?

[devilmaster]

My question in all of this, rab, and maybe someone can refresh my noggin.....

What was Penske's take on the IPO, how well did he like Pook, and what would it be worth to be coming back?

I mean, for me, at this moment, its just co-incedence...

Steve

[JoeBob]

Penske was against CART going public, and resigned from the CART Board when they did. He sold all of his CART stock on the day the IPO agreements allowed him to.

As for his resigning from the ISC Board, here's the full context (from http://www.sec.gov/Archives/edgar/data/51548/000092575103000013/inf2003.htm )


Pursuant to the merger agreement for the acquisition of Penske Motorsports we were obligated to place three individuals designated by Penske Performance, Inc., on our Board of Directors and to include such designees as nominees recommended by our Board of Directors at future elections of directors by shareholders. As a result of the sale by Penske Performance of 2,875,000 shares of class A common stock, its holdings have fallen to less than 5%, but not less than 2%, of the aggregate shares of our outstanding class A and class B common stock, and we are now obligated to include as a nominee for our Board of Directors only one individual designated by Penske Performance. If the holdings of Penske Performance fall to less than 2% of the aggregate shares of our outstanding class A and class B common stock, we would no longer be obligated to include any individuals designated by Penske Performance as nominees for our Board of Directors. Messrs. Roger S. Penske, Gregory W. Penske and Walter P. Czarnecki are presently the designees of Penske Performance, Inc. serving on our Board of Directors.

As a result of and in response to recent legislative and regulatory initiatives directed toward corporate governance, we have undertaken to restructure the size and composition of the Board of Directors effective with the Annual Meeting of Shareholders in April 2003. Effective with the April 2003 meeting the Board will be reduced to 13 directors. Messrs. Czarnecki and Dyson will not be seeking reelection upon the expiration of their elected terms in April 2003. Messrs. Combs, Cooper and Roger S. Penske will be resigning effective April 9, 2003, prior to the expiration of their elected terms, in order to facilitate this restructuring of the Board.

Short Version: Penske used to be allowed to pick 3 board members. Since he sold a big chunk of stock, he's only allowed to pick one now. He picked his son Greg for that spot.