Bankruptcy Update and Other Stuff
The official committee of unsecured creditors of the Champ Car World Series have request that the Court deny the sale of CCWS assets, or at least extend the motion so that everything can be fully assessed. They summarized their motion, stating:
…it appears that the proposed transactions have a value in excess of $17.5 million over the next five years – with only $6 million allocated to the Debtor’s estate at closing and the balance of $11.5 million retained by the insider Owners. While high speed may be desirable on the race track; not so in bankruptcy court where the law requires that creditors have complete information, a reasonable time to review and investigate that information and for this Court to ensure at the end of race, that a transaction rife with insider dealing is fair and reasonable and in the best interests of all creditors.
This motion is joined by Carl A. Haas Automobile Imports, Inc. and Hewland Engineering. It is noted that Mike Lanigan is one of the co-chairs of the committee of unsecured creditors. The numbers thrown out are speculative, as it says earlier in the docket that no proper appraisal has been presented to the creditors or Court.
In other news, Long Beach is reporting 9 confirmed drivers. Of course, these are the 9 drivers entering the IndyCar Series.
Leading into Homestead, Helio played tennis with David Nalbandian, who in addition to being a professional tennis player is also a racing enthusiast. It is noted that they played using the world’s largest tennis ball, according to the picture.
The News & Notes for the day are up. In there are some factoids on Homestead. Notably, only six drivers with an ICS win are in the series this year (Helio, Kanaan, Marco, Rice, Dixon and Wheldon, off the top of my head). Of the transitioning teams, there are 55 starts on an oval. 48 of those are from Junqueira and Servia.
IndyCar.com is sending me to blank pages every now and then. Be forewarned.
Update: I should give commenter Fred his proper credit for once again providing the info on the bankruptcy proceedings.
March 29th, 2008 at 5:00 pm
[...] fees paid to Forsythe and Kalkhoven were each decreased by $125,000 to $1,875,000. All objections from the various creditors have been withdrawn or [...]