View Single Post
motion motion is offline
Registered
 
motion's Avatar
 
Join Date: Apr 2000
Location: Mid-life crisis, could be anywhere
Posts: 10,382
"....the parent company of CART gave a loan of $63 million to the operating company that is being bankrupted._ The parent company is willing to forfeit that loan if OWRS gets the bid, but not if the IRL gets the bid._ Joe Heitzler, representing Grand (Mexico races) filed a complaint stating they are going to come after the IRL for large sums of money if they win the bid. Other claims if the IRL wins the bid are estimated at $150 million from the promoters and another $10 to $30 million for other broken contracts. OWRS has put up a $500,000 indemnity to offset the 88 Corp Fontana claim._ OWRS offered to up their bid to make all creditors whole, but the judge said not yet._ Bidding will begin after the recess....."
__________________
'95 993 C4 Cabriolet
Bunch of motorcycles
Old 01-28-2004, 09:12 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #10 (permalink)