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6 Apr 2009, 11:38 (Ref:2435019) | #1 | ||
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For Sale, 1x 2009 Racing Entitlement Contract?
Whispers from the powder room suggest that a 2009 Racing Entitlement Contract has allegedly been discussed at the VESA board meeting of last Friday.
The discussions allegedly centred on the potential breach of the terms and conditions of the 2009 Racing Entitlements Contract by one of the team owners in the main series. The story allegedly goes that because the control of the legal entity housing this team's 2009 Racing Entitlement Contract has recently changed without notifying the VESA board, that the team owner is now allegedly in breach of this contractual arrangement. There are allegedly a number of remedies open to VESA in this circumstance, however the one allegedly chosen sees VESA electing to acting as a sales agent for this 2009 Racing Entitlement Contract, for onsale to alleged fit and proper potential 2009 Racing Entitlement Contract holders. The kicker, allegedly of course, is that the existing team owner must maintain a car in the main series until such times that VESA can arrange to sell the 2009 Racing Entitlement Contract. Failure to present a car would allegedly invoke the "liquidated damages" clause against the team owner in question, to the alleged tune of $180,000 per non appearance.... Presumably the discussions have already been had with the Official Assignee regarding the preemptive rights for agency for sale, as per the conditions agreed to in the 2009 Racing Entitlements Contract... such that the alleged sale process shall happen sooner rather than later. The process going forward is to allegedly offer the 2009 Racing Entitlement Contract to the other VESA member teams, and if there are no takers, to offer it to the wider world... allegedly... Either way, the sale price would be given to VESA, any claims by that team owner settled one way or the other, and the legal entity previously carrying the 2009 Racing Entitlement Contract gets what is left over after selling costs. Allegedly. Presuming any of this actually happened |
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Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House |
6 Apr 2009, 23:44 (Ref:2435558) | #2 | ||
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Gee, I wonder who that could be?
Allegedly. |
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"A lot of people go through life doing things badly. Racing’s important to men who do it well. When you’re racing, it... it’s life. Anything that happens before or after... is just waiting." - Steve McQueen |
7 Apr 2009, 00:15 (Ref:2435581) | #3 | |||
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a legal eagle to the trough
Quote:
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more torque than a climate change conference |
7 Apr 2009, 02:06 (Ref:2435615) | #4 | ||
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This asset will be realised for creditors, allegedly of course, when VESA on-sells it to the new owner...
If the story above is accurate, the Official Assignee has allegedly deferred to the legal authority of VESA and approved this course of action. Better than trying to sell something that would require specialist knowledge and skills to get rid of. Allegedly Larger question... who will buy?? |
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Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House |
7 Apr 2009, 02:50 (Ref:2435624) | #5 | ||
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i'll bid $5
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7 Apr 2009, 03:21 (Ref:2435634) | #6 | ||
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7 Apr 2009, 03:28 (Ref:2435635) | #7 | |||
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Quote:
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7 Apr 2009, 04:04 (Ref:2435637) | #8 | ||
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Where did Steve Owen find a pot of money?
How did Tim Slade get the seat alongside Ingall ahead of Jacques Villeneuve? |
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Love you long time |
7 Apr 2009, 05:06 (Ref:2435646) | #9 | ||
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Well it wasn't based on skill, was it?
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Phil Mills: 30, 6-Left-Plus Over-Crest-Long, Opens-Over-Crest 100, COW-COW, 100, 6-Left-Minus Extra-Long Fabrizio Giovanardi: I have like a banana - is the yellow car in front - that make me, you know, running like the monkey, running for the banana. When I see yellow in front, I just pushing harder and harder. I want that banana. |
7 Apr 2009, 05:12 (Ref:2435647) | #10 | ||
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7 Apr 2009, 05:49 (Ref:2435657) | #11 | ||
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FPR's 3rd License???? They plan to have by Winton Perhaps?
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"He Didn't Bump You, He Didn't Nudge You, He Rubbed You... And Rubbing Son Is Racing" |
7 Apr 2009, 06:36 (Ref:2435668) | #12 | ||
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V8Supercars - Race cars using road car headlights, for decades ;) 'You holden VT drivers better look out, because the Ford AU is coming to get you' Glenn Seton - 1999 (The original egg on face disclaimer) :roflmao: |
7 Apr 2009, 06:50 (Ref:2435670) | #13 | ||
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Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House |
7 Apr 2009, 07:04 (Ref:2435674) | #14 | ||
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not much ATM!
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It was long ago, and it was far away... but it was so much better than it is today! |
7 Apr 2009, 07:33 (Ref:2435692) | #15 | ||
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Oh, and I still don't get who were talking about here, if someone wants to elaborate
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V8Supercars - Race cars using road car headlights, for decades ;) 'You holden VT drivers better look out, because the Ford AU is coming to get you' Glenn Seton - 1999 (The original egg on face disclaimer) :roflmao: |
7 Apr 2009, 07:38 (Ref:2435696) | #16 | ||
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Mark Alan Jones Opinionated Human My opinions only have the power you give them |
7 Apr 2009, 08:10 (Ref:2435716) | #17 | ||
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more torque than a climate change conference |
7 Apr 2009, 08:38 (Ref:2435729) | #18 | ||
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Love you long time |
7 Apr 2009, 09:49 (Ref:2435776) | #19 | ||
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TKR?.... Ssshhh!!!
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It was long ago, and it was far away... but it was so much better than it is today! |
7 Apr 2009, 10:29 (Ref:2435813) | #20 | |
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7 Apr 2009, 19:24 (Ref:2436127) | #21 | |
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Can't wait till all this is done and dusted and over with.
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Wolverines! |
7 Apr 2009, 22:00 (Ref:2436287) | #22 | ||
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Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House |
7 Apr 2009, 23:19 (Ref:2436314) | #23 | ||
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Quote:
For God sake someone please put the fat cow out of her misery. |
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Let me consider that for a second...No. |
8 Apr 2009, 00:59 (Ref:2436344) | #24 | ||
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Im glad that some else finds that song extremely painfull as well
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if only Valiants had brakes |
8 Apr 2009, 02:58 (Ref:2436370) | #25 | |
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Wolverines! |
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