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Old 29 Jun 2009, 09:27   #1
steve nielsen
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A1 Bankrupt!

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the company – which is responsible for much of the group's day-to-day operations, such as looking after the cars – went into liquidation last Wednesday.

A spokesperson for A1 Grand Prix Operations Limited said: "Like many other companies in today's difficult economic environment, we had cashflow problems and we haven't been able to pay them (the suppliers)."


It is not clear what will happen to the company's 40 employees, who work at Silverstone and in London.

Sources said Tony Teixeira, the company's chairman, has indicated that workers could be re-employed through another vehicle in the next few days.

Meanwhile, the spokesperson for A1GP said the court could soon appoint an administrator to A1 Grand Prix Operations Limited, which is a subsidiary of A1 Holdings, a company based in the British Virgin Islands.

The A1GP concept was launched in 2004 by Sheikh Maktoum Hasher Al Maktoum, a member of Dubai's ruling family.

In 2006, Sheikh Hasher Al Maktoum left the group as
part of a major financial restructuring that was supposed to help the company prepare for a float on the London Stock Exchange.

That deal saw hedge fund RAB Capital acquire a majority stake in A1GP. RAB's Special Situations fund, which is run by Philip Richards, bought the 80pc stake. Back then RAB's stake was reported to be worth about £100m, but it has since been written down by a substantial amount.

RAB Capital declined to comment.
(telegraph.co.uk)

Well, we all coul see that one coming, the question was:when?.
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Old 29 Jun 2009, 11:09   #2
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That's sad. Hope something can be recovered from the ruins.

Jim
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Old 29 Jun 2009, 11:14   #3
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It is only A1GP operations Ltd(UK) that appears to have gone bust.
One might presume that the cars etc are owned by another company. Hence TT talking about reforming under another name (and my thought that it might be outside of the UK, given TT's Angolan/Portuguese background and his new links with the Algarve circuit)
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Old 29 Jun 2009, 11:21   #4
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http://www.ten-tenths.com/forum/show...&postcount=121

That Tony indicated "workers could be re-employed through another vehicle" suggests that there's some sort of plan in place; and it's only the UK companies that appear to be in trouble (haven't seen the relevant documents filed at Companies House yet if they are indeed in liquidation).
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Old 29 Jun 2009, 12:40   #5
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This is all very well, but just another example of how the system can be manipulated to cheat people out of their hard earned money. Many suppliers, will be badly hurt by A1's bad debt, and some may go under. It is hard times for all, but most of A1's problems are a result of stupid decisions made by the so called managers of this series...
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Old 29 Jun 2009, 16:36   #6
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Extremely cynical if it is just a matter of avoiding supplier payments while relocating, and surely the damage done to A1GP's already poor reputation would make any sort of continuation very unlikely under the current mismanagement.

I can only hope somebody else buys it out and continues to run it as a going concern. It will be a travesty if it is lost.
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Old 29 Jun 2009, 19:18   #7
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Extremely cynical if it is just a matter of avoiding supplier payments while relocating, and surely the damage done to A1GP's already poor reputation would make any sort of continuation very unlikely under the current mismanagement.

I can only hope somebody else buys it out and continues to run it as a going concern. It will be a travesty if it is lost.
Teixeira is said to have commited to continue with the series, and to pay evry debt to the suppliers, which at the end of the day, are who will make season five happen.

Let´s hope he can do that... and all the effort of put into season 4 (including the new cars) will not be lost.
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Old 29 Jun 2009, 20:15   #8
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This is all very well, but just another example of how the system can be manipulated to cheat people out of their hard earned money.
I got news for you: Everyone is swindling you out of your money
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Old 29 Jun 2009, 21:22   #9
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Teixeira is said to have commited to continue with the series, and to pay evry debt to the suppliers, which at the end of the day, are who will make season five happen.

Let´s hope he can do that... and all the effort of put into season 4 (including the new cars) will not be lost.
If he can pay, why has'nt he payed it yet??

and if they can make it happen: who's willing to do buisiness with a company wich has trouble paying the bills??(especialy these days)
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Old 29 Jun 2009, 22:43   #10
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Well, this doesn't suprise me at all.

They have spent an enormous amount of money, and still have no big tv-income, no manufacturer sponsorship, a lot of dropped events and with low tv-ratings limited sponsorship for teams.
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Old 30 Jun 2009, 02:28   #11
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More dodgy restructuring along the lines of Team GBR by the sound of it ... bunch of crooks (imo), I hope the appropriate authorities investigate
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Old 30 Jun 2009, 04:37   #12
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If he can pay, why has'nt he payed it yet??

and if they can make it happen: who's willing to do buisiness with a company wich has trouble paying the bills??(especialy these days)
I have the same questions.

And there is nothing on the official series website yet. The longer the news is in the public without any explanation of what is going on then the less and less confidence people will have.
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Old 30 Jun 2009, 10:29   #13
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I got news for you: Everyone is swindling you out of your money
Thats the attitide that has created the current world wide economic problems. Doesn't have to be that way with appropriate regulation in place and social unacceptance of these business practices!
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Old 30 Jun 2009, 12:12   #14
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A1GP & Ferrari: The look of love

I noticed a series of feature stories now on Autosport.com. I'm sure we are all starving for A1GP related news

Last edited by diabloA1; 30 Jun 2009 at 12:14. Reason: wrong link
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Old 30 Jun 2009, 16:33   #15
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Very nice article by Autosport (may need online subscription). They used to be quite anti-A1GP but seemed to become converts before season 4.

No mention in Autosport of bankruptcy and a comments near the end of the article "But assurances have been given that the finances are now in place and some tough decisions are being taken as A1GP reorganises itself into a more commercially viable series."

Presume this bankruptcy is what the reorganisation refers to.
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