Thread: Rich Energy
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Old 13 Jul 2019, 13:47 (Ref:3917361)   #115
Richard C
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This is actually "old" news (yesterday), but figured to fill in the gaps in the story, I might as well post it here...

https://www.motorsport.com/f1/news/w...-case/4493480/

Basically, Rich Energy didn't pay the £35K court fees as directed, so Whyte is looking to go back to the courts to get that money...

Quote:
ATB will now be forced to take appropriate action to recover the costs that they have been awarded. This may include applications to the Court to wind up both Rich Energy and Staxoweb and to petition for the bankruptcy of Mr Storey.
So it looks like Storey is the majority owner. I am curious as to what recourse the minority shareholders have at this point. Is there a corporate malfeasance angle to be worked, or do they just have to sit back and ride this out?

In a recent tweet from Rich Energy...

Quote:
Following a board meeting of Rich Energy Ltd chaired by CEO William Storey and in light of the treacherous conduct of minority stakeholders the exclusive rights to distribute @rich_energy have been transferred to another company. Mr Storey retains complete ownership #RichEnergy
I assume this was to remove control of distribution from an entity that Storey didn't control? Maybe part of the distribution chain was previously run by a minority shareholder?

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