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Old 14 Dec 2020, 16:29 (Ref:4022921)   #1
mogwai
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Join Date: Jan 2004
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mogwai should be qualifying in the top 10 on the gridmogwai should be qualifying in the top 10 on the grid
Curious about Schnitzer

Sorry if this is not the place to post this but on the heels of the announcement of Schnitzer closing shop I have become interested in the settlement with Charly's estate.

If I recall, Charly stepped aside in 2018(?) and passed soon after.

It strikes me odd that the Schnitzer would have been so hamstrung by Charly's estate cashing out his shares. Certainly it is normal with firm's to pay partner shares out to an estate at passing, but the language used and the financial burden it appears to have placed on the company makes me wonder if there was something less than amicable going on.

To whit: From TouringCarTimes "The payment of the company shares in 2020 to the widow v. Charly Lamm was an enormous financial burden for the company,” said team manager Herbert Schnitzer Jr to LSR-Freun.de."

And then from DSC a couple days ago (this appears to be paraphrased from the TCT column); "...this a response to a combination of factors including the COVID19 down-turn, a financial settlement with the estate of long-time Team Principal Charly Lamm"

Had Schnitzer been running that hand to mouth for that long or was there something under the covers which made the settlement between Lamm and Schnitzer less than savory after he departed? Was Schnitzer Jr. left with too much on his hands following Charly's passing?

I realize I'm asking for conjecture here but even as a midwestern american boy, the Schnitzer name was so closely tied to BMW that someone who grew up in the sticks like I did still knew it. The heady days of late 1990's BMW still make me yearn for sportscars like that. Anyway, seeing it disappear is pretty depressing and I have a hard time understanding why.

I realize that BMW leaving was likely the biggest issue, and that COVID was a factor but Herbert Schnitzer Jr is clear that it is COVID combined with the settlement with Charly's estate was a contributory cause. I do financial analysis for a living, that strikes of ill-will or pure mismanagement or a series of cascading issues and it tickles my curiosity.
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