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Old 6 Feb 2007, 12:28 (Ref:1834651)   #1951
Driver TBA
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Why a "theoretical" team?
Sound a bit more theatrical.

How secure is the ‘theoretical teams’ former level 2 licence to its current owner?
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Old 6 Feb 2007, 22:36 (Ref:1834999)   #1952
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Interesting to read in MN that PWR/SCAR is struggling to get their VE's built on time before Adelaide.. it seems Mr McConville will be forced into his '6 year old VZ' while Mr Dumbrell debuts the untested VE........
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Old 7 Feb 2007, 00:58 (Ref:1835059)   #1953
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Click here.

Wait and see for a result.
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Old 7 Feb 2007, 01:39 (Ref:1835075)   #1954
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Can someone refresh my memory, what is the problem between Longhurst and Dynamik?
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Old 7 Feb 2007, 07:53 (Ref:1835149)   #1955
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- 2x L1 franchise licence slots owned by party A.
- Agreement in place with party B to onsell franchise licence slots.
- Party C buys single franchise licence slot from Party B
- Party C is indemnified from any legal proceedings (sold in good faith) by Party B
- Party D buys legal entity of party B
- Party A says there was a reserve price
- Party B says there wasnt.
- Party A claims party D bought the franchise licence slot for significantly less than market rate.
- Party A takes both party B and party D to Qld Supreme Court
- Party A said to be in front at the end of day 2 of proceedings
- Party A's remedies include reversion of party D's single L1 franchise licence slot, and/or cash equivalent/restitution for other licence sold if required + damages
- Party D sitting scared that his team will have no franchise licence slot to enter his green, gold & black racecar...
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Old 7 Feb 2007, 08:02 (Ref:1835157)   #1956
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GTR if Party A wins the case then would Party D have a case against Party B?
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Old 7 Feb 2007, 08:13 (Ref:1835163)   #1957
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GTR if Party A wins the case then would Party D have a case against Party B?
I suspect that would be possible.. especially in terms of any damages, and liability for those damages.

The real question is whether party B also indemnified party D from any liability from the transactions of the legal entity.. it is interesting because the legal entity and its various principals are the ones that are being dragged before the beak...

Difficulty of course is that Party B and Party D are old mates, indeed party B drove for party D's team for a year.....
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Old 7 Feb 2007, 09:17 (Ref:1835227)   #1958
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Of course the sponsor of Party D shall be none too pleased if they again find themselves with a car and team but no franchise to play under. Last time this happened though, was a deal not struck between the aforementioned sponsor of Party D and Party A. Could this happen again?

This is of course presuming that I have any idea who Party A, B, C and D are.
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Old 7 Feb 2007, 09:55 (Ref:1835260)   #1959
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So Party A is Dynamik
Party B is Longhurst.

Who were the two licences sold to?
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Old 7 Feb 2007, 10:28 (Ref:1835295)   #1960
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peckstar has a lot of promise if they can keep it on the circuit!
how many green black and gold are there out their garbo
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Old 7 Feb 2007, 11:55 (Ref:1835365)   #1961
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I was told by a friend of Party A that even if they won, they would actually only get back a share of the relevant licence, not the whole thing, just to make things even murkier. There was a suggestion that the trickiest thing to obtain would be the licence, rather than the budget to race it.

Considering the demise of the Walden effort, is there some way of enacting what seems to be the most logical answer here - Wills/Dynamik back in the main series, and RNR/Owen using the Romano licence? (Maybe Longhurst should buy that from Romano for Nash, to avoid the potential for further legal action from him.....)

Last edited by Rombles1; 7 Feb 2007 at 11:59.
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Old 8 Feb 2007, 11:07 (Ref:1836185)   #1962
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Anyone know if any progress was made in court today in Queensland?
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Old 10 Feb 2007, 02:13 (Ref:1837822)   #1963
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Caltex Racing has a lot of promise if they can keep it on the circuit!
Here is the CLIPSAL 500 Entry List:
http://www.v8supercar.com.au//v8data...&eid=225&ind=M
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Old 10 Feb 2007, 05:12 (Ref:1837855)   #1964
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No entry for the Romano/Walden slot I see....
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Old 20 Feb 2007, 12:19 (Ref:1846358)   #1965
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Anyone know if any progress was made in court today in Queensland?
Did this court case progress any further?
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Old 21 Feb 2007, 09:20 (Ref:1847089)   #1966
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Did this court case progress any further?
Thursday is Judgement day for all involved
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Old 21 Feb 2007, 09:57 (Ref:1847126)   #1967
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No entry for the Romano/Walden slot I see....
Even if they got the all clear, they were never going to make it in time. We knew that for about a month.
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