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28 Jul 2018, 07:20 (Ref:3839236) | #276 | |
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I bet of the supposed £30m cash injection that £0 actually existed...
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28 Jul 2018, 07:30 (Ref:3839238) | #277 | ||
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Zero chance of it reverting to Jordan, unless EJ were involved in some kind of buyout, and that’s as it should be. Times move on. Don’t expect Mercedes to rename the team Tyrrell.
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28 Jul 2018, 07:47 (Ref:3839239) | #278 | |||
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We could maybe do a quick survey of this forum asking how many knew of this drink before the Force India bid? I'll go first. Q: Have you heard of Rich Energy before the FI bid? A: Yes, I've seen it in stores in US and Britain. |
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28 Jul 2018, 07:50 (Ref:3839241) | #279 | ||
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28 Jul 2018, 07:56 (Ref:3839242) | #280 | |
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I hope someone saves Force India, we can’t afford to lose another team.
And you mention Tyrrell, Ross Brawn actually thought of calling his team that when they bought out Honda, before settling on Brawn |
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28 Jul 2018, 08:36 (Ref:3839244) | #281 | ||
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The administrators in charge are FRP Advisory LLP. They have history in F1. HERE is the most recent case they were in charge of.
If the team survives into the next race, yet alone 2019, it maybe looking for two new drivers for 2019. Ocon is apparently off to Renault, and Perez to HAAS. So where does that leave Sainz and Grosjean? |
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When did I do dangerous driving??? |
28 Jul 2018, 08:36 (Ref:3839245) | #282 | ||
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You're probably right - although almost any name would be an improvement on Force India, just seems a bit try-hard but maybe that's just me.
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28 Jul 2018, 08:44 (Ref:3839247) | #283 | ||
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Quote:
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28 Jul 2018, 09:28 (Ref:3839255) | #284 | ||
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28 Jul 2018, 11:49 (Ref:3839280) | #285 | |
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I think the way it's been reported is a little unfair. Saying that Perez and Mercedes caused it. Well..no, Force India caused it by not paying them. It's not trivial to be in this situation, so it's not like Force India made one late payment to Perez and he decided to shut them down.
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28 Jul 2018, 12:05 (Ref:3839284) | #286 | ||
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Good point. As usual lazy journalism.
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28 Jul 2018, 12:21 (Ref:3839287) | #287 | ||
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It made sense when Mallya had a bevy of Indian sponsors and there was an Indian GP (and would have done even more so if he’d put Karthikayan or Chandhok in one of the seats).
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28 Jul 2018, 13:11 (Ref:3839301) | #288 | |||
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It’s not the big end of town in the creditor space to be concerned with, it’s the smaller contractors and suppliers who may not have seen much in the way of payments for a while, and perhaps then only replacing an old debt with a new, current one for ongoing work. |
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28 Jul 2018, 14:46 (Ref:3839321) | #289 | |
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28 Jul 2018, 15:02 (Ref:3839329) | #290 | |||
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Very unfair, but also untrue. The proceedings were initiated by HMRC after FI failed to pay the tax, VAT or NICs that were long overdue. It was only after the hearing was scheduled for Wednesday that FI eventually finally settled with HMRC, and it was only at that point, when Perez and Mercedes still hadn't received their monies that they took over as the Complainants (on Wednesday afternoon, I believe). I am only surprised that this has taken so long to come to a head, considering that both the owners are in severe financial poo. And how embarrassing for Mallya that his last remaining status symbol has been grabbed from his grasp. |
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28 Jul 2018, 15:49 (Ref:3839356) | #291 | ||
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not familiar with all the ins and outs of administration in the UK, so might be of base with this question.
but does administration afford Mallya (and other shareholders) more protection from FI creditors of which they might be one either through their shareholder contributions or loans they might have made to Force India via another corporate entity? |
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28 Jul 2018, 16:22 (Ref:3839370) | #292 | ||
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If you are thinking about the USA's Chapter 11, the UK doesn't have a real equivalent. At the moment it is would seem as though it is unclear what the true financial situation is with FI, but I would believe it to be a mess.
From what I have read in the recent past, a considerable amount of financial backing has come from Mallya's associated companies in India, and, according to the reports, not necessarily in a commercially legal manner. There would appear, allegedly, to have been payments made between related companies that shouldn't have been. And this is why the Indian authorities are trying to extradite Mallya so that they can question him about the collapse of his business interests, especially Kingfisher Airlines. That is why his best chum Roy from Sahara is languishing in prison at the moment. In fact, Mallya's next extradition hearing is due shortly in London and it will be interesting to see whether he will be able to afford to keep his very, very expensive Queen's Counsel representing him in court. Now that the financial writing is on the wall, I would expect that his legal team will demand that payment is made up front rather than on credit. |
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28 Jul 2018, 16:54 (Ref:3839392) | #293 | ||
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appreciate the response. thanks Mike!
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28 Jul 2018, 17:52 (Ref:3839462) | #294 | ||||
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Quote:
and Quote:
The judge, on Friday, was fairly scathing about Rich Energy, and was a) unconvinced that the finance was available, and b) considered what they were offering was totally inadequate for the requirements of FI. Of the £30 million they proposed stumping up, half in 2018 and the rest in 2019, about half was already owed to just Perez and Mercedes. |
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28 Jul 2018, 22:41 (Ref:3839656) | #295 | ||
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28 Jul 2018, 23:36 (Ref:3839670) | #296 | |
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It seems to me Sergio had no choice here.
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29 Jul 2018, 04:55 (Ref:3839724) | #297 | ||
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While these are all very provocative and scary words, this is the best thing that could happen to Force India in its current situation.
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29 Jul 2018, 07:41 (Ref:3839753) | #298 | ||
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Yes, the way he tells it (and he seems like an honest enough guy), Pérez has actually helped the team by getting them into administration. I just hope a buyer or buyers can be found who will a) run the team as a going concern, and b) bring new investment.
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29 Jul 2018, 09:16 (Ref:3839798) | #299 | |
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It seems like the problem at FI was that the current owners were not prepared to sell at the money being offered but are not in a position to bring more cash into the team. There appears to be a number of interested parties so the administrators should be able to find somebody suitable.
https://www.motorsportweek.com/joesaward/id/00281 http://classic.autosport.com/news/report.php/id/137712 |
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29 Jul 2018, 15:55 (Ref:3839966) | #300 | ||
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Quote:
Richard |
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Tags |
diageo, force india, formula 1 |
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