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Old 6 Apr 2009, 11:38 (Ref:2435019)   #1
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For Sale, 1x 2009 Racing Entitlement Contract?

Whispers from the powder room suggest that a 2009 Racing Entitlement Contract has allegedly been discussed at the VESA board meeting of last Friday.

The discussions allegedly centred on the potential breach of the terms and conditions of the 2009 Racing Entitlements Contract by one of the team owners in the main series.

The story allegedly goes that because the control of the legal entity housing this team's 2009 Racing Entitlement Contract has recently changed without notifying the VESA board, that the team owner is now allegedly in breach of this contractual arrangement.

There are allegedly a number of remedies open to VESA in this circumstance, however the one allegedly chosen sees VESA electing to acting as a sales agent for this 2009 Racing Entitlement Contract, for onsale to alleged fit and proper potential 2009 Racing Entitlement Contract holders.

The kicker, allegedly of course, is that the existing team owner must maintain a car in the main series until such times that VESA can arrange to sell the 2009 Racing Entitlement Contract.

Failure to present a car would allegedly invoke the "liquidated damages" clause against the team owner in question, to the alleged tune of $180,000 per non appearance....

Presumably the discussions have already been had with the Official Assignee regarding the preemptive rights for agency for sale, as per the conditions agreed to in the 2009 Racing Entitlements Contract... such that the alleged sale process shall happen sooner rather than later.

The process going forward is to allegedly offer the 2009 Racing Entitlement Contract to the other VESA member teams, and if there are no takers, to offer it to the wider world... allegedly...

Either way, the sale price would be given to VESA, any claims by that team owner settled one way or the other, and the legal entity previously carrying the 2009 Racing Entitlement Contract gets what is left over after selling costs. Allegedly.

Presuming any of this actually happened
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Old 6 Apr 2009, 23:44 (Ref:2435558)   #2
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Chatters should be qualifying in the top 5 on the gridChatters should be qualifying in the top 5 on the grid
Gee, I wonder who that could be?

Allegedly.
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Old 7 Apr 2009, 00:15 (Ref:2435581)   #3
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a legal eagle to the trough

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Originally Posted by GTRMagic View Post
The story allegedly goes that because the control of the legal entity housing this team's 2009 Racing Entitlement Contract has recently changed without notifying the VESA board, that the team owner is now allegedly in breach of this contractual arrangement.

There are allegedly a number of remedies open to VESA in this circumstance, however the one allegedly chosen sees VESA electing to acting as a sales agent for this 2009 Racing Entitlement Contract, for onsale to alleged fit and proper potential 2009 Racing Entitlement Contract holders.


Presumably the discussions have already been had with the Official Assignee regarding the preemptive rights for agency for sale, as per the conditions agreed to in the 2009 Racing Entitlements Contract... such that the alleged sale process shall happen sooner rather than later.

The process going forward is to allegedly offer the 2009 Racing Entitlement Contract to the other VESA member teams, and if there are no takers, to offer it to the wider world... allegedly...

Either way, the sale price would be given to VESA ....


Presuming any of this actually happened
Big presumably GTR .... the Official Assignee will be looking at this as an asset to be realised for the creditors regardless of what VESA may want ... lawyers in the far queue !!
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Old 7 Apr 2009, 02:06 (Ref:2435615)   #4
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This asset will be realised for creditors, allegedly of course, when VESA on-sells it to the new owner...

If the story above is accurate, the Official Assignee has allegedly deferred to the legal authority of VESA and approved this course of action. Better than trying to sell something that would require specialist knowledge and skills to get rid of. Allegedly

Larger question... who will buy??
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Old 7 Apr 2009, 02:50 (Ref:2435624)   #5
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Axeman444 should be qualifying in the top 10 on the gridAxeman444 should be qualifying in the top 10 on the grid
i'll bid $5
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Old 7 Apr 2009, 03:21 (Ref:2435634)   #6
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i'll bid $5
to bad its 180k for a no show
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Old 7 Apr 2009, 03:28 (Ref:2435635)   #7
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Originally Posted by GTRMagic View Post
This asset will be realised for creditors, allegedly of course, when VESA on-sells it to the new owner...

If the story above is accurate, the Official Assignee has allegedly deferred to the legal authority of VESA and approved this course of action. Better than trying to sell something that would require specialist knowledge and skills to get rid of. Allegedly

Larger question... who will buy??
Morris, 3rd car Steve Owen comes along?????
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Old 7 Apr 2009, 04:04 (Ref:2435637)   #8
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Crash Test should be qualifying in the top 5 on the gridCrash Test should be qualifying in the top 5 on the grid
Where did Steve Owen find a pot of money?

How did Tim Slade get the seat alongside Ingall ahead of Jacques Villeneuve?
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Old 7 Apr 2009, 05:06 (Ref:2435646)   #9
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Well it wasn't based on skill, was it?
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Old 7 Apr 2009, 05:12 (Ref:2435647)   #10
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Where did Steve Owen find a pot of money?
iat the end of a rainbow. i don't know and he probably won't get that or any other seat this year and will turn out in the enduro's for HRT. it was just a thought as he has links with Morris.
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Old 7 Apr 2009, 05:49 (Ref:2435657)   #11
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FPR's 3rd License???? They plan to have by Winton Perhaps?
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Old 7 Apr 2009, 06:36 (Ref:2435668)   #12
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Well it wasn't based on skill, was it?
If all seats were done that way, there'd be a few vacant ones atm
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Old 7 Apr 2009, 06:50 (Ref:2435670)   #13
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FPR's 3rd License???? They plan to have by Winton Perhaps?
Its one distinct possibility

What is Mr Thompson doing these days?
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Old 7 Apr 2009, 07:04 (Ref:2435674)   #14
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PhaseIII should be qualifying in the top 10 on the grid
not much ATM!
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Old 7 Apr 2009, 07:33 (Ref:2435692)   #15
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Oh, and I still don't get who were talking about here, if someone wants to elaborate
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Old 7 Apr 2009, 07:38 (Ref:2435696)   #16
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Where did Steve Owen find a pot of money?

How did Tim Slade get the seat alongside Ingall ahead of Jacques Villeneuve?
Because Slade actually intended to be in the same country when the races were held?

Hasn't Fiore already stuck his hand, and wallet up?
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Old 7 Apr 2009, 08:10 (Ref:2435716)   #17
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Oh, and I still don't get who were talking about here, if someone wants to elaborate
TKR.
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Old 7 Apr 2009, 08:38 (Ref:2435729)   #18
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Because Slade actually intended to be in the same country when the races were held?
One could almost argue that Slade had far superior tin top ability than Villeneuve...
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Old 7 Apr 2009, 09:49 (Ref:2435776)   #19
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TKR?.... Ssshhh!!!
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Old 7 Apr 2009, 10:29 (Ref:2435813)   #20
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touring fan01 should be qualifying in the top 5 on the gridtouring fan01 should be qualifying in the top 5 on the gridtouring fan01 should be qualifying in the top 5 on the grid
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Oh, and I still don't get who were talking about here, if someone wants to elaborate
Doesn't need much imagination to draw the conclusion that its a team from the 'Land of the Long White Cloud'...........
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Old 7 Apr 2009, 19:24 (Ref:2436127)   #21
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mountainstar should be qualifying in the top 5 on the gridmountainstar should be qualifying in the top 5 on the gridmountainstar should be qualifying in the top 5 on the grid
Can't wait till all this is done and dusted and over with.
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Old 7 Apr 2009, 22:00 (Ref:2436287)   #22
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Can't wait till all this is done and dusted and over with.
The fat lady has her new dress on, has done her warm up vocal exercises, and should be coming to the podium to perform shortly.

Presuming any of this actually happened
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Old 7 Apr 2009, 23:19 (Ref:2436314)   #23
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The fat lady has her new dress on, has done her warm up vocal exercises, and should be coming to the podium to perform shortly.
She has been singing a twisted - hi-bred - Kiwi/Oz version of "Tell Laura I love her" for far too long...

For God sake someone please put the fat cow out of her misery.
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Old 8 Apr 2009, 00:59 (Ref:2436344)   #24
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Im glad that some else finds that song extremely painfull as well
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Old 8 Apr 2009, 02:58 (Ref:2436370)   #25
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The fat lady has her new dress on, has done her warm up vocal exercises, and should be coming to the podium to perform shortly.

Presuming any of this actually happened
Well maybe they'll hold station long enough for one last t-shirt sale bonanza at Hamilton.
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