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Are the CART lawsuits settled?

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  • Are the CART lawsuits settled?

    From the annual report...



    Litigation expenses for the three months ended June 30, 2003 were $1.4 million; there were no comparable expenses in the same prior year period. The expenses relate to settlements of several pending lawsuits and arbitrations, partially offset by bankruptcy claims.
    and



    CART is updating its expectations for 2003 in light of recent settlements of several pending lawsuits, arbitrations and bankruptcy claims as discussed above and updated expectations for our remaining co-promoted and self-promoted events.
    Rest in Peace, Miles Nelson

    Never forget, 'Mackie' was here.

  • #2
    Are you kidding? I think it hasn't even started to heat up yet. You can bet some of the cheezed off stockholders are going to want to hold someone accountable. And with the way cart has burned up the stockholder's money, they might have a really good case.

    Remember that the Uncle Joe suit was never settled. Vannani is out there. I still say we haven't seen the last of Grosfeld.

    And there are still contracts with all the promotewrs to be considered. If cart is forced to downsize the schedule, venues that lose contracted dates will want some sort of compensation.

    No, it's just begun.
    "Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"

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    • #3
      Joe and Judd are still pending.

      John Vinni to come, probably. Maybe more??????

      I think it's something like Stars of Karting that was paid off to go away?? Not sure of the name. Not sure what the deal was.

      I dont know what happend to the Road America suit? Did CART steal more then they should have, or let the rightful owner, RA, keep it??

      How about the two previous owners suing for engine distribution problems?

      Bankruptcy?? Was that Raceworks that CART "purchased?" Wasnt that the track with 13,000 paying customers? Or another track?

      How many more were there????
      "OWRS did not return phone calls."

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      • #4
        Originally posted by OW fan in OK Joe and Judd are still pending.
        Oh, John Judd is an interesting one. I believe that one is starting out at $20 mil.


        John Vinni to come, probably. Maybe more??????
        And Grosfeld. You can count on me telling you all that I told you so when it happens, because it will.


        I think it's something like Stars of Karting that was paid off to go away?
        That was with Brian Herta and it got squared away. I think Bobby Rahal has some sort of influence in it now. If cart flops, I hope he take the program to the ALMS. We won't have any American drivers without a decent kart program.


        I dont know what happend to the Road America suit?
        I think Mario straightened it all out, but remember they screwed the fans yet again by not only running merely half the scheduled laps, but 1/3 of those were under caution. I don't guess the fans will want to go back for more of that, even though the crowd was already reported as disappointing. I can't imagine RA wanting another debacle like that. I can see a lawsuit stemming from that.


        Did CART steal more then they should have, or let the rightful owner, RA, keep it??

        Wheeeeeeeeeee! You are going to get banned from cr*pwagon before you even register!!!


        Did CART steal more then they should have,
        It would be interesting to see what the Texas fan's perspective is on that.


        How many more were there????
        I suspect we may never know the exact number because of payoffs and backroom settlements, not to mention sweetheart deals.
        Last edited by Sybil D. Sobydianz; 08-12-2003, 10:23 PM.
        "Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"

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        • #5
          CART announced in their guidance of 7/22 that they had "settled a lawsuit." There was only one and it was for a fairly small amount, so it was likely either Wells, Della Penna or the two of them combined. That left the big claims of Judd and Heitzler outstanding. Supposedly, the remaining lawsuits were settled last week in anticipation of the big sale but nothing definite has been said for sure. And that only addresses the pending suits. I would guess that Vaninni has his suit in his hand and is waiting to see what he can squeeze out of the new private CART group. If he doesn't like what they offer, he is heading to court.

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          • #6
            Originally posted by Jim Wilke
            CART announced in their guidance of 7/22 that they had "settled a lawsuit." There was only one and it was for a fairly small amount, so it was likely either Wells, Della Penna or the two f them combined.

            Thats the owners names I couldnt remember. Thanks.

            That left the big claims of Judd and Heitzler outstanding. Supposedly, the remaining lawsuits were settled last week in anticipation of the big sale but nothing definite has been said for sure.

            IF the suits were settled to assist in taking it private,,, would those funds have come from the shareholders money??
            Ya know, the money that people invested in MPH,, trusted the leaders to do the right thing with THEIR MONEY and their SHARE OF THE COMPANY??
            So, if I understand correctly, the INVESTORS money was blown by wealthy men playing with expensive toys, and the INVESTORS money was used to pay off obstacles to allow a purchase of their company out from under them???? And, they can also expect to be "thanked" for the THEFT of their money by being repayed pennies on the dollar during the buyout???? :mad:
            "OWRS did not return phone calls."

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            • #7
              That makes sense, Jim. It goes along with the *** report that the new owners won't accept anything other than a lawsuit-free company. The 7/22 report said "A lawsuit." Until the SEC filing goes up on EDGAR, we won't know which one. If MPH wished, it would've announced which one, but they're hiding it at least till God-Save-the-Queen day on Friday. Another piece of the puzzle is the "dead cat bounce" of the stock price to closing at $1.83 today. These guys are shark businessmen. They aren't going to pull the trigger until the stock sinks to its absolute lowest possible moment. When *** was reporting that it was "close," the stock price hit $1.40, so it was "close." Until the day traders, wheel dealers and short sellers get out of the penny stock market and drive this thing down further (legally or illegally?), the new ownership group, which has ranged and rumored among dozens of big boys on the forums for a year, just ain't gonna pull the trigger until they can cut their absolute best deal. And then there's Vannini.
              "The lunatic fringes on both sides need to be written off." -- stnky pete

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              • #8
                I guess that pretty much means any public offerings in the future, regarding sports, will be scruntinized pretty closely, to say the least. There are a lot of ramifacations here, but that's why it's in the racing BIZ forum.
                My major malfunction is...I want the people I love and respect to live forever...The problem is...Life don't work that way...

                P.S. Questions, comments, death threats, invitations to a pigs bris, my number is still (317) 809-4483

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                • #9
                  All things considered, they better stuff Super V's pockets full and make him smile, or he's gonna rain on their parade, and open a great big can of worms, that just won't go away, ever.
                  P.S. Opinions are like anal orafices, everyone has them, and they all stink. But that's mine.
                  My major malfunction is...I want the people I love and respect to live forever...The problem is...Life don't work that way...

                  P.S. Questions, comments, death threats, invitations to a pigs bris, my number is still (317) 809-4483

                  Comment


                  • #10
                    Jack, think you're right. Vannini's the **** in the punchbowl. He's either going to: A) Cut a deal for himself to be made whole a la Grosveld, or B) Sue the h3ll out of Pook, board members, etc. and tie up the whole deal in the process. He has grounds for a formidable suit because both Pook and the BoD have made serious errors. All the floaters about BE are one. All the floaters they've spoon-fed to Mark C. and RM are another. Vannini's holding a lot of cards right now. Time will tell if he "knows when to hold 'em, knows when to fold 'em, knows when to walk away, knows when to run," as the Kenny Rogers song goes. That song ends with "you can't count your money while you're sittin' at the table. There'll be time enough for countin', when the dealin's done."
                    "The lunatic fringes on both sides need to be written off." -- stnky pete

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                    • #11
                      Just going to throw this out there.

                      It could be that Forsythe and company have no intention of buying CART, but would rather start anew while retaining what they want from the current CART schedule. So it is in their best interests to appear to be on the verge of buying CART to dissuade other suitors while waiting for CART to go belly up.
                      I wish I knew - Dennis "Cutty" Wise

                      When its game time, it's pain time! - Terrible Terry Tate

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                      • #12
                        For me, that would bring up this question:

                        How does that fit in with the fact that Forsythe already owns 24.9 percent of the company already?
                        Rest in Peace, Miles Nelson

                        Never forget, 'Mackie' was here.

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                        • #13
                          Looks like that money is gone either way.

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                          • #14
                            It's like pissing in the wind talking to these guys isn't it?
                            Nolan Ryan was once bitten by a coyote

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                            • #15
                              Gerry has been doing this for 20+ years. I don't see him quitting on this now, even though his holdings are severly compromised.

                              Quite the opposite actually. He's not Chip Ganassi.
                              Rest in Peace, Miles Nelson

                              Never forget, 'Mackie' was here.

                              Comment

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