The buyout is real, and it's going down

[FCYTravis]

http://www.shareholder.com/cart/EdgarDetail.cfm?CIK=1051825&FID=1209191-03-17403&SID=03-00

This is one financial topic I think we can discuss here.

Looks like a group of...

Kevin Kalkhoven
Paul Gentilozzi
Gerry Forsythe

[FCYTravis]

Big Bang Racing, HQed in Lansing, is a Gentilozzi arm...

The address for Willis Capital, LLC is the exact same address as that of Indeck Co.

[speedvis]

Time to beat my chest a little....

Let's see... I guess ol' Roger Penske is wrong about the demise of CART.

CART will be back for 2004!

Hit it Will,....

You can't bring me down... you can't stop this.... you can't stop this....

[indyracer56]

I have lost all interest.

A schedule that is 99% street races will be total crap.

If that is what the "New Cart" will be you can keep it.

They will be just like F1....whoring themselves out to whatever P.O.S. track will pay the scantion fees.

And dropping all of the real races tracks off of the schedule.

Total crap.

[FCYTravis]

Originally posted by indyracer56
A schedule that is 99% street races will be total crap. And dropping all of the real races tracks off of the schedule.

Total crap.

I agree with you. If that were to happen.

But as of now, we have no reason to think that Forsythe and Gentilozzi would be interested in dropping the natural terrain road courses for a bunch of street races.

The jury's out on the future of CART.

But we now know that CART at least has a future.

One step a time there, indyracer.

[AlJRFAN]

Does this buyout include motorock junk, i really hope not!

[220mph]

So far a single, as yet unconfirmed, purchase of of 3 million shares (or a whopping $6 million dollars) - hardly enough to fund the series for another year. And before they commenced their high-fiving they mighta wanted to consider that this group does NOT have anywhere near voting control - the vast majority of Forsythes share are not under his voting control.

When you show me where they are gonna come up with sufficient funds to run a series next year that will be the first real step.

If there is a 2004 I suspect we'll see 10 or so races contested by 15 or 16 cars. Better than nothing I guess and it could be something to build on.

Far from a group of angels with beaucoup Bernie Bucks so long rumored, what this amounts to is a last ditch effort, after no real suitor showed up, for these guys to salvage their investments.

Nothing more nothing less. A positive in that CART may live to race another year, but hardly cause for any kinda big celebration.

[SteveH]

"Nothing more nothing less. A positive in that CART may live to race another year, but hardly cause for any kinda big celebration."

Oh come on, I'm celebrating because if CART goes private I don't have to read any more quarterly report posts here at TF.

[dreamracer]

Originally posted by indyracer56
I have lost all interest.

A schedule that is 99% street races will be total crap.

If that is what the "New Cart" will be you can keep it.

They will be just like F1....whoring themselves out to whatever P.O.S. track will pay the scantion fees.

And dropping all of the real races tracks off of the schedule.

Total crap.

Let's wait and see.

It will have streets as a theme yes, but...

So long as you don't have guys like Carl Haas who have thier hand in every effen' pot in the place (Promoter, Team Owner, Chassis Distributor, BoD member and shareholder) it just might work. These new owners didn't get rich off any IPO. (Forsythe was rich already). They are coming in and buying a fixer upper if there ever was one.

How they renovate it will determine whether the "house" is worth the land it will be built on.

Will they re-build it right, or cut corners? We'll see.

Either way, the "great tracks" that they might drop (in favor of an urban race that makes money - after the gate AND the B2B deals are added up), are hard to stay at when they lose money like water through a sieve, AND there are but a few opportunities to do business and generate corporate sponsorship for what was a "damaged" motorsports product. Times are different. We all know that sports have to rely on the corporate dollar today and this business is no different.

I willing to wait and see before I write the whole thing off. If it becomes "Fast and the Furious" part III, with neon and hip-hop, then I'm not interested.)

[Cygni]

Actually, the deal is for 20,264,400 shares (6 "different" buyers of 3,377,400 shares.)

But who controls OPEN WHEEL RACING SERIES LLC, and 21ST CENTURY RACING HOLDINGS LLC, or are they independent?

All that really matters it what the ratio of Forsythe/Kalhovenvennene/Gentilozzi. Looks like at least 35% Forsythe, at least 10% Kal, and 20% Gentilozzi.

[Brickman]

Originally posted by 220mph
and the crapperKids are going wild.

no real clue why . . .

So far a single, as yet unconfirmed, purchase of of 3 million shares (or a whopping $6 million dollars) - hardly enough to fund the series for another year. And before they commenced their high-fiving they mighta wanted to consider that this group does NOT have anywhere near voting control - the vast majority of Forsythes share are not under his voting control.

When you show me where they are gonna come up with sufficient funds to run a series next year that will be the first real step.

If there is a 2004 I suspect we'll see 10 or so races contested by 15 or 16 cars. Better than nothing I guess and it could be something to build on.

Far from a group of angels with beaucoup Bernie Bucks so long rumored, what this amounts to is a last ditch effort, after no real suitor showed up, for these guys to salvage their investments.

Nothing more nothing less. A positive in that CART may live to race another year, but hardly cause for any kinda big celebration.

Where there is smoke there is fire.

IF C^RT rights itself and plays to it's strong had it will be a win win for road race fans, if they dump road race courses in favor of the streets they will turn of as many fans as the keep.

The only drama left will be how much is trimmed from 2004 so that the new guys don't bleed red like Pook has been doing, and what stockholder lawsuits are created because the emptying of the coffers.

I personally believe that the future for CART is much brighter once it goes private.

[dreamracer]

Well, Kevin Kalkoven is listed for ALL 6 of those transactions as at least either Owner, Manager, or Attorney-in-Fact.

So people say he's "cooled to the idea" of getting involved with CART, eh?

Interesting.

Because it looks like he's VERY much in play here. Maybe Kalkhoven was the big fish "representative" that Pook landed in the previous offseason.

Gentilozzi getting involved was a coincidence too? Unlikely, no?

So suddenly the new guys are gonna ressurect this bird? What about all the old hats in the pitlane?

What advantage does Forsythe have in divvying up his stock with those guys?

To me, in my unedumabecated opinion, this has been brewing since the beginning of talks to get them to come to CART to run teams in the first place.

What do they see that others don't?

[speedvis]

It's a confusing document because K & G filed together. There is ONLY 15 MIL shares outstanding. They bought 3.3 MIL combined... ie 20% or so.

What matters is that these two men are backing the series, and we are getting ready to go private.

It's been a long run..... time to put the Forum financial analysts to bed. They are beyond boring and trite.

Viva CART!

.... It's time!

[indycool]

While all the pros and cons are getting their undies in a bunch over this, look at what's happening here.

The Canadian investor is apparently tied to George Eaton, a buddy of Vannini's, and the 6.2 percent bought added to Vannini's 8.8 percent is around 15 percent.

This shapes up as a [email protected] proxy fight between the Kalkhoven/Forsythe/Gentilozzi group and their shell companies and Vannini/Eaton. The stock price may actually go up next week as everyone fights for a few more shares/votes and fights for the right to pay themselves in a tender offer.

Those who believe the recent moves are the magic wand to CART's continuation don't seem to realize that these moves just tangle things up further. Please notice: There is no tender offer yet, from anybody, to buy the company. They're still just jockeying for position.

[speedvis]

IC... more speculation.... I'm so surprised.

EVEN IF.. you were right.... I'd rather have multiple people interested in the future of CART.

... thought I'm rooting for the K & G group.