Translation, please?

[debdrake]

Could someone translate this into english, please?

http://www.shareholder.com/cart/Edga...3&SID=03-00#F1

[FCYTravis]

Essentially it means that Gerry Forsythe, Kevin Kalkhoven and Paul Gentilozzi (through shell companies) have bought 3,377,400 shares of MPH - approximately 20 percent of the outstanding shares.

Combined with Forsythe's existing holdings, it gives the three (acting as Open Wheel Racing Series, LLC) either a controlling interest or **** close to a controlling interest in MPH. Thus they can then petition the CART BoD to make a tender offer for the remaining shares and take MPH private again.

To break down the shell companies:

Willis Capital, LLC has exactly the same address as Indeck Power Equipment Co. That's Forsythe, obviously.

Big Bang Racing, LLC is just across town from Gentilozzi's headquarters. Probably it's a PG shell company.

The others are all headquartered where Kalkhoven's offices are.

[don7031]

A quick check on Yahoo shows that Forsythe directly owns 3,377,400 shares (same amount as the trio owns under Open Wheel Racing Series). Indirect ownership is listed as 3,242,400.

The identical share amount leads to the question of whether additional shares have been acquired or if Gentilozzi and Kalkhoven have bought into Forsythe's interest. If the latter is the case, a SEC filing on the disposition of Forsythe's shares should be forthcoming.

[Jim Wilke]

Originally posted by don7031
A quick check on Yahoo shows that Forsythe directly owns 3,377,400 shares (same amount as the trio owns under Open Wheel Racing Series). Indirect ownership is listed as 3,242,400.

The identical share amount leads to the question of whether additional shares have been acquired or if Gentilozzi and Kalkhoven have bought into Forsythe's interest. If the latter is the case, a SEC filing should on the disposition of Forsythe's shares should be forthcoming.

Gentilozzi and Kalklhoven have apparently acquired some of Forsythe's holdings. I believe they have 10 days to file.

[debdrake]

So if they're buying from Forsythe, that actually doesn't increase the number of shares they own, and doesn't give them control, correct? It only means Forsythe has found some suckers to eat part of his loss...?

[SamC]

Originally posted by debdrake
It only means Forsythe has found some suckers to eat part of his loss...?

Yep, that is the translation.

[Mackie]

Kevin Kalkhoven will be hailed as a savior now and soundly trashed as a traitor when he finally stands up from "the position" and pulls up his pants, regretting the money wasted and the "ride" he got!

[Railbird]

LOL


I love this

[Doc Austin]

Originally posted by Railbird
LOL


I love this

Well, it's more fun to talk about racing, but no one is interested in that. Oooops! I'm using the dreaded "r" word on the biz forum!

Did the guy really pay one cent per share or I need to clean my glasses?

[Jim Wilke]

Financial/legal mumbo jumbo. Par value as opposed to market or real world value.

[jetdoc]

Originally posted by Doc Austin
Did the guy really pay one cent per share or I need to clean my glasses?

If he DID he overpaid Doc!

[don7031]

Originally posted by Railbird
LOL


I love this

So what do you love? That here on TrackForum the information was correctly interpreted? If so I concur. We do reserve a collective pat on the back for figuring out that Open Wheel Racing Series didn't in fact acquire stock beyond that which was already owned by Forsythe, thus Open Wheel Racing Series doesn't have a near majority stake in CART as claimed by those wearing CART colored glasses.


Fixed just for Mesquite.

[mesquite]

Originally posted by don7031
So what do you love? That here on TrackForum the information was corrected interpreted? If so I concur.

I think being "corrected interpreted" caused me to get a "C" on a mid-term once.