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  • Slap, that is the next sound we will here...

    When Vanini "slaps" a law suit on Pook/CART and the 3 amigos, unless he is part of this. He will want no part of getting something anyway near 50 cents on a dollar for his stock, or whatever CART "negotiates" behinD closed doors

  • #2
    Dude, right now 50 cents is a sure thing. Tomorrow 25 cents might be a dream the way it's going.........................

    Championship Auto Racing Teams, Inc. - NYSE
    Last Trade 10:13 AM ET - Aug 19, 2003
    Price $1.18
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    118-5309

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    I got it!

    I got it!

    I got your number off the wa-all!

    I got it!

    I got it!

    For a good time, for a good time ca-all.......
    "Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"

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    • #3
      Mr. Vannini has the right to vote his shares against any buyout. Until the BOD selects a potential winning bid and bidder, we do not know what the parameters that he will be asked to decide on.

      btw... Mr. Forsythe has made intentions known for almost a year. Yet Mr. Vannini was either NOT invited to join the buyout group, or chose not to join. Why?
      If it doesn't have wings... It isn't worth talking about!

      Comment


      • #4
        Originally posted by speedvis
        Yet Mr. Vannini was either NOT invited to join the buyout group, or chose not to join. Why?
        Vannani usually comes hand in hand with a certain Grosfeld. Sure, that guy sold out already, but don't think a guy who makes his money fleecing corporations for millions is going to take this kind of beating with a smile on his face. Grosfeld and Vannani are surely looking for more than just a little recoup of their money. you had better believe both of them are out for a little payback. Remember, two years now I've been warning of Vannani, and there is always the Grosfeld disclaimer in there too. He's not done, and I'm saying it again. When this guy pops up with some sort of suit in one and and the other stuck out palms up, I expect about 25 bingos.

        Why did they leave Vannini out? Could be they think he's a d*ck.
        Last edited by Sybil D. Sobydianz; 08-19-2003, 10:54 AM.
        "Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"

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        • #5
          Vaninni is trying to be the Andy Evans of Open Wheel Racing. He's a bottom feeder at best, when you look at who his moutpiece is, you really have to wonder about his judgement as well.

          I seriously question what team owner would want to compete in a series where the leadership's experience in racing consists of battling Scott Mayer for position at the back of the Barber Dodge grid. Forsythe, Gentilozzi and friends have experience in all aspects of the sport.

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          • #6
            The Star says, in an offhand way, that Vaninni has already filed his suit. That is news to me and his pal Mark C. hasn't confirmed this yet:

            Before any sale can be completed, pending lawsuits must be settled, including those filed by former CEO Joe Heitzler and major shareholder Jon Vannini. Other lawsuits could be forthcoming if shareholders come to believe the company was mismanaged or its pessimistic financial reports the past few months were an overt attempt to drive down the stock price.
            Indy Star

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            • #7
              Twice in one day... first IC, then JW.... aahh.

              I agree Jim. I've not seen any data definately saying Vannini and CART were in court.

              I thought that Heitzler was a known, but I couldn't point to any one reputable source to prove it. And CART has yet to list outstanding lawsuits, only lawsuits that have been settled.
              If it doesn't have wings... It isn't worth talking about!

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              • #8
                Originally posted by speedvis
                btw... Mr. Forsythe has made intentions known for almost a year. Yet Mr. Vannini was either NOT invited to join the buyout group, or chose not to join. Why?
                Who cares?

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                • #9
                  The word is that CART and Heitzler have agreed to settle, with Joe getting $2 million and a written apology. He was a little miffed when Pook accused him of fraud. I have a hard time believing that Joe gets more than Judd but it appears to be the case. At any rate, the deal is done but the BOD and Pook need to sign it and issue the apology and they are dragging their feet.

                  Again, I fully expect Vaninni to settle if he isn't paid off fairly quickly and if/when he sues, he will drag in everybody for miles around: CART, the BOD, Forsythe, Pook, Ganassi, Patrick, Penske, Tony George, anybody with any money.

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                  • #10
                    Originally posted by speedvis
                    Twice in one day... first IC, then JW.... aahh.

                    I agree Jim. I've not seen any data definately saying Vannini and CART were in court.

                    I thought that Heitzler was a known, but I couldn't point to any one reputable source to prove it. And CART has yet to list outstanding lawsuits, only lawsuits that have been settled.
                    This is what was CART's official stance on the Heitzler issue:

                    On March 26, 2002, the Company filed a complaint against Joseph F. Heitzler, a former director and former chairman, chief executive officer and
                    president of the Company in U.S. District Court, Eastern District of Michigan,
                    Southern Division. The complaint alleges that Mr. Heitzler breached his
                    employment contract, breached his fiduciary duties and intentionally or
                    recklessly omitted to disclose information to the Company in order to induce the
                    continuation of Mr. Heitzler's employment agreement. The suit seeks damages of
                    an unspecified amount. This lawsuit has been removed to California. On March 28,
                    2002, Mr. Heitzler filed a complaint against the Company in the Superior Court
                    of the State of California, County of Los Angeles. The suit seeks compensatory,
                    exemplary and punitive damages in excess of $2.0 million for breach of contract,
                    fraud, negligent misrepresentation, breach of covenant of good faith and fair
                    dealing and declaratory relief. An amended complaint adding a count for tortious
                    breach of contract in violation of public policy was filed on April 9, 2002. The
                    Company intends to vigorously defend itself in this lawsuit. Management does not
                    believe that the outcome of these lawsuits will have a material adverse affect
                    on the Company's financial position or future results of operations.
                    Edgar

                    Sorry for the sloppy formatting. BTW, at the same time, Joe also sued Haas and Patrick as individuals, claiming that they had conspired to push him off the train. No idea if their suits were dropped at the same time as a condition of the settlement but that would not surprise me.

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                    • #11
                      So would you agree that the StarNews article is at least speculative.... at most wrong.
                      If it doesn't have wings... It isn't worth talking about!

                      Comment


                      • #12
                        Originally posted by speedvis
                        btw... Mr. Forsythe has made intentions known for almost a year. Yet Mr. Vannini was either NOT invited to join the buyout group, or chose not to join. Why?
                        A year???? Forsythe was selling the Bernie is buying the series rumor for all it was worth in a feeble attempt to buttress the stock price for the first half of the season. Open Wheel Racing Series came about in the last couple months after it became apparent to all that Pook could not produce Eccelstone.
                        I wish I knew - Dennis "Cutty" Wise

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

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                        • #13
                          Selling the idea to Bernie was Forsythe' s job. Not pooks.
                          If it doesn't have wings... It isn't worth talking about!

                          Comment


                          • #14
                            Originally posted by speedvis
                            So would you agree that the StarNews article is at least speculative.... at most wrong.
                            Maybe prescient would be a better word...

                            Comment


                            • #15
                              Originally posted by speedvis
                              Selling the idea to Bernie was Forsythe' s job. Not pooks.
                              Not true. It was Pook who met with Bernie after Silverstone. It was Pook who leaked much of the talk about "Gerald" and "Bernard." Pook has been hip-deep in the Bernie talk since Day One.

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