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Walker resigns from CART Board

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  • Walker resigns from CART Board

    INDIANAPOLIS, Aug. 19 /PRNewswire-FirstCall/ -- Championship Auto Racing Teams, Inc. (NYSE: MPH - News) announced today that team owner Derrick Walker has relinquished his position as a member of the Championship Auto Racing Teams, Inc. Board of Directors, effective immediately. In making his decision, Mr. Walker cited that he was sensitive to the potential for an appearance of a conflict of interest in connection with decisions regarding the future of the company, and that he felt his resignation was in the best interests of the company and its shareholders.

    Chris Pook, CART's President and CEO, offered his thanks to Mr. Walker for the contributions he made as a Board member. "Mr. Walker has provided the CART Board of Directors with useful insight and expertise during his tenure and will be missed," Pook said. "We appreciate the time and effort he has devoted to CART, his wise counsel and his support of the series."

    Press release

  • #2
    He's just now realizing the potential for conflicts of interest?
    It's a Hoosier thing, you wouldn't understand...

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    • #3
      He probably smells death in the air. I don't think this will remove Derick's name from the conflict of interest suit. He was paid 6 million in C^RT stockholder moneny this year, for what?
      Tara was the name of our cat.

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      • #4
        Walker chose to resign this week. Next week, I suspect most of the cart BOD will be taking this approach......................

        http://www.punchbaby.com/media/gitfa.../unolympic.mpg


        Turn up for sound for maximum effect.
        "Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"

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        • #5
          Vannini is turning up the heat. I bet the SEC is all over this deal before the dust settles. Given how Wall Street firms have been treading lightly around these types of stink bombs lately, it wouldn't surprise me one bit to see Bear Streans bail out too. I mean are they really going to recommend the board accept the low ball offer when the liquidation value is over twice as much? I'd love to see them try to justify that.

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          • #6
            Let me post semi-positive on this, these are not stupid people, with a lot more to lose then money, I would venture to say that some of the best securities lawyers in the country are helping them tip toe through the mine fields on this.

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            • #7
              who wrote this script?

              he's like the getaway guy that realizes his buddies are busted when the cops foil the heist, and then walks away as if nothing ever happened ... who? me? no, I dunno anythin officer !
              http://brianswish.trackforum.com/brianswish_main.htm/

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              • #8
                Originally posted by Tara
                He probably smells death in the air. I don't think this will remove Derick's name from the conflict of interest suit. He was paid 6 million in C^RT stockholder moneny this year, for what?
                DOH!
                http://brianswish.trackforum.com/brianswish_main.htm/

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                • #9
                  I don't follow CART that much...

                  Let me see if I understand all of this. A few years ago CART decided to go public. Took in millions of shareholder dollars. Doled millions of it out to some of the car owners. Pissed away many more millions and now is down to about 40 million give or take 10 million. Decides to go private, spews doom and gloom just before a group of insiders decide to form a company and make a ridiculous tender offer of .50 a share. There is something like 14,000,000 shares. That's something like 7 million dollars to acquire 30-50 million. Sounds like a deal to me...

                  However, I doubt if some of the shareholders who are NOT insiders will seeas a good deal. Not to mention the fact that Pook and company have a fiduciary responsibility to ALL the stockholders, not just the ones he is cozy with....


                  I visualize shareholder lawsuits. Some shareholders will not give a hoot about the longterm viability of the company and might want a little more than .50 for their share of that 30-50 million....Could get interesting.


                  P.S.....What a bunch of crooks.....

                  Comment


                  • #10
                    You guys would have complained had he stayed, and are complaining now that he's leaving. Hmmm... I guess that proves a point.
                    If it doesn't have wings... It isn't worth talking about!

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                    • #11
                      Originally posted by speedvis
                      You guys would have complained had he stayed, and are complaining now that he's leaving. Hmmm... I guess that proves a point.
                      sorry speedvis, no point to be made other than he's gettin outta dodge, while there's still a chance. honestly speaking, after he pulled the stunt with Sarah last year I lost all respect for him and since he's fell off the radar screen for who/what matters in racing. JMHO
                      http://brianswish.trackforum.com/brianswish_main.htm/

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                      • #12
                        Re: I don't follow CART that much...

                        Originally posted by chrisg
                        P.S.....What a bunch of crooks.....
                        Only Mike Tyson blows money at that rate, now CART is in negotiations with that bunch of sleaze to see just how badly they screw the investors out of the leavings. If anyone cared about the people that put their trust in this pack of rats, the best thing to do would cancel the rest of the season and liquidate TODAY! That would be the best thing for the investors, it would give them more money then the dog and pony show that is about to happen, but why worry about them. In there is indeed $40 million left, it would amount to $2.71 a share, before any of the assets are sold.

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                        • #13
                          Yeah, Mackie, $2.71 a share to close the doors vs. $1.20 (actually down as low as $1.11 yesterday) on the market and $.50 as a tender offer. A sixth-grade math teacher could figure this out, even if the 7th Graders haven't or are in denial.

                          And Tara, you're right about the $6 million Walker blew....as far as conflicts of interest go, he's too little, too late in avoiding being named in a lawsuit.

                          Think we're going to see a lot of histrionics and posturing but this is all for show. It's obviously going to be cheaper and easier for a Kalkhoven, etc., to just start a new series and everyone forget about CART except the stockholders who have lost their collective cabooses.
                          "The lunatic fringes on both sides need to be written off." -- stnky pete

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