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CART issued an SEC filing this morning:
SEC filing
It appears that somebody is asking questions about CART's sudden collapse; how could this company have been rolling right along and 9 months later they are going out of business? Deloitte and Touche want to make sure their butts are covered here.
On November 11, 2003, in response to a request by management that Deloitte & Touche LLP ("D&T"), Championship Auto Racing Teams, Inc.'s (the "Company") independent auditor, reissue its report on the Company's financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2002, in connection with the filing by the Company of a proxy statement on November 13, 2003 relating to the pending transaction with Open Wheel Racing Series LLC, D&T informed management that D&T's report on the Company's financial statements as of December 31, 2002 and 2001, and for each of the three years in the period ended December 31, 2002 would include an explanatory paragraph indicating that developments during the nine-month period ended September 30, 2003 raise substantial doubt about the Company's ability to continue as a going concern. The report and financial statements referred to in the previous sentence, including unaudited financial information as of September 30, 2003, and the nine month periods ended September 30, 2003 and 2002, are filed as part of this Report.
It appears that somebody is asking questions about CART's sudden collapse; how could this company have been rolling right along and 9 months later they are going out of business? Deloitte and Touche want to make sure their butts are covered here.
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