Vote is set... Dec 19th 10AM.

[speedvis]

We cordially invite you to attend a special meeting of stockholders of Championship Auto Racing Teams, Inc. to be held on December 19, 2003, at 10:00
a.m., local time, at Championship's headquarters, located at 5350 Lakeview Parkway South Dr., Indianapolis, IN 46268. At the special meeting, we will ask you to vote on a proposal to adopt the Agreement and Plan of Merger we entered into on September 10, 2003 pursuant to which Open Wheel Racing Series LLC will acquire Championship. In the merger contemplated by the merger agreement, a subsidiary of Open Wheel Racing Series will merge with and into Championship and Championship will become a wholly owned subsidiary of Open Wheel Racing Series.

First DOWN!! and GOAL.

Step by Step... CART will be just fine!!

[dreamracer]

Good.

Get this thing finalized....

[Hardscrabble]

Now comes the hard part...getting the votes.

At $0.56 a share, and the bath that many have already taken, how many will vote "no" just out of spite?

It may yet go through, but it still may not.

[mesquite]

Originally posted by Hardscrabble
Now comes the hard part...getting the votes.

At $0.56 a share, and the bath that many have already taken, how many will vote "no" just out of spite?

It may yet go through, but it still may not.

So now the TFers are betting on "spite." I thought all you self-proclaimed legal eagles said suits would come one after another, that all that was needed was one thing to go wrong to cancel the the whole buy out, that the SEC would never ever let a thing like this happen, that it was all a ploy to liquidate and pillage the coffers ... and now your argument is ... spite.

[Hardscrabble]

No, I'm not betting on spite. I just think this is hardly first and goal, that's all.

I think the vote could go either way and I haven't a clue which way shareholders are leaning.

When it comes down to anyting that shareholders have to vote on, there are no guarantees, that's all.

[ventman]

?

I have managed investment portfolios for a living for many years. Someone explain to me why anyone would own this stock to the end. Attachment disorder?

[speedy badger]

Can someone help me here?

Let's just say that the buyout does not pass and CART goes under. What is to stop the OWRS from purchasing all of the liquidated assets and picking up the pieces and assuming the schedule as if they had purchased CART? I realize that this would require a number of newly written contracts, but I would assume that these talks have already taken place. Isn't the probability pretty high then that some version of CART will exist in 2004?

[Cygni]

What is to stop the OWRS from purchasing all of the liquidated assets and picking up the pieces and assuming the schedule as if they had purchased CART? I realize that this would require a number of newly written contracts, but I would assume that these talks have already taken place. Isn't the probability pretty high then that some version of CART will exist in 2004?

Bing bing bing!

And talking stock price... CART closed at 53 cents a share today. Taking 56 seems like the smart thing to do, unless you want the few cents if cart liquidates. It certainly wont equal 53 cents a share, let alone 56.

Add in the fact that Forsythe, Kal, and their other various friends make up a BIG chunk of the shares... and everyone else who still owns CART stock probably is a fan of the series. Things are looking pretty good... but not great.

[indyracer56]

Originally posted by speedy badger
Isn't the probability pretty high then that some version of CART will exist in 2004?

I would think so.

And if it does, I will be watching.

[indycool]

Speedy, nothing is wrong with what you say. A new paragraph in the current proxy statement said that OWRS believes some of the covenants of its offer are not currently met and if the merger goes "no," OWRS may be interested in purchasing some assets pick-and-choose. It says that notification was made to CART two days ago (Nov. 18).

Under the arrangement, Forsythe/OWRS' 3-plus million shares will NOT be voted. That means the vote needs a majority of the rest, approximately 11 million shares, overwhelmingly institutional shareholders. Another new statement in the current documents says that the CART BoD can waive this provision if it feels like it to get the merger through.

There is also a condition by which shareholders can "perfect" their shares, meaning get a financial appraisal of their worth through the courts. If 16 percent appraise, then the deal is off.

There's an overwhelming number of checks and balances in this and all kinds of ways that the thing can go because of them, but, as the elephants with million-dollar bills, lawyers and accountants in their trunks collide, the shareholders themselves are pretty much sitting in the stands eating their popcorn deciding what to do.

And then there's a PO'd Vannini sitting there controlling 1.2 million shares.

How it plays out is anyone's guess.

[speedvis]

Save it for splitsville. I'm not interested.

We're going racing in 2004!

[indycool]

Speedvis, you posted racing biz news here rather than Splitsville against what I understood the rules to be and it's being discussed. My post wasn't inflammatory.

If you want to discuss it here and the mods want to let us discuss it here, so be it. If the mods move it to Splitsville per the rules they set up, they move it. No biggie.

[speedvis]

Originally posted by indycool
[B]Speedvis, you posted racing biz news here rather than Splitsville against what I understood the rules to be and it's being discussed.

No...

I thought it was important for CART fans to know the news that affects them. They seem to have understood that.

I'd only put it in splitsville if I wanted the "other series" opinion.

[indycool]

For one time in a row, Speedvis, we agree. I thought it belonged here in the first place but the rules changed when the Splitsville forum opened and I've abided by them.

My post just pointed out some possible scenarios, that's all, and were in direct response to a couple of questions on the thread. No flames, no scorched-earth. Whatever the mods want to do.......

[speedvis]

possible scenarios, that's all