it's showtime
http://finance.lycos.com/qc/news/sto...story=35652542
rh
it's showtime
http://finance.lycos.com/qc/news/sto...story=35652542
rh
I wonder when the first lawsuit will be filed.
SENÓR MODERATOR......
"Better To Be Judged By Twelve Than Carried By Six"
" Only Those Who Will Risk Going Too Far....Can Possibly Find Out How Far One Can Go "...T.S. Elliot....
time to bury the dead and move on.
It's GF and KK time for better or for worse.
CART will be just fine!
If it doesn't have wings... It isn't worth talking about!
I suspect the lawyers are hard at work as I type this...Originally posted by dog-ring
I wonder when the first lawsuit will be filed.
I'm from a place called the internet. Nothing disturbs me.
Gentlemen, start your lawyers!
NOT going to get me depressed tonight! NOT on this one! CART will be just fine!
Red gloves rule. Red gloves rule.
Just read the thing.
1. OWRS can cancel for any reason any time in the next eight days.
2. Pook's quoted as saying that the cost and liabilities of liquidation would outweigh the sale price.
3. Forsythe's 3,377,000 shares will not be voted as "disinterested" shares, so the shareholder vote will be determined on the basis of the remaining 11,300,000 shares so a majority vote is around 5,600,000 shares.
4. Vannini and the recent Canadian purchaser hold roughly 2.2 million shares. Vannini was quoted at *** today that they are talking to him and "nothing is resolved." I'd imagine the paperwork has already been drawn up by his lawyers and could be filed as early as tomorrow.
5. The BoD only got six more cents out of OWRS, not the 75 cents that was being bandied around. MPH closed at $.89 on minimal trading today. That may trigger a selloff in the next couple of days that could drive the stock price down to the 56-cent level -- particularly if Vannini and OWRS get in a proxy fight.
6. The release says they expect the transaction to be completed "near the end of 2003." With the possible minefields to travel through may still be a hardship for teams and venues.
7. The total sale price OWRS will be paying will be roughly $6.34 million plus Forsythe's stock. Sale price of ALL stock, or market cap, at $.89 is a little over $13 million.
Time will tell, but this deal is far from done.
Well in the spirit of the moment... I've chained up my lawyers... no fine for copyright infringement.Originally posted by RaceChic
CART will be just fine!
btw... What's a 1000 lawyers at the bottom of the ocean?
Under the terms of the agreement, Open Wheel Racing Series may terminate the agreement on or prior to September 18, 2003 if Open Wheel Racing Series in its discretion determines that it is inadvisable to proceed with the transaction for any reason whatsoever. Open Wheel Racing Series insisted on this termination right so it could complete its due diligence process.
Where's vannini?
"Is that my *** that I smell burning?" ... Helmet Stogie from "Death spasms of the Mabuchi"
His lawyers office ready to pull the trigger....Originally posted by Doc Austin
Where's vannini?
Racing is life...anything else before or after is just waiting-Steve McQueen
Where's Russo? Where's MotoRock!?
Russo and MotoRock are both involved in Motorock.Originally posted by Jim Wilke
Where's Russo? Where's MotoRock!?
I thought Gentilozzi was the one principal associated with Motorock.
Something has changed. On August 18, the official press release said:
linkOpen Wheel Racing Series is a newly formed holding company owned indirectly by a group of investors including Gerald R. Forsythe, Kevin Kalkhoven, Paul Gentilozzi, Carl Russo and Motorock LLC
Now, Russo's name has disappeared and MotoRock! appears to have been reduced to a role of "collaboration."
The better CART looks the more insecure you guys get. It's going to be an interesting week.
The better CART looks? 56 CENTS A SHARE????
Bear in mind that every stock holder who is holding this stock paid far over that price some 10-20-50 times as much. I am not at all certain this offer will be accepted by the stockholders.
In the meantime, there is no purchase, no schedule, no teams, no sponsors, no viable business plan, the stock will be de-listed and go to the pink sheets, Vaninni lurks with Eaton, Pook can't decide if there's enough money or not, Russo's in, he's out, D-Prod Joe is warming in the wings. Yeah, CART looks great.
mmmm maybeOriginally posted by speedvis
CART will be just fine!
Vannini throws cold water on buyout announcement CART announced today that they negotiated a deal with Open Wheel Racing to buy CART for $0.56 per share. We telephoned Jon Vannini this evening to get his take on the press release. Vannini stated, "In my judgment, this buyout proposal is pure fantasy. I simply don't see the majority of shareholders voting in favor of this deal. I know I certainly won't. What's more, it seems highly unlikely to me that all, or even most, of the conditions that they (OWRS) have placed on this deal will be met."
rh
ps, i hear that was from mc@***
Depends on what your comparing it to. Against WalMart, it sucks...against another American formula car series, they have the best numbers published.Originally posted by Jim Wilke
The better CART looks? 56 CENTS A SHARE????
Bear in mind that every stock holder who is holding this stock paid far over that price some 10-20-50 times as much. I am not at all certain this offer will be accepted by the stockholders.
In the meantime, there is no purchase, no schedule, no teams, no sponsors, no viable business plan, the stock will be de-listed and go to the pink sheets, Vaninni lurks with Eaton, Pook can't decide if there's enough money or not, Russo's in, he's out, D-Prod Joe is warming in the wings. Yeah, CART looks great.
Last edited by doitagain; 09-11-2003 at 04:58 PM.
You'll note about midway through the announcement, they mention that if they were to liquidate, the stockholders would wind up with less after settling outstanding debts, contracts, etc. versus taking the 56 cents.Originally posted by Jim Wilke
The better CART looks? 56 CENTS A SHARE????
Bear in mind that every stock holder who is holding this stock paid far over that price some 10-20-50 times as much. I am not at all certain this offer will be accepted by the stockholders.
In the meantime, there is no purchase, no schedule, no teams, no sponsors, no viable business plan, the stock will be de-listed and go to the pink sheets, Vaninni lurks with Eaton, Pook can't decide if there's enough money or not, Russo's in, he's out, D-Prod Joe is warming in the wings. Yeah, CART looks great.
Originally posted by speedvis
btw... What's a 1000 lawyers at the bottom of the ocean?
A good start!
(What, nobody knew that one before now?! It's one of the oldest lawyer jokes there is!)
Then they get NOTHING. I'lll spell it out for them and you....Originally posted by Jim Wilke
I am not at all certain this offer will be accepted by the stockholders.
N O T H I N G
Wrong.In the meantime, there is no purchase, no schedule, no teams, no sponsors, no viable business plan
Conjecture.the stock will be de-listed and go to the pink sheets
More conjecture.Vaninni lurks with Eaton
You post a quote that says exactly Pook's position, which is for all practical purposes the company is BANKRUPT, and then forget it.....Pook can't decide if there's enough money or not
Conjecture.Russo's in, he's out
[QUOTE]Prod Joe is warming in the wings[/QUOTE
Conjecture.
The ONLY thing you got right.. Yeah, CART looks great.
Isn't it interesting that those who have been saying all along that the cash burn was as bad as it was, from Forrest Bond to our own Jim Wilke, were right?
It seems to me that Chris Pook and the BOD were more concerned about keeping up appearances and taking care of themselves, then they were about protecting the value for the stockholders, which should have been their #1 priority.
If they knew that there was no way to keep the company going by the middle of the season, at the latest, shouldn't they have closed the doors and liquidated then, so that the investors could have recouped more of their investment?
I think that the folks who invested in this company have been taken for a ride...and I don't see why they will just smile and say "OK, sell my investment for pennies on the dollar".
It doesn't go that way in the real world, and this is the real world.
Way to go!!!!Originally posted by skypigeon
A good start!
(What, nobody knew that one before now?! It's one of the oldest lawyer jokes there is!)
btw... They were too busy with the crocidile tears for the poor defenseless stockholders. They were forced to hold onto the stock at gun point.
WWWWAAAAAAHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!
By the way, Speedvis, what's the difference between a lawyer and a catfish?
see EXITE.COM, NORTHERNLIGHTS.COM, and just about anything .com and then remake that statement. Not that I am happy for people that rode this stock all the way to the bottom but, nobody was holding their feet over the fire making them keep the stock. The stock has been on the open market for them to buy, sale, short or long. If buying stock was a guaranteed money maker we would all be rich. MPH was never a recommended buy from any major firm and was always a high risk purchase. If you mess with fire, your may get burned.Originally posted by indyracer56
I think that the folks who invested in this company have been taken for a ride...and I don't see why they will just smile and say "OK, sell my investment for pennies on the dollar".
It doesn't go that way in the real world, and this is the real world.
I don't know skypigeon....Originally posted by skypigeon
By the way, Speedvis, what's the difference between a lawyer and a catfish?
What is the difference between a lawyer and a catfish?
But www.excite.com and www.northernlight.com are both still in business, so what is your point?Originally posted by Area54
see EXITE.COM, NORTHERNLIGHTS.COM, and just about anything .com and then remake that statement. Not that I am happy for people that rode this stock all the way to the bottom but, nobody was holding their feet over the fire making them keep the stock. The stock has been on the open market for them to buy, sale, short or long. If buying stock was a guaranteed money maker we would all be rich. MPH was never a recommended buy from any major firm and was always a high risk purchase. If you mess with fire, your may get burned.
My remarks were in regards to the total mismanagement of the company's assets........not the overvaluation of all of the dot-com stocks from a few years ago.
This is more Enron than dot-com.
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