IRL makes a bid - Page 2

power&glory · 23 Jan 2004, 05:34 (Ref:847849)

DON'T FORGET

Judge Otte is not obligated to give any asset to the highest bidder.

The Judge has the final say based on what he believes to be in the best interest of the series.

He has made special exceptions and pushed this process far ahead of where it should be so that OWRS would be able to have a shot at going racing in 2004.

He wouldn't have made those exceptions only to turn around and do what's most certainly in the worst interest of the series - he knows that the IRL would (save a handfull of races) shut it down, and that that's why their there in court.

He will allow the IRL representatives to purchase some equipment at the most. But not race contracts- Fred Nation has made clear that the IRL can't implement any of these events in '04, and would kill most of them and run a few in '05.

This is not your typical auction- the the IRL could concievably outbid OWRS on every asset and not get any of it.

macdaddy · 23 Jan 2004, 09:47 (Ref:847962)

KEEP THIS THREAD ON TOPIC.

Mags... You were asked what TEO stood for, and you used the opportunity to slide in point #3. Are people bashing you alot around here? I don't get it. Sorry you're "sad"

We'd appreciate it if you critiqued our modding outside of the board. There are other ways to do this.

No threads will be allowed to follow in the footsteps of a certain recent "Dario" thread... Mudslinging ain't gonna be tolerated. TALK MOTORSPORT. Don't talk rubbish.

macdaddy · 23 Jan 2004, 09:49 (Ref:847965)

The "rubbish" part was not aimed at Mags specifically.
Didn't mean it to sound that way.
It's aimed at everybody, really.

Fogelhund · 23 Jan 2004, 11:29 (Ref:848084)

P&G

The Judge has the final say, and will do what is best for the shareholders. The series itself is irrelevant.

Judge Otte may very well allow the "IRL group" to purchase contracts. They are in court to maximize shareholder value, in a auction.

Certainly OWRS has been making as much talk that Nation is stating that IRL isn't ready to race on road courses, yet IRL people state they have they bits, and are looking to go this year. That doesn't preclude IRL people running Champcars, in much the same manner OWRS does, and then merging the two series in 05'.

Again, lets see if we find out any snippets of what the bids actually are. We are speculating again on items we don't know anything about.

BootsOntheSide · 23 Jan 2004, 12:10 (Ref:848124)

There are indeed a lot of questions to be answered - maybe the IRL has only bid for some spares and a few of the races it wants, or maybe they've bid for everything. Maybe they have a definate plan to keep the series running for 2004 before a merger? It seems too soon for some of the sweeping statements being made by people on both sides here, although the notion of the IRL being the onyl series representing 'unity' seems comical. By thet logic, if you kill you estranged wife/husband, you're now a unified couple?

Mags · 23 Jan 2004, 15:59 (Ref:848361)

Quote:

Originally posted by macdaddy
KEEP THIS THREAD ON TOPIC.

Mags... You were asked what TEO stood for, and you used the opportunity to slide in point #3. Are people bashing you alot around here? I don't get it. Sorry you're "sad"

We'd appreciate it if you critiqued our modding outside of the board. There are other ways to do this.

No threads will be allowed to follow in the footsteps of a certain recent "Dario" thread... Mudslinging ain't gonna be tolerated. TALK MOTORSPORT. Don't talk rubbish.

Excuse ME???

Stating a FACT.. That the Indy Racing League doesn't ever release thier attendance figures, is MUDSLINGING???

SurfaceUnits · 23 Jan 2004, 16:14 (Ref:848379)

You peeps are scruffling over nothing. TIG and the band of miserable miscreants have destroyed what you love. TIG gets nothing, even if he gets everything.

Mags · 23 Jan 2004, 16:17 (Ref:848388)

Quote:

Originally posted by SurfaceUnits
You peeps are scruffling over nothing. TIG and the band of miserable miscreants have destroyed what you love. TIG gets nothing, even if he gets everything.

And Vancouver looses a $60 million dollar revenue generating weekend.

macdaddy · 23 Jan 2004, 17:05 (Ref:848441)

Mags... You know exactly what I'm talking about.

Tim Northcutt · 23 Jan 2004, 20:07 (Ref:848634)

Any bid by the iRL or Grand Am will facilitate the Judge to allow OWRS to amend and submit a new, updated bid....they are not bound by the origianl bid....it would be unfair to allow a publicly announced amount get outbid by sealed bids at the last minute form other parties...

This Judge has a good reputation as a fair-minded man...

Competing bids take this thing to the next step next Wednesday, when OWRS has to submit a follow-up bid, according to the Star article that ran this morning.....but was edited severely before being posted here...

One issue that has not come up at all, but could really be a curve ball in this:

What if the IRL bid or the GARRA bid has a provision to pay $$$ to the stockholders at a set price per share slightly above the going price on the NYSE????

That would certainly sway a bankruptcy judge...and the OWRS deal has zero in it for the stockholders....they get nothing from OWRS...

But we won't know what has hapened til the dust settles later on today...

God this has become a mess!!!!

Fogelhund · 23 Jan 2004, 20:14 (Ref:848641)

My biggest realization here Tim, is that the NASCAR 3, is doing whatever is necessary to monopolize racing in North America. I believe that NASCAR, IRL and GARRA are working together here. Really, that can't be good news to those who don't like their brands and forms of racing.

Tim Northcutt · 23 Jan 2004, 21:55 (Ref:848747)

GARRA says they are not tied with the IRL in this....according to the direct quote from them in today's Indy Star...

Fred nation said that they have inquired about buying CART ove rthe years on a number of occasions...sometimes that price was a high as $400 million...

They feel the "Price is Right"

I'll bet that bid is a hefty one....

Who knows...maybe they see this as every $$$ that OWRS spends to acquire, the less they have to run the Series with...

If this IS an auction format as it has been described by the Star and others, this is an open shoting match....

IRL and GARRA could run the prices of the engiens, the contracts, etc. as high as they want, then ultimately drop their bids to make OWRS pay through the nose for everything they get...

If this auction format is the case....this thing is going to be two, possibly three wide-open checkbooks...we'll find out who really wants it bad enough...

Dov · 23 Jan 2004, 22:50 (Ref:848789)

From another forum....

I just got word that TG sent out a 3 page "notice" to all OW teams that he intends to unify OW in NA with his bid for CART assets.

He goes on about how IRL has ALWAYS intended to go road racing and street racing, and he "has been under tremendous pressure" to take the IRL road racing and this is the time. He has had the opportunoity to purchase CART before, but this just happens to be "the right time".

RaceTime · 23 Jan 2004, 23:06 (Ref:848801)

LANSING, Mich. (Jan. 23, 2004) – The Indy Racing League’s (“IRL”) submission of a bid for selected assets of Championship Auto Racing Teams, Inc. (“CART”) has only reinforced the Open Wheel Racing Series, LLC (“OWRS”) commitment to preserve the future of open-wheel racing through the continuation of the Champ Car World Series.

Any competing bid had to be submitted no later than 9:30 a.m. today. On Jan. 28, U.S. Bankruptcy Judge Frank J. Otte will render a final decision on the disposition of the CART assets.

“We stand by what we’ve said previously,” said OWRS partner Paul Gentilozzi. “We will do whatever it takes to save the Champ Car series and ensure its success into the future. Last-minute posturing and provocation by (Tony) George and his organization only serve strengthen our commitment and dedication to do what’s right for motorsports. To coin a phase, ‘failure is not an option.’

“We have teams representing more than 18 cars, a creative television package, and a great race schedule all ready to go,” continued Gentilozzi. “Our plan calls for a win-win situation for the teams, creditors, sponsors, promoters, and the fans – a fact that will not go unnoticed in the courtroom next week.

“It’s clear what the IRL’s intentions are when you look at which assets they want to purchase,” said Gentilozzi referring to the Long Beach contract and the CART engines, among other equipment. “They want to kill the series, yet they hide that fact under the pretext of ‘unification.’ They’re not fooling anyone.”

OWRS partner Kevin Kalkhoven explained, “The IRL bid specifically excludes the teams and their employees. Furthermore, it excludes the other races and promoters which reached more than 2 million fans. Their bid does not take into account the tens of millions of dollars of future liabilities that would be accepted by OWRS. We intend to preserve the teams and sponsors.

“No amount of posturing by the IRL will determine the ultimate fate of the Champ Car series. The issue will be decided in a court of law, based on the facts presented,” concluded Kalkhoven.

SurfaceUnits · 23 Jan 2004, 23:19 (Ref:848812)

There are 169 creditors listed in the bankruptcy filing.

GP Racer · 23 Jan 2004, 23:19 (Ref:848813)

Geez, PG, talk about posturing!

Hey, is Forsythe out? There is a rather weak rumor going around that he is, but we also havn't heard a peep out of him for quite some time.

Snrub · 24 Jan 2004, 00:03 (Ref:848865)

Why would we assume Forsythe is all of the sudden out? He's never been very public about CART. It's been clear from day one of the OWRS bid that PG and KK were the public face of the bid.

What about TG's recent posturing? I agree that PG is posturing, but it's what people do in that sort of situation. During Pook's term he postured plenty. TG has postured from day one of the IRL.

SurfaceUnits · 24 Jan 2004, 00:11 (Ref:848873)

There's also a weak rumor going around that by buying certain C^RT assets, TiG will magically unify NA open wheel racing. No wait, that's a crack induced hallucination.

GP Racer · 24 Jan 2004, 00:27 (Ref:848888)

Quote:

Originally posted by Snrub
Why would we assume Forsythe is all of the sudden out? He's never been very public about CART. It's been clear from day one of the OWRS bid that PG and KK were the public face of the bid.

What about TG's recent posturing? I agree that PG is posturing, but it's what people do in that sort of situation. During Pook's term he postured plenty. TG has postured from day one of the IRL.

There was a rumor posted on paddock talk web site, that an article came out in a newspaper, where it said "the TWO owners of OWRS came out with a statement". In other words, they only mentioned OWRS as having two owners in the article. Its weak, and I admitted that, it could easily be a typo, or a reporters mistake.

I think TG's posturing is pretty weak compared to PG. PG went from being TG's "friend" to attacking him like a pit bull in heat. I think IMHO, a percieved deal between the two went sour. TG didn't make very many comments, and never really did as series owner, until only recently, and they don't seem nearly as venomous as PG's statements have been. Thats just my perception though.

Snrub · 24 Jan 2004, 00:48 (Ref:848905)

PG mentioned ONCE about talking to TG and said they had a good relationship. I think he was simply trying to create further buzz about OWRS. It seemed pretty weak to me when he said it. It wasn't posturing of substantial substance so I fail to see why you bring it up in every thread.

TG didn't say much, but it's pretty clear he has no intension of "uniting" open wheel racing. It's pretty clear that he never had any vision for the IRL other than to take full control of open wheel racing from CART. Given that some critical injuries to CART were a result of causing anger of the engine manufactureres. I couldn't believe that he would ignore the basic principles of his series and massively devaluate the investment Toyota & Honda made by comming into his series.

GP Racer · 24 Jan 2004, 01:05 (Ref:848917)

Well, few, if any of us has been able to stick to our original vision, we had for our own lives. Situations change, that dictate adjustments to our vision.

Same with this series.

Snrub · 24 Jan 2004, 21:39 (Ref:849609)

TG's vision was that he wanted control over CART. He found an area he could survive in and aimed to grow. As opportunities came along he capitalized. The point is the he blatenly lied about this and sold out. My pont is that compare this to the minor critisims of PG and I don't see what there is to repeatedly complain about regarding PG. From my perspective I don't really care that much about TG. I don't like the guys, but my biggest problem is that he doesn't get racing. That's why I don't like the IRL. If the IRL completely mimiced the on track action of CART from a few years ago then I'd be a supporter of it.

SurfaceUnits · 27 Jan 2004, 03:21 (Ref:851837)

R.M.'s Latest

http://www.speedtv.com/commentary/9524/

BTW, Jimmy's fuel man just died, on CSI:Miami anyway.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
What makes you buy a car?	Mattracer	Road Car Forum	20	5 Oct 2004 23:39
What makes the best the best?	neilap	Formula One	3	30 Jun 2002 20:15
Some new GP makes	KC	Bike Racing	4	2 Mar 2002 18:42
[TV] If it makes you mad........I'm sorry!	F1FAN	Armchair Enthusiast	2	13 Feb 2002 22:06
It makes me so mad!	DNQ	Australasian Touring Cars.	6	1 May 2001 09:29