Carrera Cup placed into Liquidation???

[mountainstar]

Originally Posted by lala1980

Sherrin Motorsport's creditors list totals $4.5m, Carrera Cup $1.2m and the MINI list $1.4m. How on earth did Sherrin achieve this?

God knows especially with the prices they want and charge for everything.

[cptkablamo]

How does this affect Sherrin Hire???

And do they still have all those BMW's they bought a few years back??? But how they achieved $1.4 with the Minis is beyond me but the rest I could probably understand...

[lala1980]

Sounds like cash has been sucked out of the categories. The former head of Sherrin Motorsport is now out there canvassing former customers to race with them again.

[cavvy]

Originally Posted by cptkablamo

How does this affect Sherrin Hire???

And do they still have all those BMW's they bought a few years back??? But how they achieved $1.4 with the Minis is beyond me but the rest I could probably understand...

My understanding is the cash came from the sale of the Sherrin businesses to Boom Logistics ( the Russell Carrera Cup car sponsored as a result of that transaction?).
The Sherrin Motorsport business - is it a money spinner?

[GTRMagic]

Originally Posted by cptkablamo

How does this affect Sherrin Hire???

Sherrin Hire was bought out by Boom Logistics Limited (an ASX listed company) Here so should be isolated from this mess.

It does besmirch the Sherrin name of course

The numbers being suggested above are enormous... and more likely reflect that the category suppliers allowed conventional financial terms to slide, in the interest of maintaining the category... the last thing a Porsche or a BMW-Mini would want to be seen to be doing would be to fold the category manager for payment, it wouldnt show them in a good light... or do much for the resale value of the existing equipment.

The Sherrin operation had some grandiose plans, built a new workshop, took on those 120i BMW's, Carrera Cup, Minis, trying to build something like a Racer Industries/Revolution Racegear from scratch... and (from the outside at least) very much over investing compared to the anticipated returns.

I presume this now means the Sherrin Motorsport CC's wont be appearing at the next 2 rounds?

[lala1980]

They plan on racing at the final 3 rounds. The mechanics are being offered jobs in the "new racing entity". I am sure the suppliers who have been dudded by the brother will be keen to catch up with the "new business"

[GTRMagic]

Oh sweet, a "phoenix"

[deano2]

if they turn up under a new entity whilst still owing money to suppliers cams should step in and prevent them from racing!!!

[GTRMagic]

Originally Posted by deano2

if they turn up under a new entity whilst still owing money to suppliers cams should step in and prevent them from racing!!!

Didnt happen the last time a category manager folded... oops.. allegedly..

[davester]

Originally Posted by GTRMagic

Oh sweet, a "phoenix"

Just like a Qld based V8 Supercar team.

[GreaseMonkey99]

Originally Posted by lala1980

Sherrin Motorsport's creditors list totals $4.5m, Carrera Cup $1.2m and the MINI list $1.4m. How on earth did Sherrin achieve this?

where did this info come from?

[deano2]

there is no way porsche will allow sherrins to compete in a new entity as they wont have a teams agreement!

[lala1980]

The info came from the net liability statements sent to creditors for the 3 companies. Porsche and CAMS have managed to change the Sherrin appointed liquidator to one they want on the case. Those that were at the creditors meeting suggested it was fairly brutal and the Sherrin's dug themselves into deeper holes. Insolvent trading was a common theme (allegedly).

[GreaseMonkey99]

Originally Posted by lala1980

The info came from the net liability statements sent to creditors for the 3 companies. Porsche and CAMS have managed to change the Sherrin appointed liquidator to one they want on the case. Those that were at the creditors meeting suggested it was fairly brutal and the Sherrin's dug themselves into deeper holes. Insolvent trading was a common theme (allegedly).

Cheers. How brutal? Is the 4.5 including Cup & Mini or outside of the other figures?

[lala1980]

Originally Posted by GreaseMonkey99

Cheers. How brutal? Is the 4.5 including Cup & Mini or outside of the other figures?

The guy who attended said the lawyer representing Porsche and then CAMS gave Sherrin plenty. As the MD he was hung out to dry. Evidently there was support from Porsche to see the year out and the lawyer was trying to find out why he shut down Carrera Cup when he did not have to.

The other juicy bit was that Sherrn Motorsport lost $1.8m to Dec 07 and a further $800,000 in the six months to June. They pretty much suggested its demise dragged down the 2 categories.

Not completely sure if $4.5m was inclusive. The staff who attended could not confirm what the Bank was owed.

[GTRMagic]

Um, given that there was almost zero commercial sponsorship (i.e. non-Sherrin Group) aboard the Carrera Cup cars, nor a series sponsor of any scale, is there any surprise that the category manager fell over?

Perhaps Mr Ridge's Q-Media shall be more successful

[GTRMagic]

Interesting to see that Sherrin through its Sherrin Rentals and Boom Logistics brands are still sponsoring Nathan Geier in the Mini challenge and David Russell in Fitzy's Carrera Cup.... :rolleyes;

[GTRMagic]

Originally Posted by SMH 13/9/08 - Grays Online Auction Ad ONSITE AUCTION - SHERRIN MOTORSPORT
9.30am Tuesday 23rd September
Unit 3, 218 Fison Avenue West, Eagle Farm, Brisbane, QLD

[i

Under instructions from Smith Hancock (Chartered Accountants) in the matter of Sherrin Motorsport Pty Ltd {in Liquidation)[/i]

VEHICLES & TRAILERS: 4x transporter pantech trailers (2x 4 car, 1x dropdeck, 1x A-trailer); 06 Mitsubishi fighter pan; 04 Isuzu twin cab tray truck; 07 mini (Mini Challenge race car), 2x 04 BMW 120i; 06 BMW 130i; 05 Toyota SRS twin cab

WORKSHOP: Dyno 450AWD, Wheel aligner, 5x 2 post hoists, tyre changing workshop equipment,

OFFICE FURNITURE, IT & RETAIL STOCK

Sale #4185 Overview & pictorial details available on www.graysonline,com.au

Online auction of retail stock (clothing and safety equipment) sale numbers #70314 and #70315

The Grays Online website hasnt got this auction catalog live just yet

What is curious is where are the rest of the BMW's, and the Carrera Cup cars... plus the 996 cars they still operated...

[lala1980]

I expect all the BMWs have been sold. The brother was looking to buy the 3 997s (probably for the phoenix operation with former Sherrin Commercial Manager running them). I heard the 996s were purchased by a GT3 Cup Challenge competitor.
Looks like there is a really good Mini Challenge race car there. Cheap way to get in the national series.

[GTRMagic]

Presumably the 130i is the B12 class winner from last year?

[alfacors]

Originally Posted by GTRMagic

Interesting to see that Sherrin through its Sherrin Rentals and Boom Logistics brands are still sponsoring Nathan Geier in the Mini challenge and David Russell in Fitzy's Carrera Cup.... :rolleyes;

Wasn't the Sherrin Hire business sold to Boom Logistics?

[cavvy]

Got the ownership bit wrong GTR ! Boom are listed, bought the Sherrin crane hire/rental business - the Sherrin boys are p...ing the proceeds !!

[Matthew Ronke]

http://www.graysonline.com.au/sale.asp?SALE_ID=4185

http://www.graysonline.com.au/sale.asp?SALE_ID=70314

http://www.graysonline.com.au/sale.asp?SALE_ID=70315

[GTRMagic]

Interesting to see that the Sherrin brand wont be lost to motorsport, funding a 2 car Howard Racing BF family next season for Mr Russell & Mr Sherrin, according to MeN....

I wonder how the creditors of the above feel about that

[Sheep Stations]

Just the name itself is bound to stir the blood of many...but he's the 'other' brother, not the one who caused all the financial carnage and remains hiding out with Bin Laden.

Although, give this Sherrin his dues, got more front than Myers to turn up in the paddock when there is so much aggro about surrounding the name