Bankruptcy hearing extended to January 28th (merged)

[indycool]

Sorry if I come off as appearing very harsh on this, but I have a very special personal contempt for liars, in any circumstance.

[GP Racer]

Not harsh at all, indy.

As a matter of fact, I would have thought investors like flatspot would have been more harsh on the payment of all this money to PG and company. Especially now that it looks like they'll be using that payment, which is the investors money, to take the series private in order to make it profitable.

And the investors be damned...

[Flatspot]

I agree indycool and GP Racer. Anyone who intentionally deceives investors should be prosecuted and I would be the first to get after it.

I guess my viewpoint here is not that there was intentional misinformation but rather gross over-estimation by Pook and his staff regarding the potential generation of revenue through new sponsorship, television rights, event promotion, increasing sanctioning fees etc.

Take a look at the statements made by C^RT in their 8-K's of 6-16-03, 7-24-03 and 8-12-03 C^RT SEC FILINGS

Some may read them as "Don't worry, trust us, everything will be OK", I read them as saying "We're in deep doo unless we are able to accomplish some near impossible tasks given the current economic climate but, we're going to give it a go." This especially in light of the change in frequency of the filings.

I guess its all in the interpretation.

[indycool]

Possibly, Flatspot. But the 7/24 filing was the first financial guidance in 1 1/2 years announced by CART and CART had to do it to clean up what Pook said at the annual meeting, that CART had enough money for 2004. After that point, lies were at a minimum because they largely shut Pook up.

Also, when it came time to say they were in deep doo so the stock price would fall so OWRS could get it for a song, they did a good job of that. I don't know if it can be proven or not, but there are those on this board and others who allege the stock price was manipulated by all of this and was illegal.

[GP Racer]

I don't want to sound like a conspiracy theorist, but...

Do we know why PG, KK, and GF, who would later become OWRS, were paid all that money? Did Pook and these guys know early in the 2003 season that they were going to take this thing private? So they spent everything to basically make the stock worthless, then bought it up for a song and started their own series using the money Pook paid to them.
Pook leaves with his "golden parachute" and the OWRS guys get some free money to start a series with, again, no risk to themselves.

It brings back the old Watergate question, "how much did they know, and when did they know it".

I don't want to reach to far, but that article raises alot of questions as to how this all came to be...

[Omega99]

I suppose that's possible, but they would have known the risk of destroying the series if their plan didn't fly, and I don't think any of them came this far to do that.

[macdaddy]

Wake me up when it's all over.

[GP Racer]

Just trying to keep you gainfully employed here during the off months macdaddy!

[The Snout]

When did this forum become so stiff. It's like you have to turn up these days in a suit with briefcase in hand.

[Flatspot]

I think its just the nature of this particular thread coupled with the fact that nothing else seems to be happening on the ChampCar front right now.

By the way, nice tie!

[The Snout]

The funny thing is Flatspot, I'm actually wearing one right now, and my breifcase is about 2 feet from me.

[The Snout]

Flatspot, on advice of my attorney sitting next to me, I'm withdrawing that last post.

[Dov]

Originally posted by macdaddy
Wake me up when it's all over.

I think Macdaddy is pleading the 5th on this discussion.

[GTRMagic]

Originally posted by Flatspot
I guess my viewpoint here is not that there was intentional misinformation but rather gross over-estimation by Pook and his staff regarding the potential generation of revenue through new sponsorship, television rights, event promotion, increasing sanctioning fees etc.

So alleged apparent incompetence and negligence stemming from that alleged apparent incompetence is something that should be ignored??