AVESCO Legal action by Chinese

[Gudgeon]

I had a call over the weekend saying that there was a news report in Qld that AVESCO had been issued with a Supreme Court writ by its original Chinese promoter /Agent I could find nothing in the Print media and the AVESCO Web site is silent on the issue .
Can anyone confirm this it could be a reason why China was called off

[Crash Test]

I doubt the V8 website will say that they are being sued!

[Ric Wilson]

They're going to give TC the "Chinese Burn".

[Vee8]

Any idea which media reported it?

[Ric Wilson]

Apparently it will hit the Supreme Court b4 July. Just confirming the source of this info.

[Also a Believer]

Ric the wealth of knowledge, watch out GTR you have a competitor it would seem.

Let me have a go, It will hit the news before june 21, hold on while i go and make up ( confirm) my source.

[Ric Wilson]

Originally posted by Also a Believer
Ric the wealth of knowledge, watch out GTR you have a competitor it would seem.

Let me have a go, It will hit the news before june 21, hold on while i go and make up ( confirm) my source.

Let's just quote this for fun You can apologise later.

[Also a Believer]

Pretty tricky rick

[Amaroo Park]

Could this be a case of "Chinese whispers"

[TSR]

Originally posted by Ric Wilson
They're going to give TC the "Chinese Burn".

Fingers crossed, could not happen to a nicer person( is he one).

[D.R.T.]

I love it, cant wait. Maybe AVESCO"S day is coming

[single keel]

Let me have a go, It will hit the news before june 21, hold on while i go and make up ( confirm) my source.

I wouldn't joke too much, there is a lot of truth in what Gudgeon is saying about the AVESCO/Chinese promoter lawsuits.

Interesting times ahead.

[GTRMagic]

Gudgeon has long been a source of interesting information on this forum, and again he/she has shared another gem with us.

There is noise around and about that AVESCO's deal with China Development Corporation (these guys have interesting names huh ) is in the courts... and there are some unsavoury details coming out...

Like how AVESCO is said to possess a sum of money in its bank accounts equivalent to half the 2004 cost reimbursement from the developers.

Some tiny little number was bandied about... like around $12m....

Now while I dont necessarily believe the number is correct, the quantum of the dispute centres on the inability of CDC to get their shyt together and organise the circuit and event to AVESCO's satisfaction.

There is likely a contractual remedy... but interestingly seeing how CDC is an intermediary as opposed to an operator of motorsport events, if they get a slice of the pie... perhaps the noise will go away... and they can deal with the backers in a different way....

This is all very very interesting

[Placebo]

Hey GTR, I thought CDC stood for Communicable Disease Centre.
Maybe the black wiggle has a drip, drip, drip problem.
Or is that just Chinese water torture.
(Sorry - couldn't help myself).

[single keel]

Interesting times ahead.