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Old 28 Sep 2003, 16:40 (Ref:732926)   #76
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This is where the rubber will meet the road. Gentlemen, start you keyboards!
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Old 28 Sep 2003, 19:56 (Ref:733073)   #77
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What ever happened to wild card Vaninni? Wasn't he proclaimed as the fly in the ointment?
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Old 28 Sep 2003, 20:04 (Ref:733097)   #78
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Should Vaninni choose to fight, he will surface on the heels of the proxy statement.
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Old 4 Oct 2003, 13:10 (Ref:740277)   #79
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Hi I am from Australia and the street race in Surfers Paradise all swings around CART and how it,s affectionately known down here as "INDYCAR" in fact evry now and then Tony George *****es about the aussies using and trading off the name as the deal was done in 91 whilst cart was still friendly with the INDIANAPOLIS SPEEDWAY .
Could it be possible that Australian promoters 50% Government of Queensland and 50% IMG, could be having secret talks with Tony George to dissolve the CART contract and take on "INDY RACING LEAGUE" ! Very close to "INDYCAR"
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Old 4 Oct 2003, 17:03 (Ref:740416)   #80
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Whoops! Wrong Thread.

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Old 5 Oct 2003, 04:15 (Ref:740752)   #81
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Quote:
Originally posted by rossp1
...
Could it be possible that Australian promoters 50% Government of Queensland and 50% IMG, could be having secret talks with Tony George to dissolve the CART contract and take on "INDY RACING LEAGUE" ! Very close to "INDYCAR"
Ross, you wouldn't happen to have some inside insight to this, would you???
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Old 5 Oct 2003, 12:50 (Ref:741003)   #82
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I am an insightful person !!
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Old 5 Oct 2003, 14:17 (Ref:741055)   #83
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Just banking on my own experience, I'd guess the continued reference to CART as "IndyCar" indicates nothing more sinister than that people don't change their terminology easily and would rather stay with a term they are used to. I began calling myself Liz in 1985, yet there are many people who still address me as Katie -- not because they have an agenda, but because (1) I answer to it and (2) they are lazy.
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Old 5 Oct 2003, 15:08 (Ref:741087)   #84
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why did you change you name to Liz?
any way- What is the hold up on the buyout?
who is benefitting from this delay and who is really putting up a fight? the intentions are clear, apporved and beneficial.
and in Racer magazine Tony george says the big difference in IRL and CART is one is private and the other is operated publicly, so they cannot merge and will just be different and the winner rises to tthe top- in so many words or so...
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Old 5 Oct 2003, 16:28 (Ref:741125)   #85
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I'd say half of the people (maybe even more) in Toronto still refer to the cars at the Molson "Indy" - it's just what they're used to what people know. Even when I'm explaining what kind of racing I like to follow, I still find myself having to say "Like Indycars, but..." Some people have heard of Cart - as it's been the term since 1996 onward, but I have yet to come across anyone outside of the racing circles that knows what a Champcar is.
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Old 5 Oct 2003, 23:20 (Ref:741418)   #86
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And if you ask a USAC driver or pit crew what a Champ Car is, they'll say it's a Silver Crown car. Andrew Craig stole that name for CART.
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Old 6 Oct 2003, 03:33 (Ref:741496)   #87
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gttouring, the holdup on the buyout is that a bunch of steps hafta be taken. Gentilozzi said the OWRS proxy statement would go to the SEC for review this week and they've asked for an expedited review. If the SEC finds things in it it doesn't like, it gets kicked back for modifications. It then goes to a vote of the shareholders for approval. If the shareholders don't approve, the deal's off. ANd Vannini still lurks with his lawsuit threat that could delay the entire process. This isn't the slam dunk that some are predicting it is.
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Old 6 Oct 2003, 03:42 (Ref:741500)   #88
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thanks Indycool-what a suk pain in the ass, who in CART would get sued if they decided to say CART was dead and called it CHAMPCAR world series, and start as if CART failed? And let the Stockholders holding stock for a non existant series?
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Old 6 Oct 2003, 11:54 (Ref:741797)   #89
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If Vannini or someone else sues, they'll most likely go after some CART board members for conflicts of interest. In December 2001, he filed conflict of interest charges with the SEC about BoD members. Mainly, he'd be going after MPH's liability insurance carrier on its board of directors, which brings more money into the pot to go after.

If such a suit happens and/or is successful, or the shareholder vote goes down, I'd guess OWRS would forget about CART (which would go into bankruptcy) and start an independent series of its own for its proposed teams and backers. That, IMO, would be an option then and is an option now.

The question in that scenario would be engines, because CART owns $4 million worth of them, but those could be purchased from the bankruptcy receiver. The question mark is time.
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Old 6 Oct 2003, 16:36 (Ref:742111)   #90
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The plot thickens:Possible MPH Stock Delisting

The thing I don't know is;
If the stock is delisted and suspended by the SEC does the buy-out still have to be approved by the SEC or is this just a very smart way to push the deal through without shareholder approval? If approval is still required after it is suspended is there any possible reason a shareholder would not take the $.56?:confused:
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Old 6 Oct 2003, 16:53 (Ref:742123)   #91
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Can't follow your link without a password, Flatspot.
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Old 6 Oct 2003, 16:58 (Ref:742127)   #92
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http://www.nyse.com/cgi-bin/ny_news?...0/06-10:41-760|PR-10/06-09:31-595|PR-10/03-15:57-958|&sp=1

INDIANAPOLIS, Oct. 6 /PRNewswire-FirstCall/ - Championship Auto Racing Teams, Inc. today reported that it has received formal notification from the New York Stock Exchange that the Company had fallen below the NYSE continued listing criteria as the Company's average market capitalization is less than $15 million over a 30 trading-day period and the average closing price of its security is less than $1.00 over a consecutive 30-trading-day period.

In order to enhance information available to investors, the NYSE makes available on the consolidated tape an indicator, ".BC," if a company is below the NYSE's quantitative continued listing standards. This indicator will be transmitted with the Company's symbol on and after October 7, 2003.

The Company must notify the NYSE on or prior to October 14, 2003 of its plan to cure the deficiencies or be subject to suspension and delisting procedures. If the Company does not submit a plan that is found acceptable by the NYSE, or the Company cannot affirm an intent to cure, the Company will be subject to immediate suspension by the NYSE and delisting by the SEC, in which case the Company would pursue having its common stock quoted on the OTC Bulletin Board ( OTCBB). The Company does not expect to submit a plan nor does it expect to be able to affirm an intent to cure the deficiencies.



- Can anybody explain what's going on here?
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Old 6 Oct 2003, 17:30 (Ref:742156)   #93
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Thanks for fixing my bad macdaddy.
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Old 6 Oct 2003, 18:45 (Ref:742225)   #94
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There are actually two issues here:
1. Delisting from the NYSE mans the stock goes off the Big Board and into the OTC ranks. CART, at this point, probably will enjoy this because it kinda takes 'em off the radar screen a touch and OWRS won't care anyway.
2. Briefly this morning, the SEC suspended trading in MPH. It's been rejoined an currently is at $.57 on volume of 96,200 shares. It isn't yet clear why the SEC suspended trading but it was for a brief period.
3. It changes nothing in relationship to the buyout and the procedures to effect the buyout. If anything, it tends to spook the shareholders into really, really believing that the company's going down the drain and the buyout is the only way to regain a few bucks.
4. Vannini still lurks.
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Old 7 Oct 2003, 05:19 (Ref:742570)   #95
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Quote:
Originally posted by indycool
There are actually two issues here:
1. Delisting from the NYSE mans the stock goes off the Big Board and into the OTC ranks. CART, at this point, probably will enjoy this because it kinda takes 'em off the radar screen a touch and OWRS won't care anyway.
2. Briefly this morning, the SEC suspended trading in MPH. It's been rejoined an currently is at $.57 on volume of 96,200 shares. It isn't yet clear why the SEC suspended trading but it was for a brief period.
3. It changes nothing in relationship to the buyout and the procedures to effect the buyout. If anything, it tends to spook the shareholders into really, really believing that the company's going down the drain and the buyout is the only way to regain a few bucks.
4. Vannini still lurks.
2 issues here and you name 4 points ? Ever considered a gig in attendance counting ?

So seriously, when is this Vannini going to show up, what's the most appropriate window for him to take any possible legal action ? If he takes legal action and fails does that leave him open to a counter suit for screwing up the potential buyout ? I'm interested. It's just that I thought he would have had enough material by now to have a launch at something. That's only if he's going to, nothing solid so far.

Last edited by The Snout; 7 Oct 2003 at 05:20.
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Old 7 Oct 2003, 05:38 (Ref:742574)   #96
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Yeah, Snout, kinda miscounted there, didn't I...originally thought of the first two points, then the others.

Where Vannini is concerned, he pretty much seems to be sitting back and waiting for a payoff. Heaven only knows what lawyers might be telling him, or how he plays this game.

Latest speculation I've heard is that he'll wait till the proxy statement is filed. There's also some thinking that he'll fight the shareholder vote first, then file.

Then there'll be the merits of the suit to discuss, if and when he files, whether he really has something to sue about or it's frivolous.

He's been very quiet since the deal was approved by the BoD and he said he "certainly won't vote for it."
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Old 7 Oct 2003, 16:46 (Ref:743181)   #97
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From grandprix.com:

CART warned about share price by NYSE

The New York Stock Exchange has officially warned CART about its poor share price because the company has fallen below the NYSE's listing requirements as its average market capitalization has been less than $15m for more than 30 trading days and its share price has been under a dollar for the same period.

The Company must notify the NYSE on or prior to October 14 of its plans to fix the problem or face suspension and delisting procedures. If no plan is forthcoming the firm will be automatically suspended from the NYSE by the Securities and Exchange Commission.

The only apparent hope now is that the deal with Open Wheel Racing will be voted through by the CART shareholders.

http://www.grandprix.com/ns/ns11981.html

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Old 7 Oct 2003, 16:55 (Ref:743193)   #98
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can vanninni be sued or counter cued for blocking a sale that is for the good of the series and the people in volved in it as a lively hood. Him trying to block it last minute seems pure egoism not sound finacial strategy- OWRS is going to buy on 50 cents to the dollar, and it is currently trading at 0.57
he is being a ***** and a ******* for this. I know the dollar is almighty to some but...

Last edited by macdaddy; 7 Oct 2003 at 17:01.
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Old 7 Oct 2003, 17:15 (Ref:743208)   #99
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gttouring, as I understand it from reading his comments here and there, Vannini feels like the shareholders have been screwed by management, possibly illegally. In the OWRS/CART proxy statement released today, it shows projections for '03, as of late August, at $134.8 million in expenses and a loss of $83.7 million for '03. It may be his contention that CART burned the cash to make it attractive to private investors to purchase, lowering the stock price because of the diminishment of assets, to the detriment of the shareholders. When it went public, then it has answered to shareholders and it appears at times that Pook and the BoD play pretty fast and loose with the shareholders' money. For example, does it make sense to splurge on lights at Milwaukee and Cleveland and buy Miami when it's financially supporting all the teams to have a grid and put the '04 season in peril? Some wouldn't think so.
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Old 7 Oct 2003, 17:18 (Ref:743210)   #100
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OWRS has issued its preliminary proxy statement.
It can be found here:

http://www.shareholder.com/CART/edgar.cfm
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