rabbit
01-27-04, 03:48 PM
Press Release from OWRS
OPEN WHEEL RACING SERIES, LLC
CONTACT: Wendy Gabers
FOR IMMEDIATE RELEASE
OPEN WHEEL RACING SERIES RESPONDS TO IRL¹S RECENT ASSERTIONS ON ITS COMMITMENT TO OPEN WHEEL RACING
LANSING, Mich. (Jan. 26, 2004) * According to a recent published report,
Indy Racing League (³IRL²) president, Tony George, stated his commitment to
open-wheel racing while suggesting that his appreciation for the sport
surpassed that of the Open Wheel Racing Series, LLC (³OWRS²) partners,
collectively.
³Tony (George) has a funny way of demonstrating his commitment to open-wheel racing,² explained OWRS partner Paul Gentilozzi. ³His willingness to split from CART several years ago to form the IRL is largely responsible for the tenuous state of open-wheel racing today. His only commitment is to buy the assets to keep Champ Car from racing. Our commitment is to rebuild what he, in essence, has destroyed.
³He claims to have an appreciation for open-wheel racing,² continued
Gentilozzi, referencing George¹s comments in the Jan. 25 edition of the
Indianapolis Star. ³But in the end, his intentions have nothing to do with
the future of open-wheel competition, but rather the future and
profitability of his IRL series. He has every right to bid on the assets,
but we take issue with his audacity to veil his intentions under the guise
of unification. To challenge our appreciation and commitment to open-wheel
racing is a direct assault on our integrity.²
OWRS partner Kevin Kalkhoven reiterated that in addition to commitment and a plan for the future, it will take more than just upfront cash to be awarded
the assets. ³We will continue the operation of the Champ Car World Series
and what could better benefit the creditors, teams, and sponsors,² said
Kalkhoven. ³We aren¹t just buying the assets, but we¹re also assuming the
liabilities which could amount to tens of millions of dollars.
³In order to adequately compare the two bids, the Court will look at which
bid will ultimately deliver the highest distribution to the creditors and
which is in the best interest of the estate,² explained Kalkhoven. ³The
judge will assess the elements of each bid to determine how they influence
the total amount of the unsecured claims. Since the IRL bid is purported
not to assume the majority of the liabilities, the other promoter contacts
would become unsecured claims. The damages suffered would be very real, very significant, and very costly.
³In the end, approval of the IRL bid could dramatically increase the amount
of unsecured claims which certainly is not in the best interest of the
creditors,² concluded Kalkhoven.
The IRL submitted a last-minute bid for selected CART assets late Thursday,
Jan. 22, just hours before the legal deadline. OWRS had previously been
approved as a qualified bidder. U.S. Bankruptcy Judge Frank J. Otte will
render a final decision on the disposition of the CART assets in an auction
set to begin at 9:30 a.m. on Wednesday, Jan. 28 in Indianapolis.
### :eek: :D :cool: :thumbup:
OPEN WHEEL RACING SERIES, LLC
CONTACT: Wendy Gabers
FOR IMMEDIATE RELEASE
OPEN WHEEL RACING SERIES RESPONDS TO IRL¹S RECENT ASSERTIONS ON ITS COMMITMENT TO OPEN WHEEL RACING
LANSING, Mich. (Jan. 26, 2004) * According to a recent published report,
Indy Racing League (³IRL²) president, Tony George, stated his commitment to
open-wheel racing while suggesting that his appreciation for the sport
surpassed that of the Open Wheel Racing Series, LLC (³OWRS²) partners,
collectively.
³Tony (George) has a funny way of demonstrating his commitment to open-wheel racing,² explained OWRS partner Paul Gentilozzi. ³His willingness to split from CART several years ago to form the IRL is largely responsible for the tenuous state of open-wheel racing today. His only commitment is to buy the assets to keep Champ Car from racing. Our commitment is to rebuild what he, in essence, has destroyed.
³He claims to have an appreciation for open-wheel racing,² continued
Gentilozzi, referencing George¹s comments in the Jan. 25 edition of the
Indianapolis Star. ³But in the end, his intentions have nothing to do with
the future of open-wheel competition, but rather the future and
profitability of his IRL series. He has every right to bid on the assets,
but we take issue with his audacity to veil his intentions under the guise
of unification. To challenge our appreciation and commitment to open-wheel
racing is a direct assault on our integrity.²
OWRS partner Kevin Kalkhoven reiterated that in addition to commitment and a plan for the future, it will take more than just upfront cash to be awarded
the assets. ³We will continue the operation of the Champ Car World Series
and what could better benefit the creditors, teams, and sponsors,² said
Kalkhoven. ³We aren¹t just buying the assets, but we¹re also assuming the
liabilities which could amount to tens of millions of dollars.
³In order to adequately compare the two bids, the Court will look at which
bid will ultimately deliver the highest distribution to the creditors and
which is in the best interest of the estate,² explained Kalkhoven. ³The
judge will assess the elements of each bid to determine how they influence
the total amount of the unsecured claims. Since the IRL bid is purported
not to assume the majority of the liabilities, the other promoter contacts
would become unsecured claims. The damages suffered would be very real, very significant, and very costly.
³In the end, approval of the IRL bid could dramatically increase the amount
of unsecured claims which certainly is not in the best interest of the
creditors,² concluded Kalkhoven.
The IRL submitted a last-minute bid for selected CART assets late Thursday,
Jan. 22, just hours before the legal deadline. OWRS had previously been
approved as a qualified bidder. U.S. Bankruptcy Judge Frank J. Otte will
render a final decision on the disposition of the CART assets in an auction
set to begin at 9:30 a.m. on Wednesday, Jan. 28 in Indianapolis.
### :eek: :D :cool: :thumbup: