Champ Car had a contract with China too. Big deal.
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Champ Car had a contract with China too. Big deal.
Beachbum, good point about China. I imagine that there was a contract with Phoenix as well. One does wonder if all these promoter contracts have performance clauses regarding the sanctioning body? While we are on the subject of legal matters, there is still this little problem left to deal with:
http://www.labaton.com/en/cases/In-r...Litigation.cfm
I am not suggesting that Kevin Kalkhoven is going to lose the JDS Uniphase Class Action suit since such cases seem very challenging for the Plantiffs, but I imagine he will likely be just a wee bit preoccupied come October 22, 2007 and thereafter. At least The Kevster and his co-defendants have had the majority of the claims dismissed by recent Summary Judgments:
http://classactiondefense.jmbm.com/2...ss_action.html
Despite this, the fact remains that this is one of the rare Class Actions that is going to make it to trial, unless of course, it is settled out of court.
As for FerrariF1's post suggesting that I believe there will be a garage sale at RuSport… Um, no I don’t believe that. However, I do imagine that RuSport’s cars and equipment will be sold to another unsponsored and under funded entity looking for a ride buyer.
Maybe this RuSport deal will turn out just like the Conquest deal did earlier this season with the team principal laying everyone off and then chasing them out into the parking lot a few moments later to hire them back after a last minute phone call comes from a mystery “sponsor” to save the day.
Well said!! I'm still with Champcar, and hoping they do the right things to save their series. They better make sure the promotion department is completely different than this year, philosophy and all!!! Champcar, how about booking a thirty second spot during the Superbowl!! And, I would burn all of the cars in a big sayonce before I would sell to TG!!!Quote:
Originally Posted by ChaimWitz
I wish for Champcar to survive and thrive. I've never experienced a more enjoyable style of racing. Go to the track and enjoy it for yourself!!!
I am finding this recent topic on this thread kind of distressing. As I have been away, I come home to find out about Ferrari going to supply A1. I guess They are not going anywhere, and that by itself isn't distressing. Then I read KK isn't going to be at Surfer's, and at first I didn't see that as horrible if there was a good reason for it. Now I read in here that Cochrane is itching for more of the pie and A1 is rumoured to be a suitable replacement for CCWS at Surfer's...and I realize it may be just a rumour, but as I have seen a few A1 shows on TV, I must admit they put on a good show. If they are cheaper than Champ Car, then it might be the thin edge of the wedge that forces Champ Car out of Surfer's.
Do I like this? No....and it is just a rumour and/or speculation. That said, why Is KK missing this event? He is in Europe is the reason apparently, but I am of the opinion he is already knowing that they are being shoved out because of cost, and as we have seen, Champ Car wants its Danegeld for showing up. If he cant get the organizers in Surfer's to pay what he feels he needs, he will get out of promotors in Europe. This would be fine IF Surfer's wasn't so important to the history of Champ Car and wasn't such a huge event. Three events right now give Champ Car much of its image: Long Beach, Surfer's and Toronto. They are arguably the three most successful and well known races on the sched. To lose this one potentially would just be awful.
None of this may come to pass. KK may be gone and things will be just peachy and life will go on, but with Cochrane angling to control the show, take more dough, this is not looking good. Not saying it is a done deal, but this is NOT looking good.
Champ Car has to face the reality that they are being seen as weak, the leadership is looking ineffecutal and now the sharks are circling. A 26 car CART show 10 years ago was the attraction at Surfers. Now a 17 car CCWS show isn't quite the attraction, and Cocharne is quite rightly saying "hey, they are NOT why people are here any more. They may have been once, but I can say most of these fans are here to see MY guys, and I want to take over the money and marquee status of this event or I will leave". Cochrane would be right to say it, and KK should be there right now making his case or making sure his series isnt' left out of the shuffle....
Well stated, Mark....
Well stated, Mark.
But these guys have yet to get their heads out of their collective arses, so I'm not sure what you'll get.
If Kalkhoven is in Europe to make representations to potential new venues, then fair enough.
However, suppose these new European venues turn him down?
Suppose, they don't want to pay the CCWS sanction fee because it is too expensive?
Well, what happens next....if Europe says no, non, nein? Where will the money come from then?
http://www.speedtv.com/articles/champcar/auto/41000/
Somehow, I don't think these particular three or four days for Surfers are going to make much difference or not whether KK gets zero races or a dozen in Europe. There's been no sense of urgency to get something done in Europe before now. Why now?
With Kalkovens JDSU class action suit starting in 8 days, I have trouble believing he is off in Europe. If he is, then it looks like an act of desperation to chase any dollar he can find rather than the logical progression of a carefully built business plan. The timing is just wrong. If anything, he should have been in Surfers. That is in his country isn't it?
You would think he would be schmoozing the promoters he already has and trying to strengthen existing ties, rather than chasing nebulous possibilities he may got get.
I totally agree as I believe him to be in SJ preparing for the case, especially since he got rid of his plane :) ...and frankly, if GF was still actively involved as the most wealthy and savy racing guy of the Amigos, he would be pursuing any real deals in the UK...IMOQuote:
Originally Posted by beachbum
It seems that Mark Cippolini shares our frustration over the state of Champ Car. Here are some excerpts of what he posted today about Robin Miller's story about the upcoing JDS Uniphase Class Action trial:
"Miller keeps the pressure on Champ Car
Since losing his Champ Car hard card, Robin Miller has kept the pressure on Champ Car, unearthing or highlighting one weakness after another. In his latest SPEEDTV.com article, brings into doubt Champ Car's future by highlighting Kevin Kalkhoven's upcoming JDS Uniphase trial.
The lawsuit claims that JDS and four of its senior officers, Jozef Straus, Anthony R. Muller, Charles J. Abbe and Kalkhoven, misled investors about the value of their business, and that the individual defendants sold their shares at artificially inflated prices.
While we don't expect that Kalkhoven will be found guilty in the trial, it does nevertheless throw doubt into the future of Champ Car, which sends potential sponsors scurrying for the doors. It's no mere coincidence that Champ Car's three staunchest media supporters, Miller, Gordon Kirby and most recently David Phillips, have turned to pointing out all of Champ Car's weaknesses meaning that Champ Car goes into yet another off-season with many doubts surrounding its future."
Mark also had this up about the 2008 Champ Car schedule in the implications of it being delayed:
"Champ Car schedule delayed
We hear that Champ Car originally planned to release their 2008 schedule by mid-October but now we hear the earliest it is likely to come out is mid-November as it tries to finalize a much more international schedule. Meanwhile all other major race series have already released their 2008 schedule and locked up their TV inventory."
My sense is that he is wondering "what happens next?" just like the rest of us who follow this thread.
Is this JDSU lawsuit coming is the same as the one in 2001-02 or is this another one?
Nevermind, guys.
Here: http://www.jdsclassaction.com/
Mislead? Sounds like a familiar work to most in here.
The JDSU lawsuit has been on the forums for a couple years now, with links to Stanford's law website and others. Miller didn't say anything new. It's merely eight days from the trial, so he reported what was going on. I surmise that he got most of what he wrote from the law firms' websites that have summarized the case from their view.
Miller isn't the one defending a lawsuit. Miller isn't the one who has delayed the schedule from mid-October to mid-November (anyone surprised?). Miller isn't the head of a sports entertainment company who won't be at the company's biggest event in his own country.
I now hear rumblings from multiple sources that Champ Car may be in a dispute with the promoter for Assen and Zolder which may have fractured or even ended the relationship. Unfreakinbelievable if this is indeed true. If so, it would help explain The Kevster's personal presence in Dubai (as reported by Mark Cippolini today) and Europe this week to try and nail down some sanction fee paying promoters to keep the Champ Car alive in 2008.
The truth is that this whole last minute dash for cash smacks of scrambling desperation. I cannot imagine that Mr. Kalkhoven is having much fun this month with all the fires that are raging in his house. I will give him credit, however, for at least (belatedly) focusing his considerable charm and intellect on doing what it takes to save the series before he faces what must be his most daunting personal challenge in a courthouse in Oakland, California one week from now.
Is any other major racing series in the same situation? Are they still trying to find two (or perhaps more?) new events and promoters to fill out their schedule in mid-freakin-October?
This is really beginning to look like The Amigo’s equivalent of a "Hail Mary Pass” while five points behind and with one second left on the clock in the fourth quarter in the last game of the season (before the Quarterback goes on trial!).
What kind of disjointed, incomprehensible and wandering series are we going to see when the 2008 schedule is finally announced a month (or more) from now? More to the point: Just who is this series for anymore? It does not look like it is for the fans in the USA or North America any longer. It seems the Amigos are now going after the huge untapped Champ Car fan bases in Dubai and Greece. I can only imagine how hungry they all are for a taste of the rich traditions of the American National Championship which date back to 1909.
There is a saying that comes to mind when considering all that has happened recently to our once great sport:
“If You Don't Stand for Something - You'll Fall For Anything”
On the money and I would just add the question, what can PN possibly be thinking with all this going on right now? He is as prideful as anyone I know, but with this mickey mouse mess all in his face, how hard do you think it will be for him to simply retire after the season on a high note and go hang with the wife or his beloved Lime Rock?Quote:
Originally Posted by ChaimWitz
Quote:
Originally Posted by indycool
First of all, KK does not need to be there and most likely will stay away from the trial until absolutely needed to testify (if at all) and let his laywers handle it. Also, KK and others will have ultimately had D&O insurance that would cover them in terms of this suit personally. While a pain in the backside, likely not to be a pain in KK's personal wallet.
With every small bit of news or rumor that has come out over the last 10 days, I think about the fat lady every time I post. I have NEVER posted that I thought CC was done, at any forum. But I think the fat lady is dressed up and may be ready to spray that stuff in her throat.
EDIT: Mike, some of those defense insurance policies have closing dates on 'em. SInce KK resigned from the company, he may have been protected until "X" date. Who knows?
Mike, even if that is indeed true, what does it do to KK's credibility and personal good faith if he is found to be liable in this suit? What will this say to potential sponsors and promoters if it is determined that KK lied about the true worth of JDSU and, as a result, much of the value of the company was lost? What impact may it already be having?Quote:
Originally Posted by mikeearle
Does that not have a bering to today's CCWS? Will sponsors not then apply what is past to what is current with KK's immediate ventures?
IMO. money is the least of the potential liabilities from this suit if KK ends up on the wrong side of this judgment.
I agree, it will not affect CC. The fact RM is now reporting on this is proof that he is hurting from his fallout from CC.His reports will always be tainted with bias. Dancing drivers and class-action lawsuits, when will he talk about racing again?Quote:
Originally Posted by mikeearle
I'm sure that Bernard Ebbers (WorldCom) and Ken Lay (Enron) thought they might have been protected by D&O coverage too. D&O coverage does NOT cover the directors and officers for any illegal and/or fraudulent acts. And we know what happened to them. This IS a big deal, particularly in today's climate. This suit is about hundreds of millions of dollars. Not pocket change by any means.
Good points, but I think Larry Ellison is a better comp as KK can actually write a substantial settlement check as Larry did.Quote:
Originally Posted by beachgirl
That would be an interesting settlement payment. Potentially paying them back with the money that was theirs to begin with, plus all the interest and penalties. IMHO, I'll just wait to see how this all settles out - no pun intended.
It's looking a lot like this to me ;)Quote:
Originally Posted by ChaimWitz
http://www.youtube.com/watch?v=jHPOzQzk9Qo
nigelred5, thanks for this! It is a classic. Hey, did anyone notice that they have 23 crosses rather than only 17?Quote:
Originally Posted by nigelred5
Those cases are totally different, they were prosecuted with felonies in criminal court. Nice try.Quote:
Originally Posted by beachgirl
This is a class-action lawsuit against the company,JDSU, which is still in business.It is a civil suit for money. No one will be found guilty of anything, only liable or not for a monetary settlement. That's why it could be covered by insurance.
Unbelievable...if the defendants end up liable, they are GUILTY...you cannot have one without the other. And D&O doesn't cover fraudulent conveyance or whatever else falls outside the scope of ethical behavior of a corporate officer. Regardless, this man has been accused OF THE LARGEST TRANSFER OF EXECUTIVE SHAREHOLDER WEALTH IN CORPORATE HISTORY. Do you think that IMG, or any other entity looking at the business for future sponsors, races, etc. feel all warm & fuzzy...puhleeze!Quote:
Originally Posted by sanguin
It s a civil class action lawsuit brought against JDSU and some of its officers for a monetary settlement,that's all. It could go on for a long time or be settled with no responsibility by anyone. I doubt that KK will be losing any money in the end. IMO.
This has nothing to do with the CC series. As far as IMG is concerned, seems there is a question of how much profit from the Indy they should really get.I don't think messing with a proven formula is going to win them any praise, and they could very well sabotage a success.
other trouble in OZ-
http://www.starnewsgroup.com.au/story/48838
Time will tell as far as the settlement in this case if there is one, but as usual, you do not accept the completely incorrect angle to guilt...it is not a grey area! As to what it has to do with the CCWS series, only time will tell...personally, I think KK has already decided to close up shop and NHL's departure will finalize that closing. As far as IMG. CCWS is likely to lose that race by all that is known today and again, we'll wait and see. Again, I'm pretty comfortable with the 60 day timeframe I laid down.Quote:
Originally Posted by sanguin
Against "JDSU AND SOME OF ITS OFFICERS." That includes former JDSU officer KK. And it HAS gone on for a long time because they're talking about 2000-2001 and the suit was filed many moons and motions ago. It goes to TRIAL next week. Most people I know have PM'd me that it's likely to be, as someone mentioned, the Larry Ellison case and be settled out of court. The lawyer fees for this action are going to be enormous. Many top corporate law firms from around the country are involved on both sides of the case because major institutional investors are involved. The State of Connecticut Employees Pension Fund is the lead plaintiff and the state's attorney general has been an open spokesman about it. Another plaintiff is the Houston Pipefitters Union. This is NOT a penny-ante deal.
Quote:
Originally Posted by heelntoe
CC Cannot wait another year...it can't wait another 60 days without proving to its teams, sponsors and venues that it has the money to do so.Quote:
heelntoe
Status: Online
Posts: 304
Join Date: Oct 2005
[quote:37xnt911] 4th Oct 07, 11:06
Originally Posted by sanguin
In your opinion.
CC can wait to see how the cash outlay works for the other series.That will be very telling. I don't think CC has anything to worry about. IMO
[/quote:37xnt911]
Here it is, 60 days from Oct. 4. It's on.
Remember this-
"We can only conclude that these rumors are being started by someone with malicious intent."
http://www.autosport.com/news/report.php/id/63049
Sanquin, Wow.Quote:
Originally Posted by sanguin
I finally see the light and now grasp that all "these rumors are being started by someone with malicious intent" and there are actually no real problems that a little whistlin', obfuscatin' and postin' can't solve. Everything will be just fine for Champ Car if one understands this! Thank you for putting me back on the path to Amigoness! In appreciation, I wanted to post the following to help cheer everyone up before the fourth annual big ole' Champ Car schedule scramble and the first annual JDS Uniphase KKlass Action-o-rama:
Here is a little song I wrote
You might want to sing it note for note
Don't worry be Sanguin
In every life we have some trouble
When you worry you make it double
Don't worry, be Sanguin......
Ain't got no place to run your race
Somebody came and took your dates
Don't worry, be Sanguin
The FIA say your Sanction is late
He may have to litigate
Don't worry, be Sanguin
Look at me I am Kevin
Don't worry, be Sanguin
Here I give you my cell phone number
When you worry don't call me
I make you a Champ Car Fanatic
Don't worry, be Sanguin
Ain't got no cash, ain't got no sponsor
Ain't got not DPO1 in the hauler
But don't worry be Sanguin
Cause when you worry
Your face will frown like Paulie G
And that will bring everybody really down
So don't worry, be Sanguin (now).....
There is this little song I wrote
I hope you learn it note for note
Like good little children
Don't worry, be Sanguin
Listen to what I say
In your life expect some trouble
But when you worry
You make it double
Don't worry, be Sanguin......
Don't worry don't do it, be Sanguin
Put a smile on your face
Don't bring everybody down like this
Don't worry, it will soon push-to-pass
Whatever it is
Don't worry, be Sanguin
Don't worry, be happy!
47 days and counting.Quote:
Originally Posted by beachbum
Pray tell. Is that when the fat lady sings?Quote:
Originally Posted by sanguin
Nope ,its when another prediction gets proven wrong again.
You mean like your prediction that SJ was going to turn into another Long Beach, one of the strongest races on CC's schedule, and that CC wouldn't end up at Laguna Seca because that track couldn't draw flies? You mean predictions like that?Quote:
Originally Posted by sanguin
I did not say that.Quote:
Originally Posted by tbyars
:rolleyes:
Don't bother TB, he'll be plenty bloodied and red when it's all over anyway :)Quote:
Originally Posted by tbyars
http://www.motorsportforums.com/foru...una#post343180Quote:
Originally Posted by sanguin
http://www.motorsportforums.com/foru...una#post343230
http://www.motorsportforums.com/foru...les#post343623
You sure you want to deny this outright? I mean, those ARE your words, aren't they?
Yes ,thanks. In the context and dates in which they were said any intelligent person can understand what was meant. IMO, LS will be bigger than Sonoma. SJ lost out.Quote:
Originally Posted by tbyars