What Happens Next?

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15th October 2007, 22:54
heelntoe

Quote:

Originally Posted by beachgirl

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.
15th October 2007, 23:22
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.
16th October 2007, 00:16
nigelred5

Quote:

Originally Posted by ChaimWitz

The constant Champ Car spin doctoring in the face of harsh reality reminds me of two wonderful comedy bits by Monty Python:

The Black Knight Fight:

http://www.youtube.com/watch?v=qxL11RIEb5Q

The Parrot Sketch:

http://www.youtube.com/watch?v=hTSAFcLXqYY

I can imagine The Kevster as The Black Knight and a certain poster here as the pet shop owner.

It's looking a lot like this to me ;)

http://www.youtube.com/watch?v=jHPOzQzk9Qo
16th October 2007, 00:32
ChaimWitz

Quote:

Originally Posted by nigelred5

It's looking a lot like this to me ;)

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?
16th October 2007, 01:00
sanguin

Quote:

Originally Posted by beachgirl

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.

Those cases are totally different, they were prosecuted with felonies in criminal court. Nice try.

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.
16th October 2007, 01:42
heelntoe

Quote:

Originally Posted by sanguin

Those cases are totally different, they were prosecuted with felonies in criminal court. Nice try.

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!
16th October 2007, 02:16
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
16th October 2007, 02:23
heelntoe

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.
16th October 2007, 02:40
indycool

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.
16th October 2007, 02:44
sanguin

Quote:

Originally Posted by heelntoe

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:

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

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: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

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