A1GP » Series in doubt after liquidation?

A1GP » Series in doubt after liquidation?

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Series in doubt after liquidation?

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Series in doubt after liquidation?

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629 agree. 515 disagree.

I'm owed money by this Sh*T someone on this site lovingly calls "MR Texiera" Do you pro Sh*t lobby really think the series can go on. This season's winning team has dissbanded with no prize money , New Zealand has dissbanded pulled out, Lebenon who paid their bills has pulled out with all the team layed off. France are about to call it a day along with South Africa, "Mr Texiera" has no staff left. The Silverstone facility is abandond, the London office only has a lawyer in it. "Mr Texiera" has no race cars and no equipment, a creditor is holding them against a huge debt, including innocent mechanics own personel gear. We are all dreaming if we think any money will come from these people

Posted by A1insider - Unregistered (149 days ago)

Latest financial blow casts shadow over 2009-10 plans.

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21 disagree.

Richard, if you want to understand more go to Timesonline web site or google and type in "Energem resources buys $8m corporate jet" but make sure you read to the end.

Posted by A1insider - Unregistered (137 days ago)

42 agree. 1 disagrees.

Interesting reading all these comments.
The truth is a lot of people have done very well out of A1 in the first few years. Let us not forget, that even the mighty General Motors has gone, so have many of the so called Big Banks.. they have been bailed out by tax payers money. British Airways in meltdown. Cash flow is a real problem for now. It will eventually get better as all things do.
A1 is a super motor racing series, time to give it a chance and stop knocking it.

Posted by Habanero - Unregistered (136 days ago)

14 agree. 28 disagree.

Habanero.................read the forum before making stupid statements General Motors/BigBanks/BritishAirways where do they come into the saga, its not the series that is being critised the series is great. its the way Texiera and his band of crooks run it conning everyone in their way.
Cash flow you fool......... he bought a Jet for $8million only last year, and still he knocks everyone.

Posted by Idiotbuster - Unregistered (136 days ago)

24 agree.

The article refered to in the Times said that Tony's firm Diamond Air Charters had sold for $8m a plane to Energem that Tony is also a director of.

Once again it seems to be a financial deal, moving funds around for whatever reason.
Therefore I can't see that Energem, which isn't directly involved with A1 GP, spending money which then flowed back to another of Tony's companies is a sign that funds should be available to A1 GP.

Believe me I am no fan of Tony Texiera, but I'm not sure how relevant this article is.
Of course how seperate all these companies really are is something that none of us here would know....

Posted by dhunter71 - Unregistered (136 days ago)

22 agree. 15 disagree.

Can someone tell me what was this business model based on.
Were was the pay back ?.
This was TT train set paid for by all the manufactures and supplies. I've seen it many times in motorsport Mr Billy big time comes along knowing nothing about the sport and digs a massive hole at everyone's expense.
I'm surprised that his right hand man Mr Paul Cherry hasn't been mentioned as he was the mouth piece with all the false promises.
Lets face it A1 is over, TT has the bucket with the hole in it but in this case the hole is bigger at the bottom than the top.

Posted by brightsky - Unregistered (136 days ago)

25 agree. 5 disagree.

Yes, I'm also surprised that Paul Cherry has not been,as nearly everyone involved in motor racing generally is familiar with the expression, how do know when Paul Cherry is lying? his lips are moving.

Posted by headlesschicken - Unregistered (136 days ago)

3 agree. 1 disagrees.

Following weeks of speculation, the Swiss bank Credit Suisse has finally confirmed it is not a possible backer of A1 Grand Prix, stating during the global credit crunch they have no intention of any new sponsorship deals and have plans in place to end existing arrangements as soon as possible.

Posted by H.Schenck - Unregistered (135 days ago)

$$ needed to pay A's expenses is transfered from company B, both controlled by some of the same directors. This $$ is booked as a loan, making B more of a debtor to A the more B pays its expenses. B's liabilities are assets to A. A stands to gain from the liquidation of B.

Here, a supra-corporate syndicate fuels its lifestyle and deal-flow at the expense of those who choose to do business with one of their empty shells. You must assume the risk is high that you are not being "made," despite appearances.

Here, the motorsport and TV people on board are all tools in a syndicated corporate financing system previously established to trade the securities of African natural resource companies.

Posted by seen-it-all-before - Unregistered (135 days ago)

//correction// first line should be: $$ needed to pay company B's expenses is transfered from company A

More abstractly: "Shell" operating companies have no assets, only liabilities. However, those liabilities are assets to the company with a treasury used to create them. How that treasury got that money will not appear to be related to the business of the shell company.

An asset like a plane might be sold from one controlled company to another, and it may later become clear that such a purchase was made at the expense of shareholders or creditors who are not related to the enriched entity. However, bad business decisions are not crimes.

Posted by seen-it-all-before - Unregistered (134 days ago)

The biggest news on A1 GP web site is A1 Team Malaysia had a go-kart race (with kids in tee shirts, photo) and Adam Carroll went to Goodwood Festival of Speed. Still got someone working on the spin then.

Posted by TT, Fanclub - Unregistered (133 days ago)

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