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Hellmund launches legal action

Tavo Hellmund launches legal action against investors in the Circuit of the Americas
Former promoter Tavo Hellmund has launched legal action against investors in the US Grand Prix, due to be held at the new Circuit of the Americas later this year.

Hellmund was the face of the project was first announced, but he then stepped back from his role when a dispute with Bernie Ecclestone last year over the terms of the contract in place threatened to end the plans.

It has now emerged however that Hellmund – and his Full Throttle Productions company – has filed a lawsuit against investors Bobby Epstein and Red McCombs, as well other companies involved in the event.

A report in the Austin Statesman states that the suit filed by Hellmund doesn't specify damages, but makes mention of a buyout fee that hasn't been fulfilled and a fee of $500,000 per year that Hellmund was due to receive for the next ten years.

"With the relief requested herein — namely, access to the Company's books and records and declaration that he cannot be removed as a manager — Hellmund hopes to steer the now-teetering Circuit back on track and determine how best to proceed, if at all, to acquire Epstein's remaining interest in the company," the 'paper quotes the lawsuit as saying.

While Hellmund's laywers insist he is still the chairman of the race, Epstein and the venue were quick to disagree.

"This is just a latest step in a pattern of behaviour,” a statement from the circuit said. “Mr. Hellmund uses negative press to try and create an advantage for himself at every turn. The fact is, he has been found to be in breach of contract by Formula 1 and he has not fulfilled his agreements."

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Mean Gene - Unregistered

March 04, 2012 2:27 PM

As an avid F1 fan since the mid 1960's, I was delighted to hear about the track being built in my own home town of Austin. However, since day one, this has been a typical fiasco of big money & politics. Let's see(?) take F1's big money and politics, mix in Texas big money and politics, now add Austin's own tilted brand of big money and politics. Together, these entities could not come to a consensus on whether or not to flush the toilet after filling it with their own BS!!! I am not kidding!

jose - Unregistered

March 04, 2012 1:35 PM

Greed, end fighting, mindless showmanship, when you have a project this large, supported by mega bucks, people get ready. This is big business, Texas style. Call out the Lawyers, judges and the oil money junkies. Ring the bell, let the battle began. Who will be the top F1 honcho in Austin. I was waiting for this to happen ..Not Surprised.. Badman, Jose

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