Caterham F1 team 2014

[ScottB]

So people have handed over a fortune to let these chancers turn up at a race, for a purpose I can't figure out, while they owe their staff 7 weeks worth of wages. This cash will just allow what's left of the team to turn up for the end of season party, that's it.

Crowd funding can be a great thing, but in this case, it really isn't.

Will be interesting to see if they can convince Lotterer or Kamui to drive, as a team is only allowed 4 race drivers a year, presumably they'll be selling the second seat to the highest bidder, and pocketing the cash of course.

[Trocola]

Merhi says he has a deal with caterham for this race

http://www.autosport.com/news/report.php/id/116793

[marcush.]

So people have handed over a fortune to let these chancers turn up at a race, for a purpose I can't figure out, while they owe their staff 7 weeks worth of wages. This cash will just allow what's left of the team to turn up for the end of season party, that's it.

Crowd funding can be a great thing, but in this case, it really isn't.

Will be interesting to see if they can convince Lotterer or Kamui to drive, as a team is only allowed 4 race drivers a year, presumably they'll be selling the second seat to the highest bidder, and pocketing the cash of course.

In Germany you would not be allowed to not pay your employees ...the ranking is clearly set first pay your workforce ,maybe even before that is insurance fees for the emplyees ...and only then other depts can be paid off ..
The whole affair is in the hands of administrators -they sure are obliged to act correctly within the laws ?

I understand Caterham wants to present themselves as the team still alive -eligeable for the price money after Marrussia has stopped trading ...competing in abu double could mean a lot especially if there was a luckky points win .

[Manoah2u]

I can't imagine them scoring any points. They didnt even have the means to properly fix their car. They must somehow drive up to 10th place on the finish line to score points. That means 9 cars need to have a DNF and they not to be able to score that. No way.

[langwadt]

So people have handed over a fortune to let these chancers turn up at a race, for a purpose I can't figure out, while they owe their staff 7 weeks worth of wages. This cash will just allow what's left of the team to turn up for the end of season party, that's it.

Crowd funding can be a great thing, but in this case, it really isn't.

Will be interesting to see if they can convince Lotterer or Kamui to drive, as a team is only allowed 4 race drivers a year, presumably they'll be selling the second seat to the highest bidder, and pocketing the cash of course.

In Germany you would not be allowed to not pay your employees ...the ranking is clearly set first pay your workforce ,maybe even before that is insurance fees for the emplyees ...and only then other depts can be paid off ..
The whole affair is in the hands of administrators -they sure are obliged to act correctly within the laws ?

Here there is a national fund that guarantees the employees gets paid in case a company goes bust, but to prevent abuse
part of that is that as soon as the company stops paying salary you have to stop working or you will no longer be covered

[ScottB]

So people have handed over a fortune to let these chancers turn up at a race, for a purpose I can't figure out, while they owe their staff 7 weeks worth of wages. This cash will just allow what's left of the team to turn up for the end of season party, that's it.

Crowd funding can be a great thing, but in this case, it really isn't.

Will be interesting to see if they can convince Lotterer or Kamui to drive, as a team is only allowed 4 race drivers a year, presumably they'll be selling the second seat to the highest bidder, and pocketing the cash of course.

In Germany you would not be allowed to not pay your employees ...the ranking is clearly set first pay your workforce ,maybe even before that is insurance fees for the emplyees ...and only then other depts can be paid off ..
The whole affair is in the hands of administrators -they sure are obliged to act correctly within the laws ?

Here there is a national fund that guarantees the employees gets paid in case a company goes bust, but to prevent abuse
part of that is that as soon as the company stops paying salary you have to stop working or you will no longer be covered

I imagine it's a bit of a grey area, companies in administration aren't allowed to incur further debts, so presumably they've raised this cash to pay for going to Abu Dhabi upfront.

As a couple football clubs have done, Hearts in Scotland recently for example, sporting businesses have an ability to really bend the system; ordinary businesses wouldn't have customers happily pouring in cash to keep the doors open, so they are able to stagger on, while shedding staff and stiffing their creditors. It leaves quite the bad taste in the mouth for me.

Basically, a bunch of people have coughed up a million quid so the administrators can take the ramshackle cars they have left on a getaway to the sunshine. I don't see what the team being at the last race, trundling around in last place at best, does in terms of either A) improving the chances of rescuing the business, or failing that, B) ensuring the maximum return for creditors.

Raising a big pile of money then blowing it, to my admittedly limited understanding of administration best practice, sounds like something the admins aren't really allowed to do...

[marcush.]

who actually ordered the adminnistrator currently in charge -was it Fernandes? or the creditors? Is this just an exercise to throw more money into the fire and let some guys have a nice weekend in abu dhabi?..I cannot see the plan behind this.

[ScottB]

who actually ordered the adminnistrator currently in charge -was it Fernandes? or the creditors? Is this just an exercise to throw more money into the fire and let some guys have a nice weekend in abu dhabi?..I cannot see the plan behind this.

I think it was the Malaysian bank that forced them into administration, but no idea if the admins were the bank's choice, the team's choice or picked by the court.

[wesley123]

Apparently the whole staff has been made redundant.

http://joesaward.wordpress.com/2014/11/ ... eal-world/

[pastaracing]

Kamui will drive, then it's just to see which bid highest for the other seat...

http://www.auto123.com/en/racing-news/f ... tid=172927

[turbof1]

I can't imagine them scoring any points. They didnt even have the means to properly fix their car. They must somehow drive up to 10th place on the finish line to score points. That means 9 cars need to have a DNF and they not to be able to score that. No way.

That would actually be 9th; Marussia got up to 9th in Monaco and scored 2 points. Caterham finishing 10th will equal the points but the Marussia will still have the highest finished position.

In any case, showing up in Abu Dhabi is simply a matter of getting the price money. If they didn't show up, any claim on TV money would be forfeited. This is nothing more then optimizing cash flow before full-on liquidation, as next year the team will not be there.

[Raleigh]

I'm expecting Kolles to find some backers to buy the team, with him then running it (and being paid well, without any of the responsibilities of actually owning the team). Would of course mean a name change, might even be on the grid as Forza Rossa...

[turbof1]

I'm expecting Kolles to find some backers to buy the team, with him then running it (and being paid well, without any of the responsibilities of actually owning the team). Would of course mean a name change, might even be on the grid as Forza Rossa...

Kolles already retreated from his managing function. He could of course return with somebody else their wallet in his hands, but that means getting into the mess of who actually owns the team (which still hasn't been cleared out).

[ScottB]

I can't imagine them scoring any points. They didnt even have the means to properly fix their car. They must somehow drive up to 10th place on the finish line to score points. That means 9 cars need to have a DNF and they not to be able to score that. No way.

That would actually be 9th; Marussia got up to 9th in Monaco and scored 2 points. Caterham finishing 10th will equal the points but the Marussia will still have the highest finished position.

In any case, showing up in Abu Dhabi is simply a matter of getting the price money. If they didn't show up, any claim on TV money would be forfeited. This is nothing more then optimizing cash flow before full-on liquidation, as next year the team will not be there.

Marrusia don't count anymore though, so Caterham will finish 10th regardless of turning up in Abu Dhabi or not, and if they make it into next year, will get access to the prize money.

Any team is allowed to miss 3 races, so they could have missed Abu Dhabi and been fine. I can only think turning up is a last ditch attempt to find a buyer, by attempting to make the team look like it's in a better state.

[turbof1]

I can't imagine them scoring any points. They didnt even have the means to properly fix their car. They must somehow drive up to 10th place on the finish line to score points. That means 9 cars need to have a DNF and they not to be able to score that. No way.

That would actually be 9th; Marussia got up to 9th in Monaco and scored 2 points. Caterham finishing 10th will equal the points but the Marussia will still have the highest finished position.

In any case, showing up in Abu Dhabi is simply a matter of getting the price money. If they didn't show up, any claim on TV money would be forfeited. This is nothing more then optimizing cash flow before full-on liquidation, as next year the team will not be there.

Marrusia don't count anymore though, so Caterham will finish 10th regardless of turning up in Abu Dhabi or not, and if they make it into next year, will get access to the prize money.

Any team is allowed to miss 3 races, so they could have missed Abu Dhabi and been fine. I can only think turning up is a last ditch attempt to find a buyer, by attempting to make the team look like it's in a better state.

I'm still contemplating on that. Marussia will forfeit their claim on any price money, that is for sure, but will they also forfeit their finishing position in the championship? If not, and Caterham OR Sauber don't finish 9th that race, it remains a position that will not receive money and FOM will just keep the money of that position. Knowing Bernie it wouldn't surprise me if that'll happen.

Does anybody have any relevant regulations on this? I do know We have 2 columns of prize money: column one gives around 35m to the top 10 teams who finished in the 10 constructor stand the last 3 years (that includes the end of the current season), and column 2 to the top 10 teams the last year (end of current season). Marussia would get 17.5m based on last year's money, and 10th receives still 14m. Marussia retaining its position would be disastrous for Caterham, potentionally ending up with NO prize money at all.