Marussia F1 Team 2014

[Hail22]

Full auction listing can be found here:

https://auctionhq.net/view-auctions/cat ... 91/?page=1

[siwillems]

Interesting developmen herehttp://m.crash.net/f1/news/212758/1/haa ... -base.html haas had bought the team hq

[lio007]

If somebody is interested, these are Marussias Creditors:

http://de.scribd.com/doc/251338328/Marussia-Creditors

[SidSidney]

If somebody is interested, these are Marussias Creditors:

http://de.scribd.com/doc/251338328/Marussia-Creditors

Those are the trade creditors, who are standing in line holding invoices dated before the final insolvency event.

But there is a list of much bigger amounts to the loan holders - a few posts above it was 110M GBP, and that was for the FY 2012, so I guess it is much larger now.

If it was just the 31M to trade creditors somebody would have snapped it up in a heartbeat, finished the season for a couple of million and claimed the 35M prize money - Haas or somebody else - and been roughly net zero to get the assets and entry.

But by assuming the entire company you also assume the debt. Any offer for the business would have to be negotiated with the "bond"/loan holders - and if nobody could reach an agreement with them, the company would be liquidated, which is what is happening. I assume the debt holders wanted more than the offers of "zero, mate", but that is what they will be left with in the end.

In this case the "bond"/loan holder lose the entire sum, as bank overdrafts are ALWAYS first in line (usually they have a lien on the assets and typically also personal guarantees), trade creditors are second in line, and bond/equity capital are 3rd and 4th respectively. So by the time you give money to LLoyds, there won't be much left for trade, and it will be divided across them in proportion to the amount owed. I went through this once as a trade creditor to a motorsport-related company that went busto, ended up with about 24% on the invoice dollar.

But for acquirers, letting it go bankrupt is the right thing to do. Third parties can pick up all the equipment at knockdown rates instead of assuming that - frankly - insane debt load.

[Richard]

But for acquirers, letting it go bankrupt is the right thing to do. Third parties can pick up all the equipment at knockdown rates

Bizarrely some of the used equipment sold for more than the new list prices!

Haas buying the building makes sense, there's very little risk because he can always sell/rent it to someone else who needs an industrial unit.

[SidSidney]

But for acquirers, letting it go bankrupt is the right thing to do. Third parties can pick up all the equipment at knockdown rates

Bizarrely some of the used equipment sold for more than the new list prices!

Haas buying the building makes sense, there's very little risk because he can always sell/rent it to someone else who needs an industrial unit.

I wonder what the wait list is on the new stuff? If you had to wait 3-6 months for something with the season about 3 moths away that might be worth paying a premium. Motorsport is mostly about money but when that's not an issue the only thing that matters is time.

[Richard]

It has been reported to day that the latest Marussia auction has been put on hold. The 2014 cars, spares and race equipment had been due to go on sale on Wednesday. The founder John Booth said talks with a credible investor were advanced and the chances were "pretty high".

http://www.bbc.co.uk/sport/0/formula1/30881741

Marussia's biggest creditor is Ferrari and they happen to be supporting a new entrant. I wonder if Haas is going to pop up a year early?

If so I wonder why the heck he didn't jump earlier while the team was still intact?

[Manoah2u]

Haas? no way. Forza Rossa? don't think so either.

Manor as a team? perhaps. Problem with that, though, is that basically 'all else' has been sold. Haven't the 2015 prototypes / mockups been sold?

So let's for one second assume in the most positive possibilit ever that Manor get's 'salvaged' in a last-minute effort. Then what? what can they use for 2015? It's passed mid-january and in what, 2 months? the Season is gonna kick off.
No crashtests, no nothing.

Not even in the wildest dreams do i foresee a Marussia/Manor/Whatever on the grid for 2015. Let alone let it be worth anything, at all. Let alone result in a 2016 grid slot, in the end.

I can only see this happening as a wealthy backer that has interest in entering F1 in 2016, and aquiring the grid entry of Marussia/Manor for this purpose. Haas already has one, so that excludes Haas.
Forza Rossa perhaps, but that all went away (thankfully) when the corrupt political backers got some of their own.
That would resort to a mistery backer, if there is any truth to the story.

Could all the same just be a game to 'up' the assumed value of the materials to benefit upon when auctioning off.

[natehall]

Ferrari B Team Potentially, Ferrari are one of there biggest creditors from what I have read, with the commercial rights income this team could do quite well and arent Ferrari trying to shed off what they class as substandard engineers from there A Team.... Would save them the contract termination fees

They have a youth program where they have placed drivers with Marrussia, plus didnt Vergne recently say something about potentially driving for them in 2016...

What about Colin Kolles, he has been looking for a way back into F1 recently...

[Raleigh]

Marussia is allowed to use their 2014 car (like Caterham), so its not entirely unfeasible that they might make the grid...

[FW17]

Don't understand these Manor guys; Booth says a Credible investor is being negotiated with, Lowdon says increasingly less likely.

Marussia's cars are currently in Abu Dhabi, packed up in crates, and Booth said it would be a "fairly straightforward job" to prepare them for Melbourne.

Why are there so many contradictions?

[skoop]

race this season with a '14 car, start immediately developing the '16 car and invest all the price money in the project. in this way this years season wont be that expensive (they wont score anyway) and the might have a fair shot in 2016. that's how i would do it

[Richard]

Don't understand these Manor guys; Booth says a Credible investor is being negotiated with, Lowdon says increasingly less likely.

Why are there so many contradictions?

Check the timing of the quotes, I can only find Lowdon quotes from before Booth said a credible investor had come forward. I can't see any inconsistency:

"None of the equipment that has been sold so far is essential for the team to go forward. So that means it's still possible.Of course if that equipment went next week then it would be difficult but it's certainly still possible."

However, Lowdon is adamant that, if substantial financial backing can be obtained in the next 48 hours, the team could yet return for the new season. “It’s certainly possible for the team to get there,” he added. “It would be good news for F1 and for our fans certainly.”
http://www1.skysports.com/f1/news/17581 ... r-marussia

[f1316]

Ferrari B Team Potentially, Ferrari are one of there biggest creditors from what I have read, with the commercial rights income this team could do quite well and arent Ferrari trying to shed off what they class as substandard engineers from there A Team.... Would save them the contract termination fees

They have a youth program where they have placed drivers with Marrussia, plus didnt Vergne recently say something about potentially driving for them in 2016...

What about Colin Kolles, he has been looking for a way back into F1 recently...

Would love to see an Alfa or Maserati branded team. Always maintained that the v6 has more of a correlation to those road cars anyway

[Italiano]

More and more tidbits of news are emerging, certainly more than has been heard from Caterham...is there really any realistic hope for the loveable backmarkers?