COTA Austin - construction and infrastructure

[bhall]

Yeah, but I rarely know what the hell I'm talking about.

[xpensive]

Yeah, but I rarely know what the hell I'm talking about.

You shouldn't be so modest, I think you did in this particular case.

[hairy_scotsman]

TH did bring the $25M from the state. That didn't "blow up" until COTA balked at paying Bernie on time. Even then, it didn't completely blow up. COTA is still eligible for the $25M, just not in the form of an advance payment...and COTA could have prevented that change. COTA will still benefit immensely from the METF, and that was brought by Hellmund.

[hairy_scotsman]

AutoWeek's Steven Cole Smith: Hellmund/Epstein = Martin/Steinbrenner....times 10.


http://www.kxan.com/dpp/news/local/aust ... files-suit

I know Tavo thoroughly knows how Formula 1 works. I don't think Bobby Epstein does. I think this is akin to a George Steinbrenner owning a team and thinking he can also be a coach except it would be times ten

[munudeges]

This has a very strong whiff of 'scam' written all over it, as if we hadn't already guessed. It's highly unlikely there will be any money to finish this especially if it is all dependant on that ludicrous ticketing arrangement. You couldn't make that stuff up.

It's a pity Bernie likes scams and doesn't care one jot about Formula 1's standing and image in the US.

[FW17]

TH did bring the $25M from the state. That didn't "blow up" until COTA balked at paying Bernie on time. Even then, it didn't completely blow up. COTA is still eligible for the $25M, just not in the form of an advance payment...and COTA could have prevented that change. COTA will still benefit immensely from the METF, and that was brought by Hellmund.

If he owns the contract then he needs to pay for it. He cant expect others (who are already building the track) to pay for it and still hold on his 25%.

[strad]

This has a very strong whiff of 'scam' written all over it,

When for a scam do you invest as much as has already gone down on this?

[hairy_scotsman]

I just finished reading the Hellmund v. Accelerator Holdings legal petition. Some of you might be surprised by its contents. The latest COTA update from AutoWeek has a copy of it as well...

http://www.autoweek.com/article/20120305/F1/120309920



Here's the direct link to the petition:

http://www.autoweek.com/assets/pdf/CW7848635.PDF

[WhiteBlue]

I just finished reading the Hellmund v. Accelerator Holdings legal petition. Some of you might be surprised by its contents.

Amazing story! It took me some time to read it all and I must say I'm appalled by the actions of Epstein and McComb if this is actually a true representation of what they have done. Considering the wealth of detail there is very little doubt that Epstein tried to steal the project from Hellmund by constantly withholding the finance and funds that he was obliged to provide.

The icing on the cake is Epstein's failure to execute the buy out agreement that he signed with Hellmund. That would have concluded this sorry affair and have made this law suit unnecessary. But Epstein failed again to pay Hellmund for pushing him out of the company.

It looks like this is going to cost him a lot more. If the jury orders all the measures that are included in the petition Hellmund's lawyers will have a ton of evidence to prove that Epstein's mismanagement have cost the company millions of dollars.

Does anybody know how long it will take the court to decide the petition?

[munudeges]

Nothing in there surprises me. When the dust settles I have a feeling we will find out there is no actual funding at all and any that there was will all have mysteriously disappeared.

[Scorpaguy]

"Does anybody know how long it will take the court to decide the petition?"


....about as long as it takes USF1 to build a car


In the American legal system...if you have enough money to buy delays, it will never go to trial.

[xpensive]

Nothing in there surprises me. When the dust settles I have a feeling we will find out there is no actual funding at all and any that there was will all have mysteriously disappeared.

I find it entertaining that when Anderson and Windsor claimed to have worked on USF1 for three years, Hellmund says he has planned this race for twenty years. Yiha!

[FW17]

Does F1 contracts state that other premier open wheel series such as IRL cannot be held at the same venue/track layout

[bhall]

Does anybody know how long it will take the court to decide the petition?

Several years.

[munudeges]

When for a scam do you invest as much as has already gone down on this?

When it is someone else's money, or it's all IOUs. Think Qadbak.