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Caterham F1 - 2014


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#1001 K20a

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Posted 23 October 2014 - 02:11

Caterham closing down is going to crush the spirits of its three fans.


Hahahaha

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#1002 Donka

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Posted 23 October 2014 - 02:23

Hopefully this hasn't already been addressed...why would Bernie want to have fewer teams?

Who wants 3 car teams....



#1003 Myrvold

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Posted 23 October 2014 - 03:21

Unemployed lackeys are as interesting to him as dying Jews would be to his Father.

Sorry, not able to take you seriously.



#1004 fisssssi

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Posted 23 October 2014 - 04:30

I was a fan only because they put KK in the car this year. Now I don't even want him in the car anymore.

 

RIP Caterham.



#1005 Newbrray

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Posted 23 October 2014 - 05:05

Its not looking pretty for them is it??



#1006 Mohican

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Posted 23 October 2014 - 05:49

Didn't the Airbus & GE logos appear on the cars because of the deals his airline had with them?

I have far more trust in Tony than Colin Kolles, considering Colin was involved in that shambles of a team HRT.

Caterham's current increase in performance can't exactly be accredited to the new unknown owners though, considering they don't seem to have been paying the bills so how are they going to make them faster? Paying your suppliers is one of the basics.


Yes, of course Airbus & GE sponsorship was linked to Air Asia - but this does not alter the question: where did the money go ? why did the team run out of money mid-season in the first place ? Hazarding a guess, I think that Fernandes used it elsewhere (QPR, most likely) and that this is the real issue - and also the reason why those sponsor logos were removed from the car first thing at Silverstone. Without any protest from the sponsors in question.

As for why the shares could not be transferred, they were presumably pledged by Fernandes to some bank or other. The buyers must have been given reason to believe that this would be quickly fixed - and it probably never was.

#1007 eronrules

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Posted 23 October 2014 - 06:00

_78403157_kobayashi_suspension.jpg

 

 

"Scary!" the Japanese wrote on his Facebook page, in a post seen by BBC Sport. "Last night a suspension defect was found. There's no spare so it was repaired by wrapping it in carbon.

"It's checked all the time but, even so, being asked to race like this is too scary! I want to go home already.

"From here on there are still practices and the race to go. I'm seriously troubled. As a racing driver, should I drive? Should I safely decline? I drive again in 15 minutes…"

 

it looks like the sort of repair i would make ... doesn't even look professional. scary indeed that he raced with it  :eek:

 

i'm wondering if all these shenanigans were pre-arranged with TF and current owners to make this kerfaffle, then declare the team bankrupt, force it to go under administration and buy the factory and equipment at a much reduced cost to start a new venture while avoiding all debts ... TF is a veteran businessman and kolles is a shrewed fox ... just wondering  :rolleyes:

 

also, feel sorry for the real victims ... i.e the hard working men and women of CTF1 team who had noting to do with it, yet suffer most, and the drivers Kobayashi and Markus. specially for markus as he was beginning to show his true pace with that piece of turd.  :|



#1008 Petroltorque

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Posted 23 October 2014 - 06:07

To cut to the chase; it looks like Fernandes expected to offload both the team's current and historical debt. The question that should be asked of him is why did he not transfer ownership. The new consortium were liable for debts in a company they did not own. That can't be right. There is a concerted effort to blacken Kolles' name. He had nothing to do with the collapse of HRT. He handed over a team with minimal debt. HRT's implosion was the result of its ownership by Spanish Venture Capitalists who knew nothing of the sport. Caterham's problems developed long before Kolles' attempted buyout. Lest we forget under Fernandes the team was not going to make Silverstone.

#1009 Gilles4Ever

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Posted 23 October 2014 - 07:17

I hear that Caterham has closed doors for today



#1010 jimjimjeroo

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Posted 23 October 2014 - 07:29

Sounds like a "go home and well let you know what's next" not a firm "we are closed for good"

#1011 Gilles4Ever

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Posted 23 October 2014 - 08:48

Motor racing-Caterham F1 factory closed, team's fate in the balance

 

Oct 23 (Reuters) - Caterham Formula One employees found their factory closed on Thursday but a legal administrator overseeing the property held out hope that the struggling team might still survive.

Finbarr O'Connell told Reuters various parties had approached him to express interest either in the assets or keeping Caterham racing as an F1 team and negotiations were ongoing.

 

http://in.reuters.co...N0SI3AK20141023



#1012 SGWilko

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Posted 23 October 2014 - 09:13

...why would Bernie want to have fewer teams?

Less teams on the grid = less dilution of money (fewer teams to pay) = more for him.



#1013 FullThrottleF1

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Posted 23 October 2014 - 09:17

I am surprised that Bernie doesn't fill the grid with 20 Ferrari's and call it a day  ;)



#1014 pdac

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Posted 23 October 2014 - 14:01

Well, the team is obviously now dead. I find this very sad. There are a lot of very talented people out of work as a result of this, and I can't help but think of them. 

 

Also, it has to be said that Max Mosley created a lot of unemployed people through his megalomania. People who believed in his vision and gave up work elsewhere to pursue the F1 dream. 

 

Well done Max, I hope you are proud of yourself. (Obviously, he doesn't actually give any more of a shit about them than his dad did about 6 million Jews).

 

Yes, Max deverves a good spanking.



#1015 LORDBYRON

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Posted 23 October 2014 - 14:20

http://joesaward.wor...ock-on-effects/

 

Knock on effects



#1016 GaryLandyfan

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Posted 23 October 2014 - 20:48

Yes, Max deverves a good spanking.

He enjoys it too  :lol:   :eek:



#1017 LORDBYRON

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Posted 23 October 2014 - 21:35

Weird Colin Kolles reckons the cars will be going to usa

 

http://www.autosport...t.php/id/116466



#1018 pdac

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Posted 23 October 2014 - 22:57

Weird Colin Kolles reckons the cars will be going to usa

 

http://www.autosport...t.php/id/116466

 

It doesn't really say that. It looks like he believes that the cars are owned by 1MRT and so the administrator does not have the right to hold them. The administrator thinks otherwise. It sounds like the administrator will release the cars if some money is stumped up. It also sounds like they have made an offer but the administrators have rejected it.

 

So the way I see it, either they will have to come up with more money or they will have to get the lawyers to scare the administrator into releasing them.



#1019 loki

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Posted Yesterday, 01:50

 

So the way I see it, either they will have to come up with more money or they will have to get the lawyers to scare the administrator into releasing them.

The administrator is an officer of the court, I doubt the debtors are in a position to do much short of going to a judge.  BBC put up a piece earlier with a quote from the administrator.

 

Administrator Finbarr O'Connell' told BBC Oxford: "I'm there as an officer of the court to get some funds in to pay the creditors which they haven't paid - so I think it's pretty clear to anybody watching, where the incompetence lies.

"I think everybody's got to rally together in order to try and find a solution to this. It's a very expensive sport, but you've got to pay your suppliers, you've got to pay your employees and then you can go racing.

"If 1MRT reaches acceptable terms with me they can be back in the facility and it won't be in limbo. The cars have to go off to the US very soon and they're cutting it very fine."

 

http://www.bbc.com/s...rmula1/29745360

 

 

With the dispute between Fernandez and Engavest there seems to be no clear owner, or at least a significant dispute regarding the ownership.  The facility was locked after the ownership row went public.  It's quite possible had that not been in dispute the administrators would have allowed the company to operate.  With the apparent withdrawal of Engavest and what looks like Fernandez' unwillingness to continue funding the operation I don't see any other course but to shutter the company.



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#1020 Sash1

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Posted Yesterday, 08:05

If Engavest really have met all contractual obligations, as they say, than in effect they have bought the team and are the owners. That Fernandes still has the shares is not really important. The right course would have been to sue Fernandes to get the shares themselves released. But they haven't done that. Did they not have a good case? Somebody is lying here. Interesting case for the administrator.



#1021 GhostR

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Posted Yesterday, 10:49

If Engavest really have met all contractual obligations, as they say, than in effect they have bought the team and are the owners. That Fernandes still has the shares is not really important. The right course would have been to sue Fernandes to get the shares themselves released. But they haven't done that. Did they not have a good case? Somebody is lying here. Interesting case for the administrator.

 

I suspect the truth is that both sides are lying. I find it very interesting that Fernandes held his tongue until this week despite the new owners taking multiple swipes at his past management of the team. Makes me wonder if there's elements of truth in what the new owners say, and Fernandes has only come out now as the brown stuff is well and truly being flung about by the ceiling-mounted propeller. Given that football club ownership in the UK has "fit and proper" rules, I wonder how much of Fernandes' objections now are to protect his QPR stake.



#1022 SenorSjon

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Posted Yesterday, 13:08

If Engavest really have met all contractual obligations, as they say, than in effect they have bought the team and are the owners. That Fernandes still has the shares is not really important. The right course would have been to sue Fernandes to get the shares themselves released. But they haven't done that. Did they not have a good case? Somebody is lying here. Interesting case for the administrator.

 

Would you take team ownership when the debts aren't settled?



#1023 pdac

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Posted Yesterday, 13:56

The administrator is an officer of the court, I doubt the debtors are in a position to do much short of going to a judge.  BBC put up a piece earlier with a quote from the administrator.

 

http://www.bbc.com/s...rmula1/29745360

 

 

With the dispute between Fernandez and Engavest there seems to be no clear owner, or at least a significant dispute regarding the ownership.  The facility was locked after the ownership row went public.  It's quite possible had that not been in dispute the administrators would have allowed the company to operate.  With the apparent withdrawal of Engavest and what looks like Fernandez' unwillingness to continue funding the operation I don't see any other course but to shutter the company.

 

 

So the situation can be reduced to this:

 

1. The administrators want the owners to come to some sort of arrangement

2. Kolles and co say that they don't own the company

3. Fernandes says he doesn't own the company

4. Conclusion: There is no clear owner and so no arrangement can be achieved

 

Caterham will not be in Austin (or anywhere else)



#1024 Mox

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Posted Yesterday, 14:00

_78403157_kobayashi_suspension.jpg

 

 

it looks like the sort of repair i would make ... doesn't even look professional. scary indeed that he raced with it  :eek:

 

i'm wondering if all these shenanigans were pre-arranged with TF and current owners to make this kerfaffle, then declare the team bankrupt, force it to go under administration and buy the factory and equipment at a much reduced cost to start a new venture while avoiding all debts ... TF is a veteran businessman and kolles is a shrewed fox ... just wondering  :rolleyes:

 

also, feel sorry for the real victims ... i.e the hard working men and women of CTF1 team who had noting to do with it, yet suffer most, and the drivers Kobayashi and Markus. specially for markus as he was beginning to show his true pace with that piece of turd.  :|

 

 

Wow ... that's ... wow ... just wow.
Not a chance I would drive 300+kph with a front suspension looking like that!!



#1025 Mox

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Posted Yesterday, 14:03

So the situation can be reduced to this:

 

1. The administrators want the owners to come to some sort of arrangement

2. Kolles and co say that they don't own the company

3. Fernandes says he doesn't own the company

4. Conclusion: There is no clear owner and so no arrangement can be achieved

 

Caterham will not be in Austin (or anywhere else)

 

Sadly, that seems about right! :-(



#1026 LORDBYRON

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Posted Yesterday, 19:47

Caterham permitted to skip US, Brazil

 

 

 

 

http://www.planetf1....m-US-Brazil-GPs



#1027 pdac

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Posted Yesterday, 20:10

Caterham permitted to skip US, Brazil

 

 

 

 

http://www.planetf1....m-US-Brazil-GPs

 

I guess that makes it easier for the administrator to find a buyer. It gives them time. They now don't have to spend more to keep racing when all they are looking to do is sell the team. I think this will mean that the team will come with their F1 slot, their money and without any liabilities due to non-attendance.