75 replies to this topic

[Peter0Scandlyn]

Given the meeting to rubber stamp a potential rescue deal was meant to be last Monday, and there's been no news of it being approved, I'm going to guess that no news is bad news and that the creditors were not convinced.

 

Maybe it doesn't matter?

The thread title didn't nominate any particular Christmas.....

[pdac]

I'm surprised that the creditors agreed to wait, but I suppose there is not much in it for them either way. The administrator still thinks that they can sell the team as a going operation rather than selling off the assets. But, really, how long can these negotiations go on before there is no time for the team to be viable for the whole 2015 season?

 

Personally, I can't see the team being sold, but if it is, it will probably continue to be underfunded and so will just collapse again.

[GhostR]

Maybe it doesn't matter?
The thread title didn't nominate any particular Christmas.....

Maybe it helps to read the posts that followed the one you quoted before replying. If you had you'd know I received a correction I was happy to accept.

[LORDBYRON]

Their car will be so completely undeveloped that they have absolutely no chance next year. 

If you were keeping up to date then you would know any new buyer would be racing a 2014 spec car as per there special dispensation so other than some legal 2015 tweaks there wont be any development  

 

so as long as they have this then February would be the deadline 

Edited by LORDBYRON, 28 December 2014 - 12:52.

[ATM]

The 2014 spec car was dead slow in 2014. The 2014 spec car in 2015...urgh...I don't want to think about it. 

 

Of course, it would mean 2 extra race seats, so I can't be all against it...

Edited by ATM, 28 December 2014 - 23:23.

[Richard T]

Why don't they build a couple of LMP2-coupes and start from scratch instead?

[Peter0Scandlyn]

Maybe it helps to read the posts that followed the one you quoted before replying. If you had you'd know I received a correction I was happy to accept.

Well given the thread title I'm having trouble understanding why this topic hasn't been closed?

[SophieB]

The Times: Administrators trying to save Caterham are investigating possible chicanery in the weeks leading up to the Formula One team’s financial collapse

(paywall - £ or subscription req'd)
 

O’Connell’s report to the High Court says that Caterham’s financial affairs were “in total disarray”, with records out of date and inaccurate.
“Assets had been appropriated by various parties,” the report adds. “We strongly suspect there had been improper activity and we are currently investigating this.”

[GhostR]

Well given the thread title I'm having trouble understanding why this topic hasn't been closed?

 

Welcome to how forums work. A thread gets started, and the author gives it a title. The title may or may not be accurate/informative when the thread is created. The longer a thread survives, the more likely it is to drift away from what the original title suggests - especially in a long-running story like the death/survival of Caterham. Always best to actually read the thread so you can reply from a basis of actually knowing what the discussion is about, and what point it has reached at the point you choose to reply.

[FullThrottleF1]

It wouldn't surprise me if Kolles & co had pulled something of dubious nature.

[pdac]

 

The Times: Administrators trying to save Caterham are investigating possible chicanery in the weeks leading up to the Formula One team’s financial collapse

(paywall - £ or subscription req'd)
 

£ or subscription req'd)

 

O’Connell’s report to the High Court says that Caterham’s financial affairs were “in total disarray”, with records out of date and inaccurate.
“Assets had been appropriated by various parties,” the report adds. “We strongly suspect there had been improper activity and we are currently investigating this.”

 

 

 

 

Well, that'll deter anyone from getting involed, if this has only just come to light. I can't see why the auditor would mention this now unless their would-be buyers have all disappeared already.

[pacificquay]

He's mentioned it because it's a report to the courts which he is duty bound to produce.

[Peter0Scandlyn]

Welcome to how forums work. A thread gets started, and the author gives it a title. The title may or may not be accurate/informative when the thread is created. The longer a thread survives, the more likely it is to drift away from what the original title suggests - especially in a long-running story like the death/survival of Caterham. Always best to actually read the thread so you can reply from a basis of actually knowing what the discussion is about, and what point it has reached at the point you choose to reply.

 

Ahh, thread title's been changed.

Someone understood!

[Gilles4Ever]

Adam Cooper @adamcooperF1

The Caterham administrators have put the team's assets up for sale - so no return for the 2015 season

[Gilles4Ever]

http://www.wyleshardy.com/caterhamf1/

[f1RacingForever]

Man what a shame.

[LORDBYRON]

what a shame.  But a cheap car for cosworth for there engine development if they are still at it and tbh cant see why not 

[Gilles4Ever]

Adam Cooper @adamcooperF1

The @Marussia_F1Team administrators worked WITH the people running the team, at @CaterhamF1, it was the opposite. See the results...

[JHSingo]

So all that money people raised for them to race at Abu Dhabi was clearly very worthwhile.

[pacificquay]

Makes it more likely Manor/Marussia will be on the grid then

[dau]

 

Adam Cooper @adamcooperF1

The @Marussia_F1Team administrators worked WITH the people running the team, at @CaterhamF1, it was the opposite. See the results...

 

Isn't it a bit early for that? Marussia isn't saved, it's not sure if they will be able to continue in F1 or anywhere else. They just announced they're going to start CPR in a few days time, doesn't mean that will revive the team.

[Gilles4Ever]

It's still more than Caterham.

[pdac]

It's still more than Caterham.

 

You can't measure this in degrees. Either you have saved an F1 team or you have not. So far neither are saved.

 

Update: Looks like neither have been saved.

Edited by pdac, 05 February 2015 - 20:19.

[Sash1]

 

Adam Cooper @adamcooperF1

The @Marussia_F1Team administrators worked WITH the people running the team, at @CaterhamF1, it was the opposite. See the results...

 

 

Adam Cooper seems to forget that it was not clear at all who was running the team at Caterham........ 
The thing is, Marussia simply ran out of money while the people behind the scenes remained the same, while at Caterham the new owners had no clue what the bought, the previous owner had no clue what he sold and they all dumped the files on the desk of the administrator and asked him to take care of the team because they were both fed up with it.

[Red17]

Let it die, seriously. The last 3 seasons they took all the wrong decisions and I would rather see a new team take the slot than some wannabe "new caterham".

 

I do aplaud the effort to run the final race even when everyone knew it was done and no one wanted to assume ownership (im guessing Fernandes will sit tight and wait for the F1 rights for "caterham" to default back to the group after the legal deadlines are gone).

 

Hindsight is a wonderfull thing, but ultimatley it looks like they should have stayed at Norfolk (which also closed down in November). It's a bit of a miracle that the team stayed on with so much trouble going on with the name change, base change, staff changes and ownership change/onwership revert-no-it-didnt!

 

At the end, it's just one of those odd footnote pages on F1 where you read more about what happened outside the track than on track.

 

As a positive note, it was Caterham that had the heart to show off the platypus first and take the heat of the hate. So here's the iconic nose once more:

 

 

(no! seriously! let it die)

Edited by Red17, 06 February 2015 - 18:53.

[FredrikB]

So all that money people raised for them to race at Abu Dhabi was clearly very worthwhile.

I got a green baseball cap and a wheel nut. ☺