2518 replies to this topic

[Garndell]

Sounds like FRP Advisory LLP could have been a little negligent in their "winning bidder" selection, I think this has a small chance of going all the way.

 

A little fishy being called FRP (Formula Racing Point)...

[loki]

Sounds like FRP Advisory LLP could have been a little negligent in their "winning bidder" selection, 

 

They weren't.  The Russian's initial bid wasn't as good as the initial Stroll bid and when they found that out they wanted to submit another and FRP did not let them or respond to the requests to get another shot. The bidding parameters were very clear and FRP were under no obligation to respond after the only allowed submission was declined.  An administration judge signed off on the order and wouldn't have were there to have been any irregularities.   When the law is on your side argue the law.  When the facts are on your side argue the facts.  When neither are on your side yell and pound on the table.  Lots of yelling and pounding going on.

[taran]

They weren't.  The Russian's initial bid wasn't as good as the initial Stroll bid and when they found that out they wanted to submit another and FRP did not let them or respond to the requests to get another shot. The bidding parameters were very clear and FRP were under no obligation to respond after the only allowed submission was declined.  An administration judge signed off on the order and wouldn't have were there to have been any irregularities.   When the law is on your side argue the law.  When the facts are on your side argue the facts.  When neither are on your side yell and pound on the table.  Lots of yelling and pounding going on.

 

Weren't you the one who said it would never go to trial?

 

While happy that Force India was saved, it does seem a bit dodgy. IIRC, Force India was first offered as a going concern but Stroll acquired it as assets without the other bidders getting an equal chance. Anyway, Mazepin will have his day in court.

 

In the end, our speculations don't really matter. Racing Point won't be affected, only the administrators if the court finds against them.

[GreenMachine]

It hasn't gone to trial.  It may never go to trial. 

 

The fact that a trial date has been set (and I am not sure of the precise status of what has been set) for a year or so in the future means little.  A lot, or nothing, can happen in that period, When that date rolls around, we will see what if anything is happening in the judicial sphere, but in the meantime I reckon we should all take our cue from the leisurely pace that this seems to proceeding at.

 

Wake me in a year. 'Night all

[JavierDeVivre]

Surpised nobody has picked up on this.

 

https://www.autospor...set-for-late-20

 

Uralkali's case set for 2020.

 

Oh for the love of god. Are they still bleating on about having the highest bid? Providing the largest sum of money doesn't make you the bidder that is best placed to win, especially when the other bidders were also providing enough cash to cover any debts that the company had, and were in a better position to be able to safeguard the future of the staff involved.

 

The Stroll consortium's initial bid may have been of a lower monetary value, but the overall bid appeared (and has proven to be) the best deal available to the administrators. It would be interesting to see just how Uralkali's bid stands up against the total amount of money that the Stroll consortium paid, combining the the bid price and the cost of paying off of all creditors.

 

The Stroll bid fulfilled the requirements of the administrators but also settled the creditors that were crucial to successfully rescuing the team as a going concern. Stroll was also in a luxurious position of being in the paddock already and having contacts that were able to make the job of securing the team's position in the championship a lot smoother than it could have been.

 

Recompense for shareholders is usually of little importance to administrators, it is the creditors that are the priority. His comments about the Indian banks is pointless, since the banks are not chasing repayment, as can be proven by their continued unwillingness to accept Vijay Mallya's offer of full repayment. This has become a witchhunt against him personally rather than an attempt to recover the money.

 

If this does actually go before a court, I certainly cannot see it being very fruitful for Uralkali. Their arguments are weak and contain elements that are not important to the administrators purpose. If they want to have any chance of being successful in this claim they need to prove that their bid would have been beneficial over what the Stroll Consortium provided, which is unlikely.

[pdac]

I guess it does give an opportunity for the Administrators to recover their legal costs.

[loki]

Weren't you the one who said it would never go to trial?

 

It hasn't gone to trial and it's not on the docket yet.  The time window is an estimation of when it could proceed.  This latest ruling just starts discovery.  Next April that will be concluded and there will be another opportunity to have the case dismissed.   The wheels of justice turn slowly.  Still a long way to go.

 

While happy that Force India was saved, it does seem a bit dodgy. IIRC, Force India was first offered as a going concern but Stroll acquired it as assets without the other bidders getting an equal chance. Anyway, Mazepin will have his day in court.

 

All the information is in the public domain now.  A tender was issued with the basis being keeping the company operating.  One time shot.  Make your best offer.  Stroll's offer was they would do that first and if not they would buy the assets and pay the debts.  The Russians first offer didn't include attempting to purchase as a going concern.  When they found out the offer didn't comply they wanted a do over.  The administrator did not communicate further with them as they are not compelled to by law.  This was all laid out at the time as was the administrator's powers and obligations.  An administrative judge signed off on the order and considered it valid after seeing what happened.  

Edited by loki, 19 July 2019 - 16:53.

[JavierDeVivre]

Oh for the love of god. Are they still bleating on about having the highest bid? Providing the largest sum of money doesn't make you the bidder that is best placed to win, especially when the other bidders were also providing enough cash to cover any debts that the company had, and were in a better position to be able to safeguard the future of the staff involved.

 

The Stroll consortium's initial bid may have been of a lower monetary value, but the overall bid appeared (and has proven to be) the best deal available to the administrators. It would be interesting to see just how Uralkali's bid stands up against the total amount of money that the Stroll consortium paid, combining the the bid price and the cost of paying off of all creditors.

 

The Stroll bid fulfilled the requirements of the administrators but also settled the creditors that were crucial to successfully rescuing the team as a going concern. Stroll was also in a luxurious position of being in the paddock already and having contacts that were able to make the job of securing the team's position in the championship a lot smoother than it could have been.

 

Recompense for shareholders is usually of little importance to administrators, it is the creditors that are the priority. His comments about the Indian banks is pointless, since the banks are not chasing repayment, as can be proven by their continued unwillingness to accept Vijay Mallya's offer of full repayment. This has become a witchhunt against him personally rather than an attempt to recover the money.

 

If this does actually go before a court, I certainly cannot see it being very fruitful for Uralkali. Their arguments are weak and contain elements that are not important to the administrators purpose. If they want to have any chance of being successful in this claim they need to prove that their bid would have been beneficial over what the Stroll Consortium provided, which is unlikely.

Just want to clarify something. With this statement, I meant overall in total, with the Stroll consortium paying the bid they made to the administrators which included enough money to pay the creditors and the money that they spent clearing any debts to suppliers the team had outside of the initial bid amount.

[Marklar]

buyout dispute now goes to court https://twitter.com/...5367326720?s=19

[danmills]

Don't tell me, the beard had a better offer?

[Clatter]

buyout dispute now goes to court https://twitter.com/...5367326720?s=19

Who is actually questioning the administrators role? Is it the previous owners, or the losing bidder?

[paulm1au]

Who is actually questioning the administrators role? Is it the previous owners, or the losing bidder?

Mazepin I think

[GrumpyYoungMan]

Why is it, we seem to live in a world where someone always seems to have an issue or cry its unfair...

[pdac]

Why is it, we seem to live in a world where someone always seems to have an issue or cry its unfair...

 

Especially people with plenty of money.

[BRG]

Because lawyers.

[Calum]

Does the fact Racing Point is getting an Aston Martin rebrand and signing a 4x World Champion to drive for them have much effect on the court case?

 

I don't know much about the finer details of business law, but would think it's good evidence that the administrator picked a pretty serious and sensible bid! 

[Chillimeister]

If Mazepin is still interested in pursuing this case I wonder where that leaves the speculation that he was going to buy into Haas.

[jcbc3]

He's after a monetary compensation from the auditors. He doesn't give a fig about Force India (and it's successors)

[loki]

Does the fact Racing Point is getting an Aston Martin rebrand and signing a 4x World Champion to drive for them have much effect on the court case?

 

I don't know much about the finer details of business law, but would think it's good evidence that the administrator picked a pretty serious and sensible bid! 

It will be decided on what was happening at the time not later.  I would agree that what’s happened since proves it was a good pick.  I doubt Mazepin could have 3D scanned Mercedes’ brake ducts landed a great title sponsor like Aston Martin.

 

If Mazepin is still interested in pursuing this case I wonder where that leaves the speculation that he was going to buy into Haas.

Could be but initially he was asking for damages to recoup his cost of pursuing the deal.  For a guy with his means I’d reckon it’s more about butt hurt than getting any money back.  Compared to his wealth it’s a rounding error.