F1 Rejects Temporary Forum

A backup forum for when the main one crashes. Not permanent



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    Join date : 2014-10-21

    Caterham Empty Caterham

    Post by mario on Thu Oct 23, 2014 7:56 pm

    Well, given how rapidly the situation at Caterham seems to be declining, it might well be the case that the team has fallen apart by the time the main forum is restored.

    We've had O’Connell, who is acting on behalf of the administrators of Caterham Sports Ltd, publicly question the structure of the team and state that it is not clear to him who owns what assets. To make matters worse, the team have now been shut out of their factory as the offices, which belonged to Caterham Sports Ltd., have now been locked by the administrators as they review its assets.

    Now it appears that Fernandes and the mystery investors, who are now revealed to be a company called Engavest SA, are at loggerheads over who has what right to what is left of the team.

    Engavest SA are complaining that Fernandes has refused to had over control of the team and therefore is still the de facto owner of the team.
    Fernandes in turn is making comments that suggests that he was holding onto shares in the team on the basis that Engavest SA never paid him for those shares, and therefore has no right to them.

    To make matters worse, Kolles is now being reported as saying that Caterham are at serious risk of missing the US GP in Austin unless an agreement can be reached with the administrators by Saturday.

    All in all, it sounds like the team is beginning to implode in a spectacular fashion - HRT's demise was rather sedate compared to what looks like a rapid descent into a major legal fight.

    It's one of the few occasions where I can find myself agreeing with Bernie on one thing. Ahead of chairing a meeting where Bernie was due to act as a mediator between the two sides, Bernie was asked what he thought of the whole affair, to which he replied
    "All I know is what I've been told. Not too sure it's all true either."

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    Caterham Empty Re: Caterham

    Post by roblomas52 on Thu Oct 23, 2014 7:59 pm

    what i found amusing is that the Caterham story was the the second news story on the lunchtime news today Very Happy

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    Caterham Empty Re: Caterham

    Post by mario on Thu Oct 23, 2014 9:51 pm

    And now things seem to be getting even more surreal - no sooner had Fernandes issues a counter statement, Engavest has issued another statement objecting to Fernandes's claims.

    Keith Collantine has published the statement, which starts out by denying that Engavest have defaulted on their payments and ends by accusing Caterham Group of breaking into Engavest's filing cabinets in search of confidential documents belonging to Engavest.

    The statement is as follows:
    Engavest SA, strongly refutes the allegations of Tony Fernandes and Caterham Group CEO Graham Macdonald regarding its conduct while trying to purchase Caterham F1. Our statement of earlier today still stands.

    Every single condition precedent of the Sales and Purchase Agreement for which Engavest was responsible has been met.

    Only the seller, which includes Mr Fernandes, failed to meet his obligations.

    All salaries have been paid.

    Engavest sold CSL. It did not appoint Mr Cojocar who, we believe, was a former top footballer for Steaua Bucarest during the 1980s.

    The claims of Mr Fernandes and Mr Macdonald contradict their own press statement dated 03 October 2014

    “Caterham Group wishes to clarify that, following the sale of the F1 business in July, it has no affiliation with Caterham F1 Team”.

    That one sentence alone contains two errors:

    1, the date was June 29

    2, having failed to transfer the shares Caterham Group and Mr Fernandes wholly owned Caterham F1 at the time of the statement, as they do today.

    Incidents such as a Caterham Group representative forcibly breaking into a filing cabinet containing our private and confidential documents and the continued refusal to deal with the outstanding loan of Exim Bank and complete the agreement has culminated in Engavest’s total comtempt of Mr Fernandes and his Group executives with whom we entered a deal in good faith.

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    Post by TheBronzeMex on Thu Oct 23, 2014 10:29 pm

    What a mess. Even if Caterham make it to Austin, with the way things are going I'll be more than surprised if they make it to 2015.

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