Rich Energy drop Haas. No...Really. Seriously...
Discussion
Vaud said:
Just because he has 51% share, does that really mean he cannot be displaced or fired by the supervisory board?
Not easily, or quickly. Given the situation, it would be far quicker to cut off his funding and let the Whyte situation handle things - which seems to be what will happen. Rich Energy Ltd will be wound up, leaving a gap for one of the other RE feeder companies/collection of shareholders to step in and take over the Haas deal and become the new 'front' company for RE.cookie1600 said:
Some interesting revelations on the other side of the situation from Neville Watson, one of the RE shareholders named on the legal letter from HAAS:
https://racer.com/2019/07/15/insight-behind-the-ri...
“There’s facts and there’s what he says. I want to be really clear, until we get an injunction or get him shut out of those social media accounts that he’s set up and has the passwords to, he’s probably going to keep doing this stuff for a while, and they are not the views of Rich Energy and the majority shareholders, which is why we made that statement.”
“All that’s happened is we took steps to remove a CEO who didn’t like it and has gone nuts.”
And like a few of us have said already, there isn't anyone else behind all this. It's all beardy being a shttps://racer.com/2019/07/15/insight-behind-the-ri...
“There’s facts and there’s what he says. I want to be really clear, until we get an injunction or get him shut out of those social media accounts that he’s set up and has the passwords to, he’s probably going to keep doing this stuff for a while, and they are not the views of Rich Energy and the majority shareholders, which is why we made that statement.”
“All that’s happened is we took steps to remove a CEO who didn’t like it and has gone nuts.”
thouse.Any chance RE had of taking off as a brand are just disappearing day by day.
Vaud said:
Andy S15 said:
Absolutely, however the Haas deal is with Rich Energy Ltd, of which William Storey owns a 51% share in and is the CEO. So right now, he is still the official voice of RE and the contact that Haas officially have to deal with - as much as the people funding the scheme behind the scenes may not like to admit right now.
Just because he has 51% share, does that really mean he cannot be displaced or fired by the supervisory board?There are 2 directors, Storey and Zoran Terzic. The articles of association state that if a vote is tied, the chairman has a casting vote. The directors have very limited scope to remove him under the articles. Under the Companies Act, shareholders can remove a director by ordinary resolution - ie 50%+1vote. So that's not a runner.
Even if the other shareholders could overcome the above, he presumably has an employment contract as CEO, so they'd need to bear in mind what that says about termination.
Even if they get him out, there is still the risk that they're left with a disgruntled shareholder.
One presumes there is a shareholders' agreement sitting behind the scenes that covers off some of this, but you never know.
Andy S15 said:
Vaud said:
Just because he has 51% share, does that really mean he cannot be displaced or fired by the supervisory board?
Not easily, or quickly. Given the situation, it would be far quicker to cut off his funding and let the Whyte situation handle things - which seems to be what will happen. Rich Energy Ltd will be wound up, leaving a gap for one of the other RE feeder companies/collection of shareholders to step in and take over the Haas deal and become the new 'front' company for RE.His % of ownership can't be removed due to poor conduct/behaviour - other than if he was declared bankrupt in which case the court could order him to sell off significant assets, including his shares.
His behaviour (assuming it is him sending the bizarre tweets) is very odd, it's hard to imagine what his current plan is - perhaps he's over-exposed himself to loss on this enterprise and has decided that if he's going to lose, he's going to be an a
hole about it.One way or another, I doubt very much he'll be empowered at RE in 12 months time. Whether that's because he chooses to back out, can no longer stand as a Director or has been declared bankrupt. In the end, if everyone wants you to bugger off, it's very difficult to stay - and ultimately pointless to hang on beyond a point.
TheDeuce said:
His % of ownership can't be removed due to poor conduct/behaviour - other than if he was declared bankrupt in which case the court could order him to sell off significant assets, including his shares.
I suspect the % shares or ownership debate will be null and void once the court actions are resolved as RE Ltd will be gone. It's where any IP, recipe, manufacturing, distribution or other rights lie (which of the multiple spider-web companies) that could be the value that's worth bargaining for. It could also be that if the HAAS sponsorship deal can be resolved, the money people might right it off as a bad experience and Rich Energy as a drink, or brand disappears forever like Moneytron or t-minus.Storey is out of there pretty soon and if the Whyte case court documents we've been privy to want to know how the spider-web unravels (who actually pays all the big bills) then it might become more apparent who really controls what.
The intrigue of the finer details may however never been know to us. I bet though that the main events will soon be over.
Guenther is pulling no punches though:
“I don’t really care about that stuff" “If somebody gets on Twitter you know there is a point where it’s like: I’m over 50 years old, I’m not in kindergarten anymore. “There is more problems than that for him to be honest, he should focus on that and not on how we start.”
https://www.planetf1.com/news/steiner-to-rich-ener...
“I don’t really care about that stuff" “If somebody gets on Twitter you know there is a point where it’s like: I’m over 50 years old, I’m not in kindergarten anymore. “There is more problems than that for him to be honest, he should focus on that and not on how we start.”
https://www.planetf1.com/news/steiner-to-rich-ener...
https://beta.companieshouse.gov.uk/company/0979166...
So who are the new guys and how did they get it off Storey? Curiouser and curiouser.
How does that now stand in light of the court action by Whyte? Are Lightning Volt Ltd and Storey still on the hook for the Rich Energy Ltd damages and what about the HAAS £35 mil claim?
AndrewEH1 said:
I don't understand how a complete loon from the outset could get so much money behind him?
The way he talked right from when he first appeared on the F1 scene meant this outcome was fairly predictable.
Are you aware of an aspiring politician by the name of Boris Johnson....a fine example of the act dumb - play smart strategy.The way he talked right from when he first appeared on the F1 scene meant this outcome was fairly predictable.
Problem (arguably) on both counts is that we're waiting for evidence of the latter.
Arklight said:
Still there:https://twitter.com/rich_energy/status/11511742408...
What a mug! He thinks he can escape the layers by dropping out of Rich Energy Ltd and running way. Surely as he was personally named in the Whyte case, he's still going get stung for the money?
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