Rich Energy drop Haas. No.... Really. Seriously........

Rich Energy drop Haas. No.... Really. Seriously........

Author
Discussion

Auntieroll

433 posts

129 months

Monday 26th August
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[quote=skwdenyer]So I’ll confess I’m confused. The “new” RE company was Storey, who was dead set on cutting ties with Haas. Yet the “new” RE is tweeting support for Haas/quote]

Perhaps they have the same publicity advisers as Trump !😁

covboy

2,287 posts

119 months

sgtBerbatov

1,610 posts

26 months

Friday 30th August
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covboy said:
I have absolutely no doubt that Steiner will either be totally grey or bald by the end of the season with everything thats going on.

Megaflow

6,755 posts

170 months

Friday 30th August
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covboy said:
Fishier than billingsgate market... stupid question, did Whyte ever get their money?

No, I can’t believe I asked that either!

rofl

Andy S15

379 posts

72 months

Friday 30th August
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Megaflow said:
Fishier than billingsgate market... stupid question, did Whyte ever get their money?

No, I can’t believe I asked that either!

rofl
No, Whyte never got payment.

This latest turn seems to read as though it's some backtracking from the sale to BDG, everything has been reversed back to Storey, other than the name. Could be court ordered, could be BDG have rejected it as its too fishy?

Tallow

1,207 posts

106 months

Friday 30th August
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What I don't understand is why he persists with that absurd beard if he wants to be taken seriously, never mind the whole (deeply entertaining) Twitter thing.

HorneyMX5

4,530 posts

95 months

Friday 30th August
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I'm not sure why having a beard is a problem! I have along beard and manage to conduct business operations without being a muppet.

skwdenyer

7,413 posts

185 months

Friday 30th August
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Andy S15 said:
Megaflow said:
Fishier than billingsgate market... stupid question, did Whyte ever get their money?

No, I can’t believe I asked that either!

rofl
No, Whyte never got payment.

This latest turn seems to read as though it's some backtracking from the sale to BDG, everything has been reversed back to Storey, other than the name. Could be court ordered, could be BDG have rejected it as its too fishy?
BDG have a scale of fees - basically a % of the company's debts. With Haas calling in the contract, the debt became huge. This from BDG's website:

BDG said:
We charge a fee equivalent to £5,000 plus VAT or 10% of the net liabilities in your business whichever is the greater. In complex cases, our fees may be higher due to increased accountancy, legal or other professional fees.
Let's say 10% and a total debt of, say, £35m. That's £3.5m to be paid to BDG.

One would assume BDG's share purchase agreement will be conditional upon the payment of the fee to BDG, conditional upon full disclosure of all liabiities, and reversible if monies are not forthcoming.

Best guess? Storey did a deal with BDG, then terminated the Haas deal "for cause" (ah-hem) and paid BDG the small fee. Now that Haas are chasing for their full monies, perhaps BDG have gone back and said "pay up the £3.5m or we hand back your shares?

Of course, there might be another explanation.

Tallow

1,207 posts

106 months

Friday 30th August
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HorneyMX5 said:
I'm not sure why having a beard is a problem! I have along beard and manage to conduct business operations without being a muppet.
I have a beard, too... But I also don't look like a homeless reject from ZZ Top!

Europa1

8,821 posts

133 months

Friday 30th August
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skwdenyer said:
Let's say 10% and a total debt of, say, £35m. That's £3.5m to be paid to BDG.

One would assume BDG's share purchase agreement will be conditional upon the payment of the fee to BDG, conditional upon full disclosure of all liabiities, and reversible if monies are not forthcoming.

Best guess? Storey did a deal with BDG, then terminated the Haas deal "for cause" (ah-hem) and paid BDG the small fee. Now that Haas are chasing for their full monies, perhaps BDG have gone back and said "pay up the £3.5m or we hand back your shares?

Of course, there might be another explanation.
One explanation might be that Storey did not comply with the pre-emption rights on share transfers on the Company's articles, i.e. he was not actually entitled to transfer his shareholding to BDG in the first place. That wouldn't explain why he and Zoran Terzic are back as directors though. The new registered office address is a serviced office in Putney that a Google search suggests is home to 160-something other companies.

Given past history, I suspect the actual explanation will be weirder than any of our guesses.

Chrisgr31

11,203 posts

200 months

Saturday 31st August
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Andy S15 said:
Megaflow said:
Fishier than billingsgate market... stupid question, did Whyte ever get their money?

No, I can’t believe I asked that either!

rofl
No, Whyte never got payment.

This latest turn seems to read as though it's some backtracking from the sale to BDG, everything has been reversed back to Storey, other than the name. Could be court ordered, could be BDG have rejected it as its too fishy?
Whyte may of not got payment but they certainly got lot of publicity. Isn't it more likely that BDG have done a deal with the creditors of whom Whyte was probably the largest, and then passed the company back as they say they do? Whyte may of been happy if they got their costs back in view of the publicity they got?

F355GTS

3,476 posts

200 months

Saturday 31st August
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I think they've effectively done a prepack administration lost their debts and any legal liabilities to pay Whyte and bingo new business moving forward, presumably as part of it they've agreed to continue with Haas?

skwdenyer

7,413 posts

185 months

Sunday 1st September
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F355GTS said:
I think they've effectively done a prepack administration lost their debts and any legal liabilities to pay Whyte and bingo new business moving forward, presumably as part of it they've agreed to continue with Haas?
I suppose if (as LV) they offered Whyte and full and final of say £5k and it were accepted...

DanielSan

14,361 posts

112 months

Monday 9th September
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And it's done done done.

Andy S15

379 posts

72 months

Monday 9th September
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So odd. Haas tweet saying this at 6am this morning, while over on the RE twitter they made a post 25 minutes ago showing the RE/Haas truck in the pitlane!

cookie1600

1,263 posts

106 months

Monday 9th September
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DanielSan said:
And it's done done done.
"A revised global strategy"

We are actually going to run production of an energy drink and make it available in stores for the public to buy?

"Corporate restructuring"

We dumped that goon Billy, as he was an embarrassment

"Stakeholders at Rich Energy"

The people with money who are really in charge

What you don't see in the Tweet is the possibility that the second sponsorship payment never came in the post.....




Fundoreen

870 posts

28 months

Monday 9th September
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Rich energy are gone now. Team seems to still want to run the car with same colours. Stupid idea which gives the phantom drink continued publicity. Can we leave this crappy black and gold like the old lotus behind at long last. A bloody curse that keeps coming back like with genii or whatever that effort was called.
Just cos some giffer still has a lotus dinky toy and pipes up now and again we all have to suffer .


JonChalk

Original Poster:

2,128 posts

55 months

Monday 9th September
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DanielSan said:
Translation (sentence by sentence):

Haas F1 have got fed up with the whole RE / Storey bullst and have decide to pull the plug.

While not enjoying the prospect of not receiving a penny of real money, combined with the recognition that RE has zero corporate strategy, presence or intelligence, Haas F1 has decided to change its strategy to not include RE.

Subsequently HaasF1 has given RE the boot as soon as we reasonably could.

HaasF1 really, really wants to explain how dipst, embarassing and amateur RE were throughout, but wishes to present a professional and gracious front, so doesn't mention that.

Kraken

1,109 posts

145 months

Monday 9th September
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Fundoreen said:
Rich energy are gone now. Team seems to still want to run the car with same colours. Stupid idea which gives the phantom drink continued publicity. Can we leave this crappy black and gold like the old lotus behind at long last. A bloody curse that keeps coming back like with genii or whatever that effort was called.
Just cos some giffer still has a lotus dinky toy and pipes up now and again we all have to suffer .
Cost a lot of money to change everything now. The cars are only the tip of the iceberg. Removing the logos is one thing a complete colour change mid-season is another.

FourWheelDrift

77,834 posts

229 months

Monday 9th September
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Kraken said:
Cost a lot of money to change everything now. The cars are only the tip of the iceberg. Removing the logos is one thing a complete colour change mid-season is another.
Easy respray, especially for Haas if it's almost all white or grey again with dark sidepods.

Guide to painting an F1 car by McLaren - https://www.mclaren.com/racing/partners/AkzoNobel-...

Most recent in-season change I can remember was McLaren in 2015 when they changed from their sliver livery to the black in their first season with Honda.