Rich Energy drop Haas. No...Really. Seriously...
Discussion
Here we go again https://formulaspy.com/f1/william-storey-resumes-c...
covboy said:
Here we go again https://formulaspy.com/f1/william-storey-resumes-c...
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. covboy said:
Here we go again https://formulaspy.com/f1/william-storey-resumes-c...
Fishier than billingsgate market... stupid question, did Whyte ever get their money?No, I can’t believe I asked that either!
Megaflow said:
Fishier than billingsgate market... stupid question, did Whyte ever get their money?
No, I can’t believe I asked that either!
No, Whyte never got payment.No, I can’t believe I asked that either!
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?
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!
No, Whyte never got payment.No, I can’t believe I asked that either!
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 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.
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.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.
Given past history, I suspect the actual explanation will be weirder than any of our guesses.
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!
No, Whyte never got payment.No, I can’t believe I asked that either!
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?
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 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.....
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 .
Just cos some giffer still has a lotus dinky toy and pipes up now and again we all have to suffer .
DanielSan said:
Translation (sentence by sentence):Haas F1 have got fed up with the whole RE / Storey bulls
t 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 dips
t, embarassing and amateur RE were throughout, but wishes to present a professional and gracious front, so doesn't mention that.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.Just cos some giffer still has a lotus dinky toy and pipes up now and again we all have to suffer .
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.
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