wombat666
October 24th, 2014, 06:19
The convoluted and distasteful developments at Caterham to date told in three parts.
Tony Fernandes, would you buy anything from this man? Always had my doubts about him from day one.
As for Finnbarr O'Connell ........ :banghead:
Just another money man.
1) Caterham: team hands over management to administrators.
The bosses of Caterham F1 have formally agreed to hand over the running of the team to administrators.
Control of the Oxfordshire site where the cars are made has been given to London firm Smith & Williamson.
Caterham say they took the decision "in the higher interest of allowing the team to continue operating and preparing for the next events".
But the chief administrator says he fears the team will not compete at the US Grand Prix in Austin on 2 November
Finnbarr O'Connell of Smith & Williamson said: "I really need them to come to me with an acceptable figure [to offer their creditors] so they can gain access again to [the factory at] Leafield.
"It's very important to us they race, but for the creditors of Caterham Sports Ltd, it's not up to them to fund racing."
The administrators had already been working on behalf of the creditors of Caterham Sports Ltd, a company which makes and supplies cars to 1MRT, the entity which owns the licence to race in Formula 1.
They have now also been placed in charge of 1MRT, with a long-term view to finding a buyer for the troubled constructor.
O'Connell confirmed he was now acting as de facto team principal.
"I think that is the case," he said. "I did ask 1MRT on Thursday if they would be willing to [hand over management responsibilities] in order for me to try and find a new financial backer for the team, so this is their reaction to my request."
O'Connell added that re-opening the team's factory depended on finding a financial backer.
"Our objective is to get this team racing on a proper financial standing," he said. "Hopefully if a funder comes through, this team can run again.
"I have spoken to people who are interested in taking over the Leafield factory, and the staff being employed there.
"It's early days, but there is a major hope that all of that can happen."
2) Staff working at the Caterham F1 team site in Oxfordshire have been locked out of the firm's premises, the administrator has told the BBC.
Finbarr O'Connell, from Smith & Williamson, said Caterham F1 operator 1MRT had made an "inadequate" offer to continue using the Leafield site.
Administrators have taken control of the building, where F1 cars were made.
Mr O'Connell said he was trying to resolve the situation with 1MRT but until then had locked staff out.
Employees from Caterham Sports Limited - which manufactures cars for the F1 team and is run as a separate company - were transferred to 1MRT when the company was placed into administration on Friday.
Mr O'Connell said 200 jobs were at risk and up to £20m was owed to external suppliers.
One employee at the site said: "We've just been given a letter saying we're not allowed in today - it seems to be a very confused situation.
"People are confused and disillusioned by it all.
"It's a shame that it's ended so abruptly. It's not looking good - I think it could be the end."
Tony Fernandes, who owns the Air Asia airline and Queens Park Rangers football club, sold the team to a Swiss and Middle eastern consortium, Engavest SA, in July.
The consortium has insisted Caterham Sports Ltd is not related to them, as they had transferred operations to the team's holding company, 1MRT.
Developments at Caterham have brought into question the team's participation in the forthcoming US Grand Prix, which takes place in Austin, Texas, on 2 November, and the race in Brazil the following weekend.
In a statement, Caterham F1 said: "The administrators' appointment has had devastating effects on the F1 team's activities."
3) Further doubt has been cast on the future of the Caterham team following the revelation of a dispute between their old and new owners.
The new owners have threatened to quit the team, a day after the company that built the cars was put into administration.
A statement threatened legal action against founder Tony Fernandes for not transferring shares to the new owners.
Fernandes told BBC Sport the statement was "garbage".
The Malaysian businessman, who announced he had sold the team in July, added that his lawyers would respond on Thursday.
Fernandes, who owns the Air Asia airline and Queens Park Rangers football club, later tweeted: "If you buy something you should pay for it. Quite simple."
Insiders say the dispute is about whether the new owners have paid for the team, fulfilled their obligations under the deal they struck with Fernandes or carried through on the guarantees they gave as part of the sale.
But the statement from the company that agreed to buy the team from Fernandes in July said Fernandes would now run the team "as an owner".
The development brings into question Caterham's participation in the forthcoming US Grand Prix, which takes place in Austin, Texas on 2 November, and the race in Brazil the following weekend.
The Caterham F1 statement revealed the buyer's identity for the first time as a company called Engavest SA, based in Switzerland.
The dispute has emerged the day after a company called Caterham Sports Ltd, which built the F1 cars for the team, was put into administration.
Caterham F1's statement said the administrator was appointed on behalf of a Malaysian bank that is a creditor of Fernandes and the Caterham Group, which he still owns.
It said: "The administrators' appointment has had devastating effects on the F1 team's activities."
It added that since the agreement to sell the team, Fernandes and his partners had "refused to comply with [their] legal obligations to transfer their shares to the buyer.
"The buyer has been left in the invidious position of funding the team without having legal title to the team it had bought.
"This is in total contradiction to the seller's press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team."
The new owners are facing employment tribunal proceedings from 38 former employees, who are claiming wrongful dismissal.
Earlier this month, Caterham were visited by bailiffs, who seized several items from the team.
The new owners have insisted that Caterham Sports Ltd is not related to them, because they have transferred operations to the holding company of the team, 1 MRT.
I feel sad for the staff, while the racing team were a disaster made up of mobile chicanes, the workers have been royally screwed by the usual suspects.
Tony Fernandes, would you buy anything from this man? Always had my doubts about him from day one.
As for Finnbarr O'Connell ........ :banghead:
Just another money man.
1) Caterham: team hands over management to administrators.
The bosses of Caterham F1 have formally agreed to hand over the running of the team to administrators.
Control of the Oxfordshire site where the cars are made has been given to London firm Smith & Williamson.
Caterham say they took the decision "in the higher interest of allowing the team to continue operating and preparing for the next events".
But the chief administrator says he fears the team will not compete at the US Grand Prix in Austin on 2 November
Finnbarr O'Connell of Smith & Williamson said: "I really need them to come to me with an acceptable figure [to offer their creditors] so they can gain access again to [the factory at] Leafield.
"It's very important to us they race, but for the creditors of Caterham Sports Ltd, it's not up to them to fund racing."
The administrators had already been working on behalf of the creditors of Caterham Sports Ltd, a company which makes and supplies cars to 1MRT, the entity which owns the licence to race in Formula 1.
They have now also been placed in charge of 1MRT, with a long-term view to finding a buyer for the troubled constructor.
O'Connell confirmed he was now acting as de facto team principal.
"I think that is the case," he said. "I did ask 1MRT on Thursday if they would be willing to [hand over management responsibilities] in order for me to try and find a new financial backer for the team, so this is their reaction to my request."
O'Connell added that re-opening the team's factory depended on finding a financial backer.
"Our objective is to get this team racing on a proper financial standing," he said. "Hopefully if a funder comes through, this team can run again.
"I have spoken to people who are interested in taking over the Leafield factory, and the staff being employed there.
"It's early days, but there is a major hope that all of that can happen."
2) Staff working at the Caterham F1 team site in Oxfordshire have been locked out of the firm's premises, the administrator has told the BBC.
Finbarr O'Connell, from Smith & Williamson, said Caterham F1 operator 1MRT had made an "inadequate" offer to continue using the Leafield site.
Administrators have taken control of the building, where F1 cars were made.
Mr O'Connell said he was trying to resolve the situation with 1MRT but until then had locked staff out.
Employees from Caterham Sports Limited - which manufactures cars for the F1 team and is run as a separate company - were transferred to 1MRT when the company was placed into administration on Friday.
Mr O'Connell said 200 jobs were at risk and up to £20m was owed to external suppliers.
One employee at the site said: "We've just been given a letter saying we're not allowed in today - it seems to be a very confused situation.
"People are confused and disillusioned by it all.
"It's a shame that it's ended so abruptly. It's not looking good - I think it could be the end."
Tony Fernandes, who owns the Air Asia airline and Queens Park Rangers football club, sold the team to a Swiss and Middle eastern consortium, Engavest SA, in July.
The consortium has insisted Caterham Sports Ltd is not related to them, as they had transferred operations to the team's holding company, 1MRT.
Developments at Caterham have brought into question the team's participation in the forthcoming US Grand Prix, which takes place in Austin, Texas, on 2 November, and the race in Brazil the following weekend.
In a statement, Caterham F1 said: "The administrators' appointment has had devastating effects on the F1 team's activities."
3) Further doubt has been cast on the future of the Caterham team following the revelation of a dispute between their old and new owners.
The new owners have threatened to quit the team, a day after the company that built the cars was put into administration.
A statement threatened legal action against founder Tony Fernandes for not transferring shares to the new owners.
Fernandes told BBC Sport the statement was "garbage".
The Malaysian businessman, who announced he had sold the team in July, added that his lawyers would respond on Thursday.
Fernandes, who owns the Air Asia airline and Queens Park Rangers football club, later tweeted: "If you buy something you should pay for it. Quite simple."
Insiders say the dispute is about whether the new owners have paid for the team, fulfilled their obligations under the deal they struck with Fernandes or carried through on the guarantees they gave as part of the sale.
But the statement from the company that agreed to buy the team from Fernandes in July said Fernandes would now run the team "as an owner".
The development brings into question Caterham's participation in the forthcoming US Grand Prix, which takes place in Austin, Texas on 2 November, and the race in Brazil the following weekend.
The Caterham F1 statement revealed the buyer's identity for the first time as a company called Engavest SA, based in Switzerland.
The dispute has emerged the day after a company called Caterham Sports Ltd, which built the F1 cars for the team, was put into administration.
Caterham F1's statement said the administrator was appointed on behalf of a Malaysian bank that is a creditor of Fernandes and the Caterham Group, which he still owns.
It said: "The administrators' appointment has had devastating effects on the F1 team's activities."
It added that since the agreement to sell the team, Fernandes and his partners had "refused to comply with [their] legal obligations to transfer their shares to the buyer.
"The buyer has been left in the invidious position of funding the team without having legal title to the team it had bought.
"This is in total contradiction to the seller's press release of 3 October 2014 which stated that Mr Fernandes and his Caterham Group had no longer any connection with the Caterham F1 Team."
The new owners are facing employment tribunal proceedings from 38 former employees, who are claiming wrongful dismissal.
Earlier this month, Caterham were visited by bailiffs, who seized several items from the team.
The new owners have insisted that Caterham Sports Ltd is not related to them, because they have transferred operations to the holding company of the team, 1 MRT.
I feel sad for the staff, while the racing team were a disaster made up of mobile chicanes, the workers have been royally screwed by the usual suspects.