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| Shnaider prepared to bail out Spyker F1 | |
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| Tweet Topic Started: Aug 19 2007, 08:02 PM (108 Views) | |
| Steelstallions | Aug 19 2007, 08:02 PM Post #1 |
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http://www.tsn.ca/auto_racing/news_story/?...ame=auto_racing
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| flood1 | Aug 19 2007, 08:09 PM Post #2 |
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Chief Engineer
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Shnaider still has rights to the team because they haven't paid him fully. If they default he gets the team whether he wants it or not. He would finance their continuance to avoid depreciating their value to others and to insure that their place on the grid is protected. Their place on the grid is where the "real" value of Spyker lies. |
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| Paul_Murtagh | Aug 19 2007, 09:04 PM Post #3 |
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Chief Engineer
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Does this mean that Schnaider can make a profit on selling the team without actually selling it? If so, I hope he can pump the money back into the team to make them more competitive |
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| flood1 | Aug 19 2007, 09:31 PM Post #4 |
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Chief Engineer
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I don't know how the deal is structured, but this is what I would have done. I sell the team for let's say $100 million (makes the math easy). You have paid me half of that, or $50 million, when you default. I buy back in for 50 cents on a dollar, or $25 million. Now I have the team and $25 million. What I do with the $25 million is my business. Meanwhile, Spyker puts the $25 million back into their road car division. It's their road car division that is going broke. Mol gets involved and tries to buy the team from Schnaider for $75 million. Now, Schneider has his original price for his team, $100 million, Mol gets a bargain at $75 million and Spyker get $25 million in cash and writes off the $25 million dollar loss in the exchange with Schneider. This is the true nature of these transactions even if the facts are wrong. |
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1:02 AM Jul 11