mchastek
03-28-2005, 09:42 PM
According to an artcile by the Financial Times,
"Formula One promoter Bernie Ecclestone is believed to have lost his legal battle with three creditor banks on all counts, an outcome that may put the banks in position to take management control of F1 and claim costs from Mr Ecclestone and Bambino, his family trust.
Following two hearings this week, High Court judge Mr Justice Peter Smith granted an order, to which Mr Ecclestone has consented, thought to contain settlement terms that will be wholly favourable to the banks, Bayerische Landesbank, Lehman Brothers and JPMorgan. "
Click Here to read the article: http://news.ft.com/cms/s/9a2fe1fa-9d59-11d9-a227-00000e2511c8.html
What is your opinion of the current Formula-1 situation?
"Formula One promoter Bernie Ecclestone is believed to have lost his legal battle with three creditor banks on all counts, an outcome that may put the banks in position to take management control of F1 and claim costs from Mr Ecclestone and Bambino, his family trust.
Following two hearings this week, High Court judge Mr Justice Peter Smith granted an order, to which Mr Ecclestone has consented, thought to contain settlement terms that will be wholly favourable to the banks, Bayerische Landesbank, Lehman Brothers and JPMorgan. "
Click Here to read the article: http://news.ft.com/cms/s/9a2fe1fa-9d59-11d9-a227-00000e2511c8.html
What is your opinion of the current Formula-1 situation?