[TLK]

Here's the day in a nutshell (from crapwagon.com):

9:00am: In the latest court document to be released, CART and the committee have come to the conclusion that OWRS' bid is the most beneficial, and that the IRL's bid does not qualify. Therefore, they recommend that the auction be cancelled.

11:00 am Update:
Court just took a recess.
Creditors committee gave their recommendation; they analyzed both offers and OWRS’ offer was the highest. OWRS made a second bid in which they offered to pay 100% of all creditors if the judge would take CART out of auction. Don’t think the judge is going for that though.

Some numbers for you:

CART (Delaware Corp.) loaned CART (Michigan) $63,000,000
OWRS has offered to pay that back 100%
Judge isn’t concerned with that

Total value of the bids relates to the percentage of debt owed
High 39.79%
Low 24.5%

High 17.3%
Low 7.6%

Judge is putting the hammer to the IRL.

Judge said: “We’re gonna do it, and we’re gonna do it today.”

12:15 Update: The judge has ordered both parties into a conference room, they were told to come out at 1:30 with a decision as to who will buy the company. Keep your fingers crossed.

12:50 Update: Server Crashed, again. This time they are upgrading the RAM and it just might stay up. The lawyers have left the conference room. Don't know what that means, maybe they're hungry. Apparently, TG looks as clueless as ever. I guess now he's finding out what it's like to swim with the big boys.

1:33 Update: IRL just made another offer. Got 20 minutes to confer with promoters. We shall see.

2:00 Update: The IRL has been given 2:50 convince the promoters to accept their offer. If the accept, OWRS can counter, and the game continues. Stay tuned for more updates.

3:45 Update: All creditors are being put on the stand, one at a time. It looks good for OWRS at this point, but we still may have another hour to go. Hopefully, this won't go to day two.

4:24 Update: Members of the creditors committee are getting badgered something awful by TG's lawyers, but are holding fast. It appears that the judge is letting TG control the afternoon so that will be no grounds for an appeal. Funny story: Robin Miller left his seat for a moment, TG on seeing the empty chair quickly sat down in it. Robin came back, made eye contact with TG,causing him to give said seat back to Mr. Miller. Snickers were heard around the courtroom.

5:05 Update: It's over!!! We Won!!! Break out the champagne!