Who is the trustee?
Optional gave 5mike5 10 Betpoint s for this post. Originally Posted by yisman. Originally Posted by 5mike5. In for Sonoma just 25 this time. BTP Week 1 pts.
Should be an interesting week. Originally Posted by GT21Megatron. So confused right now Is there segments and weekly goi go on right now in here? Sorry to be the fuking dip shit but I put my in on the segment part Been up since last week chico.
My favorite track to drive on the old Wii. I love the road courses GL today. Everyone come and join my nascar fantasy contest Just got off the golf course and almost forgot. Sonoma Results Points in the pool Tie 1st: CarolinaDaze and Derailer Points each 3rd: Rob points Last: Smith, in testimony before being appointed: It would have been meddling. If appointed as trustee, I'm going to be the fiduciary.
The responsibility is going to rest with me. But I'm not going to do it all on my own and can't do all of it on my own. There is an organization. I believe they know what needs to be done. I'm going to work with them to get that done. And if there are not ways to reduce the expenses, then we'll need to determine if additional capital is available If the cash flow of the business is cash flow negative, we'll understand exactly what is the hole, how negative is it, where is it coming from, can the hole be filled, can we get back to cash-flow neutral.
Then if it can't, are there sources of capital that can provide liquidity to the business. Devine had the audacity to call these proceedings 'nonsense,' but I think his actions actually speak louder than the words.
He has ignored the court's orders, he has ignored the bankruptcy code and he's ignored, we believe, his fiduciary duties. I would dare say that this, for Mr. Devine, is more of a hobby, an expensive one at that, as opposed to a business operation. BK Racing's profitability is highly questionable. Bankruptcy administrator Shelley Abel: We certainly don't think that continuing with the status quo would be appropriate. They're prepared to help the trustee. That remains to be seen. But Jeffrey Lemons, who has 27 years in racing and has worked in the machine shop at BK Racing since , testified Wednesday:.
Mismanagement of their finances, mismanagement of the business that we've seen I would love for you to appoint a trustee to help have an unbiased opinion straighten this out so it's red and black, yes and no, and let's go racing and be part of a tremendous sport.
Lemons was diagnosed with prostate cancer last summer and didn't have insurance after BK Racing stopped offering it. He testified that Devine had pledged to pay his bills but then stopped on Aug. But the same time, we were filling out time cards, you were under the assumption from what was being said -- that it was going to be solved maybe next week.
Then the next week came, well it was going to be next week. So you were working betting on the income that was going to happen the next week. You got yourself in deep enough, all of a sudden you know we're going to the Daytona It's been tough sitting watching Ron get beat up.
But at the same point in time, I'm here because I've got to protect myself. At 53 years old, health insurance that is a high rate, doctor visits due to my cancer surviving and so forth that's coming up, I'm in a position where I need my money and unfortunately I had to put myself in this position to [testify against him to] try to get it.
He may have some special services contract with people, but I'm not aware of any of them. Devine was on the witness stand for about five hours over two days. He had much to say. He believes the bank's goal is to have the trustee sell his charter, potentially to Premium Motorsports owner Jay Robinson.
Not only to me and my 35 million dollars that I've invested but to the people sitting out there trying to get paid. All they want to do is capture my charter and move it to Jay Robinson at Premium Motorsports. The reason it is just chatter is because this team that did that qualified for two charters. The only way to do that was to be in full operation three years prior to the [awarding] of those charters.