O.T. Death of CART?, Will the evil TG win? Options

[tracks914]

TG Increases Bid
I am a die hard CART fan. I am passionate about the CART/IRL split. I hate what Tony George has done to open wheel racing in North America. I hate to watch the IRL crap wagons go round in circles.
Now it appears he might get his way with"his hand full of nails for CART's coffin" He has bid to buy CART's assests but only the FORD engines, (so that the rest of the league will have nothing to put in there race cars if they started a new series) all the emergency equipment including the mobile hospital, (a new series would need all this to start up) and only one race, (the Long Beach Grand Prix) so that Toyota could attend their marquis race.
He claims he cares about open wheel racing in N/A but really only wants to kill CART. 10 years after he split from CART it appears his deep pockets might win.
As far as I'm concerned Tony can suck dead air from my liley white butt! (IMG:style_emoticons/default/finger.gif)

[seanery]

A bankruptcy court judge rejected a higher bid from the Indy Racing League this afternoon and awarded the assets of CART to a group intent on keeping the rival racing series going.

The IRL upped its bid to $13.5 million today during an auction in U.S. Bankruptcy Court.

CART's creditors told Judge Frank Otte that they preferred OWRS lower bid of $3.2 million because it included acceptance of existing contracts and liabilities. IRL's bid didn't cover those.

The IRL originally bid $3.2 million, but with designs of taking on minimal CART contracts, the most noticeable for Long Beach, Calif., CART's premier race. OWRS first bid at $1.6 million.

Otte keep pushing to settle the auction today.

The hearing opened this morning with an analysis of competing bids.

In front of an overflow crowd that included IRL founder and Indianapolis Motor Speedway owner Tony George and OWRS leaders Paul Gentilozzi and Kevin Kalkhoven, Otte told both sides to go to their rooms and settle on final bids.

"We're going to decide it," Otte said, "and we're going to decide it today."

OWRS, in trying to keep the CART series going despite about $100 million in losses last season, upped their cash offer to match the IRL. CART creditor's attorney Jim Knauer explained with several attorney interruptions how the OWRS bid was preferred because keeping the series going ensured a higher percentage of payback to creditors.

"That's our job here. Our job is to get the creditors their money," Knauer told Otte.

But IRL lawyers took issue with many of the estimated numbers in the bid comparison and raised questions about the financial capability of OWRS.

George wanted unify open-wheel racing, which split in 1996 with the creation of the IRL and has led to continual criticism that two racing series do more harm than good to the industry.

Otte prevented an attempt to end the proceedings before an auction when he refused to accept a conditional offer from CART that a $62 million loan to OWRS need not be repaid if OWRS was declared the victor.

"That's now how we conduct business here," Otte said.