JULY 4, 2002
And at the High Court...
THE Arrows team will have to wait until later today to hear whether or not a judge will agree to let the team be sold to new investors or whether previous shareholders Morgan Grenfell should be compensated before the sale can go ahead.
The court heard on Wednesday that the team has to pay $5m this week to Cosworth Racing plus an additional $2m to other creditors and that if the court decides against Arrows this is going to be difficult to achieve. The judge may not want to rule against the team - because of the obvious knock-on effects of such a move - but at the same time he needs to address the issue of whether or not Morgan Grenfell should be paid before the sale is allowed to go ahead.
There is believed to be a further legal action at the end of the week against the team, this one coming from Jos Verstappen.
|Print News Story|
ARROWS APPLY FOR EXTENSION
AWARDS ALL ROUND
CART LOSES ONE OF ITS TOP MEN
ENTER MAC AND LAUREN
GPWC AND TEAMS TO MEET ON FRIDAY
JUDGE SLAMS ARROWS MANAGEMENT
MCLAREN DRIVERS TO USE LIQUID-COOLED SUITS FOR PIT CREW
REUTEMANN IN THE RUNNING
TODT ARRIVES IN THE WILLIAMS HELICOPTER...