NOVEMBER 12, 2004
Meanwhile in court
The appeal court in London this morning met to consider an appeal regarding the case between Speed Investments Ltd & Formula one Holdings Ltd. This will determine whether the main case will go ahead at the end of the month as had been originally planned. The three appeal judges Lord Justice Carnwath, Lord Justice Neuberger and Sir William Aldous will be examining the decision made by Mr Justice Lewison, in July.
The main case concerns the control of the management of the companies in the Formula One group of companies which are 75% owned by three banks and 25% owned by a trust which is controlled by the Ecclestone family. At the moment Bernie Ecclestone has sole management control of the companies involved but his partners are challenging the way in which director have been appointed.
If the banks win the case, they will have the power to make decisions about the way the company is run.
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