What exactly is ESQ??? Easy Squeezey Queasy?I don't know this lawyer speak stuff......
Close, but no cigar! It stands for Esquire. I do not work for a "Boutique Law Firm", I collect taxes for a good ole' Texas Law Firm.
And so it begins.....Torco
- Thread starter none
- Start date
Close, but no cigar! It stands for Esquire. I do not work for a "Boutique Law Firm", I collect taxes for a good ole' Texas Law Firm.
Alan
Nitro Member
Close, but no cigar! It stands for Esquire. I do not work for a "Boutique Law Firm", I collect taxes for a good ole' Texas Law Firm.
Esquire? Boutique Law Firm?
Let's roll with 'Eating Spicy Queso'.......
Sean D, shondoo
Nitro Member
I thought I read on Bobby's site awhile back that he was going to be issuing a statement on all of this. But if he's lawyered-up, I'm sure those plans have changed..........
Sean D
luxexpress
Nitro Member
Thanks for chiming in Dale. I hope you are feeling better and get back on the track soon.
"Dr. Dirt"
Nitro Member
Yeah Peanut, what would you know? You were just one of the guys who were "DIRECTLY EFFECTED" so how can you make such a statement?
We "tall boys" were so excited to see your success over tha past few years and all hope to see you back out soon and hope your recovery continues to perfection. Need any more carbon repaired? Just call Buzzz, Paul, Dave or myself!
Sean D, shondoo
Nitro Member
Now, Bobby, if you continue with that sarcastic tone, I'm going to be forced to tell Canode on you........
Sean D
"Dr. Dirt"
Nitro Member
Tell Hal we love him! What a great guy he is! I'll even plug his web-site for anyone who wants a custom built-to-order chassis that is second to none (and never heat treated!)Now, Bobby, if you continue with that sarcastic tone, I'm going to be forced to tell Canode on you........
Sean D
Hal Canode Race Cars- 765-662-8501
Sean D, shondoo
Nitro Member
Will do, Bobby! We love our altered, I can tell you that.
Just ribbin' ya' a little.
Sean D
Mr. Fix It
Nitro Member
Wow, 16 pages of posts. Most are "Get on the band wagon and bash". Look, most us us don't have more than a clue about "The Facts" here. It appears that money was given, promised, spent and enjoyed by many people in drag racing from Evan Knoll & Torco.
Being a small time local racer, I just wondered where it all came from. I worried it looked a litle to good to be true. But this is America and there are many sucess stories with that type of financial gain and more.
I think it was great that the money brought Melanie, Dave in Pro-Stock, JR Todd and many others a ride. Thanks for those good times Mr. Knoll.
There were Pro-mods dedicated to our soldiers and fuel cars dedicated to POW's. So "even if" the money was squandered in some way, it could have been spent in so many other bad ways and presumably, hopefully, it was not.
Like cheating in baseball or the Olympics, it hurts the sport, the person, perhaps even the race of the competitor when ill gotten gains are exposed. I would like to believe that we don't have to suspect every action by every person all the time.
However, once something illegal is discovered, punishment should be swift and sure. Until then, let's wait and see what happens.
In the US.., you are innocent until proven guilty. If you know "The Facts", save then for the court room. If you don't know "The Facts", clam up and wait for the verdict before getting out the rope.
Being a small time local racer, I just wondered where it all came from. I worried it looked a litle to good to be true. But this is America and there are many sucess stories with that type of financial gain and more.
I think it was great that the money brought Melanie, Dave in Pro-Stock, JR Todd and many others a ride. Thanks for those good times Mr. Knoll.
There were Pro-mods dedicated to our soldiers and fuel cars dedicated to POW's. So "even if" the money was squandered in some way, it could have been spent in so many other bad ways and presumably, hopefully, it was not.
Like cheating in baseball or the Olympics, it hurts the sport, the person, perhaps even the race of the competitor when ill gotten gains are exposed. I would like to believe that we don't have to suspect every action by every person all the time.
However, once something illegal is discovered, punishment should be swift and sure. Until then, let's wait and see what happens.
In the US.., you are innocent until proven guilty. If you know "The Facts", save then for the court room. If you don't know "The Facts", clam up and wait for the verdict before getting out the rope.
Larry
Nitro Member
Thanks Guy!
That is the correct thing to say ! What he did for Drag Racing is a given. So it fell apart and I'll wager he didn't plan it that way.
Now he has a hill to climb and I for one wish him well .
Now Eckler's has a sale this weekend and I need to max out another credit card.
This car thing is a real sickness !
Any one have a 1800 GEARHEAD help line # I can have.
It will have to be 1800 cause I used all my minutes ordering parts.
Nitrohelper
Nitro Member
Re: The Torco Story Continues.......
Latrell was in the pits at Indy , Maybe Bobby got an interview for comp.plus.
Could there be a statement issued this week ?
Latrell was in the pits at Indy , Maybe Bobby got an interview for comp.plus.
Could there be a statement issued this week ?
rocketman
Nitro Member
Mr. Fix It
Nitro Member
Any Updates?
JRX
Nitro Member
onfire
Nitro Member
Is the "Seely" fellow mentioned in the article the same "Seely" as in the associate sponsorship "Seely-Wright' seen on some of the cars that were sponsored by Torco? Just wondering...............
Late...........Mitch
You!
Nitro Member
"According to Van Buren County Circuit Court records, Knoll owes at least $15 million to Chemical Bank of Michigan, $1 million in unpaid corporate income and employment taxes and could eventually be ordered to repay the federal government tens of millions of dollars of fuel-tax rebates."
Does no one else see that this guy is costing every tax payer in this country money by his actions? Forget friggin' drag racing for a second, the guy is a thief. WE are the federal government folks!
And if he's not a criminal, WHY CAN'T THEY FIND HIM NOW?!!
One of two things happened: he either conceived this scenario back in '04, or his ego went out of control and this was the only way he could feed it. Either way it's wrong and he needs to pay back every cent he owes all of us.
Does no one else see that this guy is costing every tax payer in this country money by his actions? Forget friggin' drag racing for a second, the guy is a thief. WE are the federal government folks!
And if he's not a criminal, WHY CAN'T THEY FIND HIM NOW?!!
One of two things happened: he either conceived this scenario back in '04, or his ego went out of control and this was the only way he could feed it. Either way it's wrong and he needs to pay back every cent he owes all of us.
- Thread starter
- #238
clwill
Nitro Member
This is beyond ugly. I've worked with businesses that have gone down, and there is some really deep stuff there. "The organization has no clear organization chart or job descriptions" is a recipe for disaster from the very start.
Even worse, I've personally seen that owing the IRS corporate taxes is a bad thing, and they'll get you in the end. But stiffing on employment taxes is essentially stealing from your employees, and they treat this REALLY seriously. You will end up in jail faster for this than almost anything else on this list.
Even worse, I've personally seen that owing the IRS corporate taxes is a bad thing, and they'll get you in the end. But stiffing on employment taxes is essentially stealing from your employees, and they treat this REALLY seriously. You will end up in jail faster for this than almost anything else on this list.
Terry Stears
Nitro Member
Court-appointed receiver now controls Torco Racing Fuels
by By Kathy Jessup | Kalamazoo Gazette
Tuesday September 09, 2008, 2:00 PM
Mark Bugnaski | Kalamazoo Gazette file
Evan KnollPAW PAW -- A court-appointed receiver now controls Evan W. Knoll's racing-fuel business after a creditor's claims that the firm is "presently insolvent" and "seems to be unraveling at its seams."
Receiver Robert Seely, of Kalamazoo, is soliciting proposals for the sale of all or parts of the Decatur-based business enterprise that a year ago had catapulted Knoll to be a national finalist for Ernst and Young's Entrepreneur of the Year award and sponsor numerous national drag-racing teams.
Court records also shed some light on what may have prompted federal agents to conduct a raid in August at Knoll's business headquarters, which includes Torco Racing Fuels, and his Decatur home, seizing financial records.
According to Van Buren County Circuit Court records, Knoll owes at least $15 million to Chemical Bank of Michigan, $1 million in unpaid corporate income and employment taxes and could eventually be ordered to repay the federal government tens of millions of dollars of fuel-tax rebates.
In addition, property taxes are delinquent on 11 real-estate holdings Knoll pledged as loan collateral, including his corporate headquarters.
In a lawsuit filed last month, Chemical Bank claims Knoll failed to cooperate with the Internal Revenue Service, missed scheduled meetings and allegedly plays "hide and seek" in Gaylord "while his company, its dedicated employees and its creditors struggle to preserve corporate assets/collateral." The bank said the firm is "insolvent" and appears to be "unraveling at its seams."
RELATED CONTENT
• Observers mystified by Knoll's spending
• IRS raids Decatur HQ of Torco and Knoll Gas Motorsports
• Financial woes mount for Evan Knoll's business enterprise.
According to documents included in the Chemical Bank litigation, the IRS currently is withholding payment of more than $19.5 million in federal fuel-excise tax rebates that Knoll's Torco Racing Fuels company had claimed for two quarters in 2007 and 2008. The government refunds were used to collateralize a $15 million loan that Chemical Bank made to Knoll's company.
Knoll's company claims it paid excise taxes when it bought thousands of gallons of fuel from four sources that were blended to produce its racing grades, according to documents filed with the government and included in the Chemical Bank case.
According to the documents, Torco says it did not pass those taxes on to its customers who used its formulas in race cars. Excise taxes are charged for fuel used in street vehicles. The company said it filed for the rebates to recoup the excise taxes it paid to the government.
IRS investigators said Torco was not entitled to the excise tax rebates, according to the documents. Federal records included in the Chemical Bank case say Knoll has failed to provide documentation related to the fuel purchases demanded by the IRS.
According to IRS figures, Knoll's company was billing the federal government for rebates averaging about $4 million per quarter in 2005. By 2007, Torco's excise-tax rebate claims were averaging about $9 million per quarter.
Meanwhile, Seely told the court in a written communication on Aug. 25 that he is attempting to "keep each of the operating units open and conducting business as best possible."
In the report to Van Buren County Circuit Judge William C. Buhl, Seely said he has received calls from people interested in buying all or parts of Knoll's business.
A $15 million private jet Knoll was purchasing through another bank also has been repossessed and he faces a federal lawsuit over that transaction.
"Most employees are trying to keep the businesses operating and are willing to cooperate," Seely wrote in the communication. Seely said that since he has taken over he has had to lay off five employees "with more to come."
"The organization has no clear organization chart or job descriptions and there is extreme paranoia among the employees," Seely said.
The Gazette was unable to reach Knoll or his representatives for comment
by By Kathy Jessup | Kalamazoo Gazette
Tuesday September 09, 2008, 2:00 PM
Mark Bugnaski | Kalamazoo Gazette file
Evan KnollPAW PAW -- A court-appointed receiver now controls Evan W. Knoll's racing-fuel business after a creditor's claims that the firm is "presently insolvent" and "seems to be unraveling at its seams."
Receiver Robert Seely, of Kalamazoo, is soliciting proposals for the sale of all or parts of the Decatur-based business enterprise that a year ago had catapulted Knoll to be a national finalist for Ernst and Young's Entrepreneur of the Year award and sponsor numerous national drag-racing teams.
Court records also shed some light on what may have prompted federal agents to conduct a raid in August at Knoll's business headquarters, which includes Torco Racing Fuels, and his Decatur home, seizing financial records.
According to Van Buren County Circuit Court records, Knoll owes at least $15 million to Chemical Bank of Michigan, $1 million in unpaid corporate income and employment taxes and could eventually be ordered to repay the federal government tens of millions of dollars of fuel-tax rebates.
In addition, property taxes are delinquent on 11 real-estate holdings Knoll pledged as loan collateral, including his corporate headquarters.
In a lawsuit filed last month, Chemical Bank claims Knoll failed to cooperate with the Internal Revenue Service, missed scheduled meetings and allegedly plays "hide and seek" in Gaylord "while his company, its dedicated employees and its creditors struggle to preserve corporate assets/collateral." The bank said the firm is "insolvent" and appears to be "unraveling at its seams."
RELATED CONTENT
• Observers mystified by Knoll's spending
• IRS raids Decatur HQ of Torco and Knoll Gas Motorsports
• Financial woes mount for Evan Knoll's business enterprise.
According to documents included in the Chemical Bank litigation, the IRS currently is withholding payment of more than $19.5 million in federal fuel-excise tax rebates that Knoll's Torco Racing Fuels company had claimed for two quarters in 2007 and 2008. The government refunds were used to collateralize a $15 million loan that Chemical Bank made to Knoll's company.
Knoll's company claims it paid excise taxes when it bought thousands of gallons of fuel from four sources that were blended to produce its racing grades, according to documents filed with the government and included in the Chemical Bank case.
According to the documents, Torco says it did not pass those taxes on to its customers who used its formulas in race cars. Excise taxes are charged for fuel used in street vehicles. The company said it filed for the rebates to recoup the excise taxes it paid to the government.
IRS investigators said Torco was not entitled to the excise tax rebates, according to the documents. Federal records included in the Chemical Bank case say Knoll has failed to provide documentation related to the fuel purchases demanded by the IRS.
According to IRS figures, Knoll's company was billing the federal government for rebates averaging about $4 million per quarter in 2005. By 2007, Torco's excise-tax rebate claims were averaging about $9 million per quarter.
Meanwhile, Seely told the court in a written communication on Aug. 25 that he is attempting to "keep each of the operating units open and conducting business as best possible."
In the report to Van Buren County Circuit Judge William C. Buhl, Seely said he has received calls from people interested in buying all or parts of Knoll's business.
A $15 million private jet Knoll was purchasing through another bank also has been repossessed and he faces a federal lawsuit over that transaction.
"Most employees are trying to keep the businesses operating and are willing to cooperate," Seely wrote in the communication. Seely said that since he has taken over he has had to lay off five employees "with more to come."
"The organization has no clear organization chart or job descriptions and there is extreme paranoia among the employees," Seely said.
The Gazette was unable to reach Knoll or his representatives for comment
