HD Partners' Acquisition of NHRA Will NOT Go Through? (1 Viewer)

[club]

here it is

::: Drag Racing Online ::: Columns - Agent 1320 - 1/31/2008

In an office in North Carolina...

Ring Ring Ring...

Mr. Smith line 1

 

[ProStockJunkie]

The U.S. economy truly is the worst enemy of Drag Racing today.

Drag racing made it through the 'oil crisis' of the 70's, I'm sure it will withstand the current downturn in the economy. Everything goes in cycles.

 

[Alan]

DRO reports on the meeting before NHRA does. Maybe the NHRA board is trying to spin up their version of the story??

 

[Jim]

In an office in North Carolina...

Ring Ring Ring...

Mr. Smith line 1

Hope you're right.

Straight-up cash deal with limited cut-loose deals for current management.

Bruton already knows the price-of-poker and whether the deal makes sense or not. He offers same money (without sweetheart payoffs) they can't turn him down.

BTW: The health of financial markets is an interesting statement. Didn't HD raise all the cash in the IPO to make the acquisition?

 

[Alan]

NHRA's statement regarding this matter:

NHRA News: NHRA announcement regarding HD Partners acquisition vote (1/31/2008)

 

[ProStockJunkie]

Be carefull what you wish for regarding Smith.

There are some real shenanigans going on down here in Ft Worth, over who actually owns mineral rights to the Texas Motor Speedway property. TMS sits on top of the Barnett Shale natural gas formation.

Ya'll can google if ya want to know more. Big $$$. Big fight...

I believe the states in most of the western part of our country, own all mineral rights. Recently, Forrest Mars Jr, one of the retired owners of Mars, North America (you know, M&Ms, Snickers, Milky Way) lost a lawsuit with the a gas company over mineral rights on his 82,000 acre ranch in Wyoming. "Mineral rights trump surface rights'.

http://www.thebillionaireslist.com/?cat=330

Also, read the 2nd story from SFGate for some of the background

 

[*******]

NHRA's statement regarding this matter:

NHRA News: NHRA announcement regarding HD Partners acquisition vote (1/31/2008)

Translation: HD partners wants no part of this countdown B.S

 

[Prix-Mo]

HDP stock was below $7.00 (around 6.85-6.95) late last week earlier this week. As of right now is at $7.74 (was at 7.15 yesterday?) What does that tell us?

 

[none]

Meet the "New Boss" same as the "Old Boss" ... The Who..

I guess the Bentley stays and the ticket prices go up...

 

[T-Bone]

So Business as usual...nothing changes... that was 9 months of those in Glendora playing "Slap & Tickle" with each other and thinking they reaped massive retirement funds. Serves them right...welcome to what happens to John Q Public Glendora Bunch..

T

 

[club]

My guess would be that it is a value issue. The deal includes a lot of real estate which is now valued less than 12-18 months ago. I would guess that HDP wanted to lower the price and NHRA said no. So HDP backed out.

That simplifies the language a lot but that would be my way of describing it.

Or I'm full of crap and don't know what I'm talking about. Your choice.

 

[vegasnitro]

Wonder why they voted it down? In my admittedly amateur estimation, the physical assets of Gainesville, Atlanta, Indy and Columbus should be worth more than 120 million. You get a viable professional racing series thrown in with those assets ....

 

[none]

I believe the states in most of the western part of our country, own all mineral rights. Recently, Forrest Mars Jr, one of the retired owners of Mars, North America (you know, M&Ms, Snickers, Milky Way) lost a lawsuit with the a gas company over mineral rights on his 82,000 acre ranch in Wyoming. "Mineral rights trump surface rights'.

Behind every billionaire there is a Story! Forrest E. Mars Jr. - Mars

Also, read the 2nd story from SFGate for some of the background

Interesting info, Jackee. Thanks.

Since this is a thread about the HD deal, I won't expound on what's happening here in Texas, vis a vis Smith. The info is out there, and readily available.

Guess the point I was trying to make originally was that any one billionaire is not necessarily a panacea for all the ails which the sport is facing right now.

Plus, didn't we just go through this very recently?

 

[TOOLMAN]

NHRA's statement regarding this matter:

NHRA News: NHRA announcement regarding HD Partners acquisition vote (1/31/2008)

Thank god this happen, they obviously know nothing about racers,fans and the sport of auto racing. The HD Partners are suppose to be investors, investors buy and sell businesses for a profit. In a year they would have sold NHRA, then who knows where we would be. We need an owner who will put their heart and sole in this organization and let it grow to something promising then we can be proud to say we are a lifetime member.

 

[D]

Well this sucks, even though always thought this deal was undervalued, I was hoping a profit motive would make the folks at NHRA work a lot harder at promoting the sport instead of just lining their pockets.

S/F
D

 

[Toby]

Hmm...HDP at 7.90

Stock closed at it's 52 week high.


and HDP goes....poof
HDP: Announces Results of Special Meeting of Holders

 

[d'kid]

Wonder why they voted it down? In my admittedly amateur estimation, the physical assets of Gainesville, Atlanta, Indy and Columbus should be worth more than 120 million. You get a viable professional racing series thrown in with those assets ....

Okay, maybe it's just me, but except the 4 hunks of real estate, just what was/is there thats sale able? a set of rules?

NHRA 'PRO' does not have Contracts in place with their performers. They have a rulebook that is written referring to an outside organization for all their safety specs. 80% of their venues own by outsiders. Lack of General Public Awareness of what the sport is, and is not.

If I was an outsider, I would have voted against.

d'kid

 

[stanman]

Okay, maybe it's just me, but except the 4 hunks of real estate, just what was/is there thats sale able? a set of rules?...d'kid

The sale also included the entire NHRA video archives and the right to market NHRA merchandise.

Merchandising is the biggest money maker there is for most sports entertainment ventures... hell, Jesse James sold the West Coast Chopper apperal rights for something like $32 million.

And if you ask me, the NHRA video archives are the most under-utilized asset that NHRA owns. How many hear bought the old Diamond P videos?

 

[Sid]

I'm just concerned for Sportsman drag racing, this deal was going to support their series for the forseeable future, just hope these guys don't take a hit over this.
Economy is in the can right now and rich men are staying rich.....

 

[Tim5636sc]

"PAGING MR. SMITH....MR. BRUTON SMITH....You have a Visitor who flew all the way from Glendora, Ca by the name Mr. Tom Compton....(He appears to be on his knee's)...Should I tell him your out of the Office and continue to let him beg.....?"