HDP Partners Dissolution

[Sandy]

Thought you guys might find this interesting - received a proxy to vote by April 7 on the dissolution of the HDP Partners corporation

 

[willy]

Hmmmm....

Wassup with that?

 

[DrRocket]

It was written in most of the news accounts of the failure of the sale of NHRA to HDP, that HDP would cease business activities and shut itself down, as the major reason for its being no longer existed.

This is not anything new.

 

[Sandy]

It was written in most of the news accounts of the failure of the sale of NHRA to HDP, that HDP would cease business activities and shut itself down, as the major reason for its being no longer existed.

This is not anything new.

just wasnt sure everyone was aware - or on the other hand maybe no one cares

 

[Toby]

Yes to both

just wasnt sure everyone was aware - or on the other hand maybe no one cares

 

[FABMAN]

Yes to both

If that was the strength of HDP partners, then thank God they weren't able to buy NHRA. There should be a celebration Glendora Calif.

 

[Student of the sport]

Sooooooooo,
Maybe after all the hoopla and contention and speculation, and accusations, and, and, and, we find that there really was something going on in the boardroom.

Hmm.................

"D"

 

[Triple Nickel II]

Sooooooooo,
Maybe after all the hoopla and contention and speculation, and accusations, and, and, and, we find that there really was something going on in the boardroom.

Hmm.................

"D"

The vote to not approve the purchase was phenomenally lopsided. It now makes me wonder how few people actually owned these huge numbers of voting shares.

Double Hmm.........

 

[Sandy]

Makes me wonder who the silent partner was behind HDP

 

[FABMAN]

Thought you guys might find this interesting - received a proxy to vote by April 7 on the dissolution of the HDP Partners corporation

Here's quote from yahoo/financia

Summary of HD PARTNERS ACQUISITION CORP - Yahoo! Finance

 

[badger]

Makes me wonder who the silent partner was behind HDP

Perhaps it was J.R.?

 

[FABMAN]

The vote to not approve the purchase was phenomenally lopsided. It now makes me wonder how few people actually owned these huge numbers of voting shares.

Double Hmm.........

Here's list the executives according to BusinessWeek

HD Partners Acquisition Corp. (HDP): CEO & Executives - BusinessWeek

Here's list of major stock holders yahoo/financial

HDP: Summary for HD PARTNERS ACQUISIT - Yahoo! Canada Finance - Share Prices, Charts, News and more

 

[CrewGuy]

Let me get this straight:

HDP was formed to purchase the NHRA
HDP was approved to be a publically traded company
HDP just decided NOT to complete the transaction

Is this a regular deal that investment companies do every day?

 

[FABMAN]

Let me get this straight:

HDP was formed to purchase the NHRA
HDP was approved to be a publically traded company
HDP just decided NOT to complete the transaction

Is this a regular deal that investment companies do every day?

Alan, i just added list of stock holders. A lot of money setting here just to dissolve because they couldn't buy NHRA. Sure smells fishy!

 

[Nunz]

HDP was formed through an IPO as a SPAC, a Special Purpose Acquisition Corp., or a modern day blind pool. That means shareholders invest in the Corp and hope that management uses the money to buy a business that will grow and enhance shareholder value. I believe most SPACs are given a timeframe in which to make an acquisition, if it doesn't happen, the company is liquidated and the shareholders get their money back. Some have been hugely successful, this one wasn't.

 

[d'kid]

Let me get this straight:

HDP was formed to purchase the NHRA
HDP was approved to be a publically traded company
HDP just decided NOT to complete the transaction

Is this a regular deal that investment companies do every day?

Short Answer is Yes.

Control got away from the primary officers and into the hands of speculative investors, the only way to raise the capital needed. The deal died because the investors did not think that the NHRA was a viable investment. I agree with them, it would be better to start up from whole virgin cloth. Real property is 4 parcels of land, everything else is intangibles with a poor track record of self promotion.

d'kid

 

[FABMAN]

Here's a summary of HD Partners Acquisition Group. Source yahoo/financial

Summary of HD PARTNERS ACQUISITION CORP - Yahoo! Finance

 

[Raconteur]

Let me get this straight:

HDP was formed to purchase the NHRA
HDP was approved to be a publically traded company
HDP just decided NOT to complete the transaction

Is this a regular deal that investment companies do every day?

Not really...

HDP was formed to purchase a business for investment and growth with funding from Hedge Funds.
HDP was approved to be a publicly traded company.
HDP management agreed to acquire the "Professional Assets" of the NHRA.
HDP management agreed to acquire the Pomona Raceway Lease, Gainesville, Atlanta, Indy and Columbus as well as the building in Glendora.
HDP Stockholders decided by an overwhelming margin that NHRA was NOT the right business to acquire. Less than 100,000 stockholders voted for the purchase, there were 44 million stockholders.
HDP will now be disassembled since it failed to acquire a business.

I still hold one share of HDP for my scrapbook.

HD Partners Cartoon

 

[FABMAN]

Not really...

HDP was formed to purchase a business for investment and growth with funding from Hedge Funds.
HDP was approved to be a publicly traded company.
HDP management agreed to acquire the "Professional Assets" of the NHRA.
HDP management agreed to acquire the Pomona Raceway Lease, Gainesville, Atlanta, Indy and Columbus as well as the building in Glendora.
HDP Stockholders decided by an overwhelming margin that NHRA was NOT the right business to acquire. Less than 100,000 stockholders voted for the purchase, there were 44 million stockholders.
HDP will now be disassembled since it failed to acquire a business.

I still hold one share of HDP for my scrapbook.

HD Partners Cartoon

The summary i posted explains it clearly, they made their money (interest) off stock holders investments. They never made any acquisitions since starting partnership in Dec. 2005. The real truth will be when stock holders get their ROI on their investment. It's my observation but this is a stinky way for the top partners to make their money, it won't be pretty at payoff time.