posted on Oct, 19 2011 @ 09:51 PM
Originally posted by dc4lifeskater
And where do you think the banks got that money from that he ripped off from them?
I'm sorry, I'm not sure where you're going with this. It seems that you want to argue that because the banks ripped off the money from the
public, then Bernie is evil because he ripped it off the banks? If thats not it, what exactly is your argument here?
But the money story is interesting in itself.
Back in 2000, EM.TV bought a large (1.1 Billion dollars) share of Formula 1. But that sent them bankrupt.
EM.TV goes bankrupt. Bernie keeps the money. $$$$
They (EM.TV) were bailed out by Kirch, who also payed an extra 600 Million to gain control. To do this expensive task, Kirch borrowed 1 billion from
Bayerische Landesbank and 600 Million from Lehman Brothers and JPMorgan Chase.
BUT after all this, Kirch still had no voting rights whatsoever. It was a purchase with no control.
Where does all this leave Mr Kirch? Vulnerable, in short. He has paid out $1.54 billion but has not yet gained control of F1.
Kirch went bankrupt.
Bernie keeps the money. $$$$
Bernie then changes the company structure, so the holdings that Kirch had (now in receivership) is worthless and complete control goes to one of
Bernie's other companies.
After lots of legals wranglings, a company called CVC ended up with these holdings, and a few years later buys even more percentage from Lehman
CVC is now down 5 Billion dollars.
Bernie Ecclestone is still in charge, being CEO of the companies owned (mostly) by CVC.