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No More APBA Sponsorship for OSO?

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Old 04-02-2004, 06:51 PM
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Youre the greatest!!! Thanks for the help.
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Old 04-02-2004, 06:52 PM
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Quote:
Originally posted by Throttleman
There will be a race in Milwaukee this year, just can't tell you what sanctioning body it will be as I don't want to be asked who I am blah, balh, blah.
According to some OSS teams, you now have a new name - it's "loose cannon". You underestimate the intelligence of others Bertel-
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Old 04-02-2004, 07:42 PM
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Quote:
Originally posted by OffshoreOnly
To set the record straight, OSO was stiffed (or at least they claim they don't have the money right now) by APBA (LLC/Khaman Holdings) for the insurance deductable on the Pace Boat that was hit in the St Pete Race last year. APBA (LLC/Khaman Holdings) claims they do not have the funds to pay the deductable or the other funds owed to OSO because of the boycott. OSO decided to end the relationship due to a broken contractual agreement.

We did not want to share this but we would rather share than let bad info start to spread.

OSO will be Pacing some races this year for other organizations.

Otherwise, like Shane said, lets go Poker Running.

T
Thanks for the explanation OSO...

Sorry to have brought this up, but I was surprised to see the APBA colors down, and the SBI & OSS colors up.
I was hoping for a quick explanation such as yours and didn't expect to see this thread go wild like this. Maybe I just wasn't thinking...
I just didn't see why SBI has never been a sponsor in the past. After all, OSO is about "ALL" Offshore. It sort of was like something was missing when they were not flying their colors as well.
Anyway, I am glad to see they have joined the family.

And just so there is no mistake to anyone that made posts here, I am not politically motivated for any of the above mentioned organizations.
I was just curious of the details of what had happened.

Ok! OK! So I am a bit partial to the NJPPC Poker Run Club....

But by no means I started this thread to stir any pots...

OSO, If you would like me to DELETE, just say so.

Thanks again to all for the info...........
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Old 04-02-2004, 07:43 PM
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Quote:
Originally posted by Mark Mathews
The "Old APBA" obviously screwed OSO on the deductible. But......How possibly can the new owners be responsible for that?
The poster obviously never bought or sold a company.

If you buy a company outright, you buy the assets and the liabilities. You also buy any current or future lawsuits against that company.

If you buy just an asset (such as the APBA license) then the liabilities remain with the old company and the old company is liable.

We don't have any idea which one is true.

Even in the second scenario, you buy goodwill in a brand. If you are a halfway decent businessman, you want to preserve that goodwill.

And not piss it away, as this thread attests.

This is amateur hour of the worst kind.
 
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Old 04-02-2004, 07:51 PM
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Well somebody should file suit and get some answers......
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Old 04-02-2004, 07:52 PM
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Quote:
Originally posted by Mark Mathews
The "Old APBA" obviously screwed OSO on the deductible. But......How possibly can the new owners be responsible for that? (Preferably an answer from OSO here please).

Aside from the the deductible issue, it's my "opinion" that OSO benefited to some extent, by pacing the APBA races. The OSO truck was always in plain view at the races I went to (perhaps they paid for the parking, perhaps not) i.e., high visibility in OSO's target market. The engines in the boat were on loan from GMC/APBA . I can't imagine the boat got no personal use with those engines. Did OSO have to pay for personal use? Likely not.

It seems to me that it was an issue of bruised ego's as much as it was a money issue.

As for the accusations.....Put a name to it guys. Until then, you're just Orange Smoke....oooops, I'm mean blowin' smoke.

As for whom ever is speaking here for OSO, it seems irresponsible when you make a comment such as "Thank you both attorneys, now I know that the new and the old sound like a bunch of scumbags who think they won't be challenged because they are attorneys and think they are untouchable". Mike A. is an Attorney. Is Bob B.? Perhaps you were trying to alienate to OSO customers who are attorney's. Please clarify your point.

If you have a legitimate claim (and I think you do), pursue it, prove your point and get your $$$. Don't use this board to complain. No money or satisfaction in that.

Fire away..................
Mark, I respect your privilege to voice your opinions here. This is not an attempt to "fire away" or otherwise belittle your opinion, just my $.02.

The potential liability of the New Owners of APBA may rest with the details of the transaction to transfer the assets of the Old to the New. Please read the posts from d-hlaw and I above, that may shed some light if you can translate lawyer-speak. If you too are an attorney, my apologies, you get the point.

Of course OSO benefited from its alliance with APBA. For what other reason would OSO have inked a deal with APBA? Posterity? I think not. Is it wrong for OSO to have benefited? Of course not, that was the intended purpose. I would even venture to guess that the benefit to OSO was far more than a good parking space and visibility. That too should be acceptable, though. Likewise, APBA benefited from its alliance with OSO. That is why folks do business deals, it makes good business, hopefully for both parties involved.

I disagree with your characterization that this is merely a dispute of "ego." Certainly ego is involved (they are after all men are they not?) but paramount to self image is the issue of responsibility to others. Certain people have been screwed, many out of more than just a $2500.00 deductible. A court may help in getting someone's money back, but one of the purposes of this Board is to alert others of common interest to issues that affect their sport, their businesses, and their lives. Certainly Mike A. used the Board to voice his position when matters began to unravel. Live by the sword..., well you know how that ends.

As for BG2's comment, I believe that he was thanking Brett and me for our input on the issue of fraudulent conveyances, not taking a swipe at all attorneys that are members of the Board. If he was, I agree, that would be irresponsible.
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Old 04-02-2004, 08:03 PM
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Well said, you Phknlwyr
 
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Old 04-02-2004, 08:18 PM
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Old 04-02-2004, 08:23 PM
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Well, re: how the supposed deal was structured.

From a letter to the ABA Membership, dated 1/4/04, by Bob Bull:

"In order to help ensure that we all continue to experience the benefits of the positive changes like better, closer competition, television and the General Motors sponsorship, without any more controversy, I have acquired all of KHAMAN Holdings, Inc. This is the company that secured the Offshore License with APBA following the termination of its relationship with the Offshore LLC."

If he acquired "all of KHAMAN," then the new entity should be liable for the debts of the old entity. At least that's what the letter makes believe.

If he did not, then the letter was the first mistake of the new regime.
 
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Old 04-02-2004, 08:46 PM
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Quote:
Originally posted by Mark Mathews

In last nights post-fest on this topic from an OSO employee, He/She mentioned a comment Mike A. had made to Him/OSO regarding the Pace Boat accident. Perhaps I read too much into that comment, but I sincerely think there's more to it than the deducible for the accident. It sounded personal at that point.

That's my interpretation anyway.
I read it, participated in it and agree with you.
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