Super Boat International and GEICO settle… Lawsuit Dropped
06-07-2010, 09:36 AM
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Super Boat International and GEICO settle… Lawsuit Dropped
The lawsuit brought against Super Boat International (SBI) and its principals, John and Deana Carbonell, by GEICO for breach of contract and fraud for failure to produce the CBS television race shows seeking rescission and return of the funds paid, has been amicably resolved and the lawsuit dropped. SBI made an agreement in early 2009 with GEICO, represented by AMF Offshore race team, to include them in marketing and promotion during the 2009 season along with the CBS television show.
While the settlement agreement is not confidential after carefully evaluating the merits of the underlying claims and impending counterclaims against GEICO by SBI and John and Deana Carbonell, the parties agreed it was in the best interest of everyone involved and the sport to settle their differences quietly, and not to further air them in a public forum. The fact that the parties have elected to resolve their issues in this manner should not be perceived as some would like to portray as one party being exclusively the wrongdoer deserving of punishment. From the onset SBI and John and Deana Carbonell made a conscientious decision not to litigate this matter in the industry medium, but to resolve their disputes with GEICO and Miss GEICO Offshore Racing through the Court with the help of their attorneys. In light of the settlement they firmly believe that they made the right decision as it enabled the parties to amicably resolve their issues, and the fact that they settled should not be taken out of context, or that they were the apparent wrongdoers. No conclusions should be drawn without knowing all the facts.
“It is unfortunate we had to go through this long and difficult process, but we were confident of the eventual outcome,” stated John Carbonell, President of Super Boat International.
“While the United States and other parts of the world are going through very difficult economic and environmental times right now, we are still excited about the 2010 racing season. Our events give families a chance to enjoy special memories by coming together to watch some of the world’s best powerboat teams.”
SBI continues to reach out to racing teams to join together towards a successful 2010 by continuing to extend the offer made in February of this year (SBI Working with Billy Mauff and OSS). SBI looks forward to the next race in Sarasota this 4th of July weekend.
While the settlement agreement is not confidential after carefully evaluating the merits of the underlying claims and impending counterclaims against GEICO by SBI and John and Deana Carbonell, the parties agreed it was in the best interest of everyone involved and the sport to settle their differences quietly, and not to further air them in a public forum. The fact that the parties have elected to resolve their issues in this manner should not be perceived as some would like to portray as one party being exclusively the wrongdoer deserving of punishment. From the onset SBI and John and Deana Carbonell made a conscientious decision not to litigate this matter in the industry medium, but to resolve their disputes with GEICO and Miss GEICO Offshore Racing through the Court with the help of their attorneys. In light of the settlement they firmly believe that they made the right decision as it enabled the parties to amicably resolve their issues, and the fact that they settled should not be taken out of context, or that they were the apparent wrongdoers. No conclusions should be drawn without knowing all the facts.
“It is unfortunate we had to go through this long and difficult process, but we were confident of the eventual outcome,” stated John Carbonell, President of Super Boat International.
“While the United States and other parts of the world are going through very difficult economic and environmental times right now, we are still excited about the 2010 racing season. Our events give families a chance to enjoy special memories by coming together to watch some of the world’s best powerboat teams.”
SBI continues to reach out to racing teams to join together towards a successful 2010 by continuing to extend the offer made in February of this year (SBI Working with Billy Mauff and OSS). SBI looks forward to the next race in Sarasota this 4th of July weekend.
