Formula One Changes - Page 42 - Eternal Allegiance

ForeverInLoveWithJus · 12-10-2002, 06:34 AM

Jordan and Heinz-Harald Frentzen have resolved the dispute triggered by the German driver's sacking last year.

"We have reached a settlement," Frentzen's manager Monte Field said on Tuesday.

Frentzen drove for now-bankrupt Prost and Arrows following his dismissal and has now signed for Sauber.

The German is still involved in legal proceedings against Arrows for wages he says he is owed.

There is also a winding-up petition against Arrows in his name.

ForeverInLoveWithJus · 12-11-2002, 01:36 AM

It looks bad for Arrows..

Investment bank Morgan Grenfell has begun a high court action against Formula One team Arrows.

It is yet another blow for the team who were barred from competing in next year's championship by the sport's governing body last week.

At the first day of a possible eight-day hearing, Morgan Grenfell claimed Arrows and team principal Tom Walkinshaw had "substantially diluted" the bank's large investment.

Morgan Grenfell says that, in 2001, Arrows were in "serious financial difficulty".

And though talks took place to work out a method of improving the situation, no conclusion or binding agreement was reached.

Arrows and Walkinshaw dispute this.

According to the bank, Arrows were warned to do nothing that was inconsistent with their rights under the original 1999 agreements.

And Morgan Grenfell won a High Court injunction last May to prevent further such breaches.

André_ea · 12-12-2002, 03:48 AM

Quote:

Originally posted by irishbritney
Jordan and Heinz-Harald Frentzen have resolved the dispute triggered by the German driver's sacking last year.

"We have reached a settlement," Frentzen's manager Monte Field said on Tuesday.

Frentzen drove for now-bankrupt Prost and Arrows following his dismissal and has now signed for Sauber.

The German is still involved in legal proceedings against Arrows for wages he says he is owed.

There is also a winding-up petition against Arrows in his name.

Prost is def bankrupt now?

I am sry to hear that is looks such bad for Arrows. i hope they will see the light at the end of the tunnel soon and that shouldnt be that they have to give up.

ForeverInLoveWithJus · 12-13-2002, 03:36 AM

Its getting worse for Arrows, I think a backer has left the team.

André_ea · 12-13-2002, 06:00 AM

oh really?

thats bad. I hope they find a way to get out of that

ForeverInLoveWithJus · 12-13-2002, 06:07 AM

I read about it on the net, I think they will be out of F1 soon

André_ea · 12-13-2002, 06:15 AM

oh, i am really sry to hear that

will be a sad loss but they wont be the first ones to go

ForeverInLoveWithJus · 12-13-2002, 06:32 AM

I know but it will be a great loss for F1

André_ea · 12-13-2002, 06:38 AM

it will be and i know that there will be more teams who will share that destiny with em

maybe that will show all the others that something has to be changed

ForeverInLoveWithJus · 12-13-2002, 06:42 AM

Definately and Bernie has to see this.