Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • New round of Paycheck Protection Program funding opens
      Vaccine may usher sense of normalcy
      Cover-up: More retailers requiring face masks to curb COVID
      USW alleges COVID-19 violations at Kumho plant
    • Stengel promoted to president of NAPA parent Genuine Parts Co.
      Former auto exec Tyrone Jordan joins Cooper board of directors
      Bridgestone crafts virtual city to showcase sustainable-mobility initiatives
      Ford, Hyundai earn 2021 top North American vehicle honors
    • New round of Paycheck Protection Program funding opens
      H&H broadens precure OTR business with Continuum mold acquisition
      Apollo to raise prices of Vredestein brand, effective March 1
      Taiwan tire makers propose settlement of import duties case
    • Gary Price to head Love's Truck Care operations
      TA opens 6th Oregon location, bringing 50 jobs to area
      Love's opens Speedco shops in Ariz., Calif., Ga.
      TIA adds more Spanish language training
    • New round of Paycheck Protection Program funding opens
      Taiwan tire makers propose settlement of import duties case
      Wireless auto data debate continues
      World rubber demand in 2021 to recover to 2019 levels — IRSG
    • Point S Canada adds 61 stores to network in 2020
      New round of Paycheck Protection Program funding opens
      Ferentino Tyre opens Sri Lanka plant; eyes exports to U.S., Europe
      Sailun to expand Vietnam plant capacity over three years
    • TGI secures Cosmo-brand naming rights at Fla. race track
      Firestone Grand Prix of St. Petersburg postponed until April
      MotoGP extends Dunlop race tire contract through 2023
      Revived Yokohama Drivers Cup to feature Ferrari, Porsche models
    • Kumho launches commercial LT, performance tire lines
      The new One: Nokian unveils all-season passenger tire
      Ford, Hyundai earn 2021 top North American vehicle honors
      BKT expanding its ATV/UTV lineup with Sierra Max Pro radials
    • Point S Canada adds 61 stores to network in 2020
      J.D. Power survey: Quick greeting key to customer satisfaction
      Apollo to raise prices of Vredestein brand, effective March 1
      Marko Ibrahim promoted to president, Bridgestone Retail Operations
    • Point S Canada adds 61 stores to network in 2020
      J.D. Power survey: Quick greeting key to customer satisfaction
      ASE opens registration for upcoming certification testing
      Bolt On, Global Payments aim for easier text payments for auto repairs
    • Denver's Brian Sump named AAPEX Shop Owner of the Year
      DUB, TIS Wheels founder Myles Kovacs is SEMA Person of the Year
      AAPEX: Using social media to promote your business
      AAPEX: Road trips trending, commuting on the wane
    • Vaccine may usher sense of normalcy
      2020 Review: PPP loans give boost to small businesses
      Latest COVID relief bill includes $325B in small-business support
      AAPEX: Do more cars in the shop mean more profit?
    • Apollo to raise prices of Vredestein brand, effective March 1
      Taiwan tire makers propose settlement of import duties case
      Kumho launches commercial LT, performance tire lines
      Michelin completes rigid dump-truck tire lineup
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      Choosing the right balancing equipment
      Safety tips for wheel balancing
      An introduction to wheel balancing
    • Video: Demounting
      Demounting Equipment
      Making rims ready for a tight seal
      Tire changer types, tips and trends
    • Video: Safety
      Making friends with OSHA
      Ergonomics on the shop floor
      Customers
    • Video: Tire Repair
      Tire repair: Shining a light on visual inspections
      Staying safe when repairing a tire
      Essential tools, materials and equipment for tire repair
    • Video: TMPS Service
      Decoding sensor data for TPMS diagnosis
      Replacement TPMS sensor overview
      The life-saving work of TPMS
    • Video: Training
      Advantages of apprentice program partnerships
      Options and resources for CE tech training
      Internship ideas to attract tech talent
    • Video:Vehicle Lifting
      All types of lifts for all types of work
      Tips and recommendations for lifting safety
      The gravity of proper lift points
    • Video: Wheel Torque
      Using torque sticks to speed service times
      The danger of too much, too little torque
      The importance of torque specifications
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
February 04, 2014 01:00 AM

Appeal filed in dismissal of suit vs. F1 boss Ecclestone

Crain News Service
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    (Tire Business file photo)
    Formula One boss Bernie Ecclestone may not be out of the woods in New York just yet.

    By Christian Sylt, Crain News Service

    NEW YORK (Feb. 4, 2014) — American investment fund Bluewaters Communications Holding L.L.C. has appealed the recent decision by the New York Supreme Court to dismiss the firm's $650 million lawsuit against Formula 1 boss Bernie Ecclestone.

    Bluewaters claims that it was the highest bidder when F1 was sold to private equity firm CVC Capital Partners in 2006 for $2 billion. Its lawsuit claimed that Mr. Ecclestone and his Bambino family trust paid a $44 million bribe to Gerhard Gribkowsky, the German banker in charge of the sale, so that he would steer F1 to CVC. The private equity firm allegedly was Mr. Ecclestone's preferred bidder as it had agreed to retain him as the boss of the series.

    Bluewaters sued Messrs. Ecclestone, Gribkowsky, Bambino and three key F1 companies, which are all based on the British island of Jersey: Alpha Prema, Alpha Topco and Delta Topco. It demanded $650 million in damages from the defendants because it claimed that CVC's profits from F1 "rightfully belong to Bluewaters and its financial backers."

    The lawsuit was dismissed on Jan. 16 due to a legal principle known as forum non conveniens. This enables a court to refuse to hear a case if it believes there is a more appropriate jurisdiction. Eileen Bransten, justice of the Supreme Court, ruled that "the 'critical events' underlying the claims in this lawsuit took place in Germany, England and elsewhere in Europe."

    However, on Jan. 30, Bluewaters filed an appeal under the Individual Assignment System (IAS) which allows for the continuous supervision of each case by a single judge. It stated that "the trial court dismissed the above-captioned action for forum non conveniens , as well as lack of personal jurisdiction with respect to Defendants-Respondents Alpha Prema, Alpha Topco, Delta Topco, Ecclestone and Bambino.

    "Plaintiff-Appellant seeks reversal of the Orders and Memorandum Decision on the grounds that the IAS Court erred in (1) dismissing the case for forum non conveniens and (2) dismissing the case for lack of personal jurisdiction over Defendants-Respondents Alpha Prema, Alpha Topco, Delta Topco, Ecclestone, and Bambino."

    It is unclear from the appeal what evidence Bluewaters intends to bring before the court in order to change its decision. A more serious problem could be the lack of evidence at the heart of the case which has already been noted by Justice Bransten.

    Bluewaters claims that its offer was submitted with a cover letter to Mr. Gribkowsky saying that it "is prepared to pay 10 percent more in cash consideration...above any genuine bona-fide offer put forward by any other accredited buyer."

    However, in her ruling, Justice Bransten said that "no party has submitted a copy of this alleged cover letter."

    One would expect that this issue would need to be resolved before the case could possibly succeed.

    Even if the Bluewaters' lawsuit is denied again, Mr. Ecclestone still faces the prospect of further litigation. He is due to be put on trial in April in Germany for paying the alleged bribe, and he is currently awaiting the verdict of another lawsuit connected to the sale to CVC. German media rights firm Constantin Medien sued him in London claiming that other bidders would have paid more than CVC.

    However, the only one that has come forward is Bluewaters and, in the absence of its cover letter, it remains to be seen whether its offer was indeed higher.

    __________________________________________

    This report appeared on autoweek.com, the website of Autoweek magazine, a Detroit-based sister publication of Tire Business.

    Related Articles
    Lawsuit vs. Ecclestone over F1 sale opens
    $650M lawsuit dismissed against F1 boss Ecclestone
    Ecclestone denies bribery trial will stop him from running F1
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • List Rental
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION