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9/9 /03


Mid-Ohio celebrates 10 years as A record number of participants are to be on hand to compete in the 40th Valvoline Runoffs®, the Sportscar of America (SCCA) amateur racing national championships, at Sports Car Course in Lexington, The event, which has crowned champions such as Bobby Roger Penske, and Jimmy celebrates its 10th consecutive at Mid-Ohio, September 15-21.

The Runoffs® represents the climax to a full of racing during one of action. The cars take to natural terrain road for practice on Monday, September 15 and on Tuesday, Wednesday, and Thursday of week. Beginning Friday, 19, the racing gets fast and with eight races on of the three weekend days, one for SCCA-recognized class.

“This is a special year for the Runoffs®, celebrating its 40th and for Mid-Ohio, which has had the honor of the event for 10 years,” said Trueman Gajoch, President of Inc. owner and operator of Sports Car Course. “The of the Valvoline Runoffs over the 10 years is a testament to the continued that the competitors, volunteers, and sponsors such as Valvoline given to this championship event.”

Adding to the atmosphere the weekend is the inclusion of every televised on SPEED. Beginning in each race will be in one-hour blocks. As has become a tradition, SPEED will air a Runoffs® marathon on Christmas broadcasting all 24 races in succession.

for the Valvoline Runoffs® can be purchased by 1-800-MID-OHIO or on-line at A Ticket” is available for seven-day beginning Monday, September 15 the final race on Sunday, 21 for only $32 in advance and $40 at the gate.

Mid-Ohio Sports Car Course is approximately halfway between and Cleveland, Ohio off of Interstate 71. referred to as the “most Competitive in the the Valvoline Runoffs is Mid-Ohio’s and final event held summer. For event information or visit or call

9/9 /03

9/9 /03

Just how long the CART transaction will take has been some confusion exactly how long it will for the CART buyout to conclude, some confusion on our part. A bit of reveals that it will longer than most have thought.

If this were announced today (an upon buyout price by the Board and Open Wheel Series LLC), there is no way it be concluded for at least 90 days and longer. The first step is to a merger agreement.

Then the lawyers have to a proxy statement and because appears to be a transaction where of the existing or former directors of will be buying the company, a statement (a requirement in insider private transactions) will be required as well. It will take a few weeks after the agreement is signed to get drafts of documents filed with the There will then be a comment process with the

For interested transactions it is not uncommon at all for it to 3-6 months for the SEC to clear the disclosure 13E-3 transactions get A LOT of scrutiny the SEC. Once the proxy is cleared there will be a meeting approximately 30 days

If the buyers are not insiders it won’t be a transaction and they may be able to the proxy materials throughout the SEC but it still usually takes at two months to clear a merger statement. Then 30 days a meeting so you are still probably at a minimum of about 90 days.

There is an alternative that can be The merger agreement can provide the buyer will conduct a offer. The tender offer can almost immediately after a is announced.

If more than 90% of the are tendered into the tender the buyer can do what is known as a form merger under law and the acquisition is complete. However, if the does not get 90% in the tender offer, a statement and full stockholders would be required to complete the — which again, take several months as above.

If this deal to get done quickly they have to proceed via the tender route, but if the tender offer is really only half of the market price (though is dropping daily) there is a reason to question whether the offer will be successful we doubt they can muster 90% of the given what Vannini and control.

Therefore, it appears to AR1 that sponsors, and drivers will to be convinced that CART be in business in 2004 on its own merit so contracts can be signed, because it not appear, based on this that the buyout itself can be before the end of 2003. CART have enough in the bank to the 2004 season, but will be willing to sign deals for all of not knowing for certain if the buyout be approved by the shareholders so the season can be

What CART needs is a bid above market value that there would be doubt that the tender would get the 90% of the vote needed to things. Then the buyout pretty much be a foregone and everyone could get on with as usual. But then, what do we Mark C.

9/9 /03

CART stock In NYSE trading today MPH DOWN $0.04 p/shr. or to $0.87 p/shr on Volume of shares.

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