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Another major sponsor of a V8 team in trouble.

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Poita

Administrator
http://www.theaustralian.news.com.au/story/0,25197,23445711-601,00.html

http://www.opesprime.com.au/documents/MR-Opes-Group-280308.pdf

PRESS RELEASE

28 March 2008

OPES PRIME GROUP PLACED IN ADMINISTRATION

Ferrier Hodgson Partners John Lindholm, Peter McCluskey and Adrian Brown have been appointed Administrators by the directors of Opes Prime Group Limited and a number of its subsidiaries and related entities including, Opes Prime Stockbroking Limited (?OPSL?).

OPSL, a full market participant on the ASX, provided institutional and private clients with stockbroking services, predominantly in the form of securities lending and equity financing.

Initial investigations indicate that the solvency of the business was under pressure due to a number of major clients not meeting significant margin calls.

The Administrators are currently examining the Group?s affairs to quantify the likely liability to OPSL?s clients.

Mr Lindholm said: ?Preliminary investigations indicate that the financiers to the Group hold sufficient collateral securities to cover their positions in full. However, OPSL?s clients are potentially exposed for the difference between the value of the collateral securities they have advanced and the loans provided by OPSL. At this stage, it is too early to estimate the realisable value of OPSL?s assets to meet client claims.?

The Administrators will call a meeting of creditors for 8 April 2008.
 

Donut King

Administrator
Staff member
I saw that earlier, and instantly wondered if the same people who questioned whether DJR should be pursued following the westpoint collapse will post claiming that HSVDT should now be investigated in the same way.

Jokes aside, its not good news regardless of whom is effected. Guess it will test the pulling power of the series - if the defending champions have issues finding sponsorship there could be some pretty tough times ahead.
 

Bigcol

Active member
You don't like to see anybody going down the tube
You only had to see what it did to Dick personally carrying the team after Westpoint ripped him off.

Well at least it's not on the blue side of the fence this time.
Mind you they'll just do a HRT and pinch some one else's sponsor
 

TS-50

New member
Once again this is a reflection of Cochbrain's self importance and that plain and simple fact that the series is just roo damned expensive.

I mean FFS we're using ancient engines , factory chassis' in most cases, and the dollars it takes to get them on track just aren't justified to be competitive.

You have to wonder if the cost of being a sponsor of this event is a contributing factor in the demise of some of these so called big businesses.
 

HSV Raiders

New member
read this earlier. At least now we may be able to get a sponsor that we have heard of before. I actually commented to a guy at work that also supports HSVDT about who they were and how long they would last. Well apparently not long.
 

Racin Jason

Active member
How long have I been saying that something has to be done? With alot of racing categories around the world and in Australia going through the "boom and bust" cycle, there are lessons to be learnt. I am just a little concerned that TC and co. haven't been paying attention.

As for HSVDT, I hope that they find another sponsor. Tom has already taken enough out of there and delivered it to HRT.Even if he does "own" both teams.

OPus Prime, were a strange sponsor anyway. It is hard to imagine that in the field they are involved in that there would be much commercial advantage in it for them. I have a friend that works for one of their competitors and he was at a loss to understand exactly what V8 Supercars would have to offer.
 
I think there is a lesson to be learnt here for all. When looking for a sponsor, it might be wise to bypass a company involved in finance considering the current climate.

Motorsport is a costly business, and I think, as shown by DJR, any sponsorship/funding dramas can compound fairly quickly, and only the strong survive.

That said, if HSVDT can't find a new sponsor in the short term, then all the teams will need to take a hard look at where their $$ come from.
 

MRJUCY

New member
quote:Originally posted by racin jason



OPus Prime, were a strange sponsor anyway. It is hard to imagine that in the field they are involved in that there would be much commercial advantage in it for them. I have a friend that works for one of their competitors and he was at a loss to understand exactly what V8 Supercars would have to offer.

The story I heard was they were hoping to float the company & thought it would be a good way of raising their profile.
 

HSV Raiders

New member
HSVDT unfazed by sponsor collapse

Release date: 01/04/2008

THE HSV-Dealer Team is not facing a Dick Johnson Racing-style financial crisis despite the collapse of prominent sponsor Opes Prime.?

Sources within the high-flying Holden team have indicated the sponsorship deal with the troubled Melbourne stock broking firm was ?not the be-all and end-all? for the team, and would not impact the team?s ongoing performance on and off the track.

Opes Prime was placed in voluntary administration this week, the company?s directors appointing John Lindholm of corporate advisory firm Ferrier Hodgson as administrator.

A statement from Ferrier Hodgson issued on March 28 confirmed directors had appointed Lindholm when they became aware of a number of cash and stock movement irregularities. The company?s accounts have since been frozen.

However inevitable comparisons with DJR?s ill-fated deal with property group Westpoint are irrelevant, the HSV-Dealer Team not faced with the same exposure to loss as the iconic Ford team was.

The team also has the ongoing support of transport company Toll and the protection of the Walkinshaw Performance umbrella.

HSV spokesman Simon Frost has confirmed that Opes Prime?s sponsorship arrangements were up-to-date at the end of last month.

However there is a 99 per cent likelihood that the Opes Prime signage will be removed by Hamilton Street Circuit for round three of the Australian V8 Supercar Championship in New Zealand on April 18-20.

Meanwhile, Rick Kelly remains the highest placed Holden driver on the V8 points table with 432 points, behind Ford driver Jamie Whincup (540).?

When contacted last night, Kelly said the loss of a key team sponsor had not been a distraction because he had been deliberately kept distant from details about the team?s sponsorship arrangements.

?The race team keeps me at arms length of business dealings because that allows me just to concentrate on driving,? Kelly explained.

?When the Opus Prime situation happened (Walkinshaw Performance chief executive) Craig Wilson rang me to let me know what was going on and to assure me it was no major drama for me.?

Author:Gavin McGrath
Source:BigPond Sport
 

Hardies Hero

New member
Of course they wont compare the colapse of Opes Prime or whoever the F^ck they are to the problems that DJR faced in the past. there is one major difference. Dick soldiered on like a true Aussie and almost bit the dust... he was that close that he could sniff the dirt.. but did our Dick stand around like spare piss at a wedding?? F%ck no.. he did what most people could not do.. he dragged his bum of the floor and with the help of good people around him we now have what DJR is today...

The Bloody HSV team or whatever they are called this week relies on one bloke and he is or was a bankrupt bloody embarresment to Australian motorsport. (I Hope you are reading this Mr Magic... want my mobile number???)

I feel sorry for one M Skaife, that bloke has been shafted..

I think its about time Holden V8 Supercars that you tried one of our shirts on once and for all..

you will be welcome in the DJR family any day my friend
 

HSV Raiders

New member
quote:Originally posted by Hardies Hero



I think its about time Holden V8 Supercars that you tried one of our shirts on once and for all..

The one thing you are over looking HH is the fact i didnt write the story [hb]

ps who is this Mr Magic guy?
 

MRJUCY

New member
A big difference between the 2 is they just lost a sponsor for one of their cars, Dick lost his major sponsor & a lot of his own money that was invested with the company.
 

Bigcol

Active member
There's a huge f#@ki#g difference between the arse wipes at the HSVDT and DJR.
For one, all John Kelly owns of his teams is the V8 Supercar level 1 licence.
He pays for his running costs from money recieved from the TWPG as HSV sponsorship. So they are still effectively paid by that low c@#t Walkinshaw. Just another way the cheating c@#ts have dodged the ownership rules
All the equipment and cars are owned by the TWPG.
The Kelly's own the licence and 5/8 of f#@k all.
All the Opus Prime failure does is make Walkinshaw a bit poorer.

You reading this c@#kstains from 10/10s
 

TS-50

New member
quote:Originally posted by Poita

I was going to moderate his post but I didn't know where to start.:D [sa]


I think you could start with the "C#@kstains" remark, it's pure BS, everyone knows they don't have C#@ks big enough to make stains. [crackup][lol]



[iddi]
 

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