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Burnouts, Boobs and Bankruptcy

By fnaah - 4 June 2009 121

Chic Henry is stepping up the cat and mouse game, having sent the company that runs Summernats into voluntary liquidation.

The ABC have the full details here – apparently EPIC are owed in excess of $200,000. Surprisingly, tickets for Summernats 2010 are still on sale – but who’s buying them?

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121 Responses to
Burnouts, Boobs and Bankruptcy
grunge_hippy 9:27 pm 04 Jun 09

but where will i get my bogan fix from once a year??? i still recall a photo in the canberra times in the early 90’s, where a rather largish woman, sitting watching the cars goes past had a bourbon in one hand, and the other can placed rather firmly in her ample bosom… classic.

bd84 9:15 pm 04 Jun 09

One wonders why it has taken so long for Chic to admit he was bankrupt. His begging for funding concessions was obviously a ploy to get him out of his own debts and away from the fact he has obviously squandered all the cash from the event. Trading while insolvent is a pretty serious crime too last time I checked..

54-11 6:55 pm 04 Jun 09

Very good, bean

cleverclogs 5:31 pm 04 Jun 09

bean said :

chic chic bust?

+1 bwahahahaha

bean 4:49 pm 04 Jun 09

chic chic bust?

willo 4:06 pm 04 Jun 09

Mr Evil said :

Pssst, anyone want to buy a slightly used…..slightly tarnished…. Summernats name?

Mr Evil 3:55 pm 04 Jun 09

Pssst, anyone want to buy a slightly used Summernats name?

harley 3:42 pm 04 Jun 09

p1 said :

If the company is the one with all the debts associated with “Summernats”, yet Chick personally owns the name of the event, then I am very suspicious that it has all been set up not just to limit personal liability, but to deliberatly allow the cashing out and profit by individuals. Does anyone know if the company owes money to more then just EPIC?

The owner of a name leases the right to use the name for a certain sum of money to a third party. The third party sells access to the name, then pays the name lease costs. The company spends all the revenue on the right to use the name, leaving nothing but a debt to a third party. No assets, no money, no payment.

But that might not be the case here…

What is the case is an epic representative was on the news last night saying how they are getting ready for the 2010 summernats. One would think they’d want payment for the last before they’d agree to lease the site to the same event again, even if the company running it is technically a different company with the same principals and shareholders.

Remembering: http://the-riotact.com/?p=11925 – Maybe the gubment were right after all…

caf 3:31 pm 04 Jun 09

So chic pays himself hansomly, doesn’t pay his debts the company goes bankrupt owing a fortune but due to its limited liability structure he doesn’t have to pay a cent then goes on to sell the summernats name for a sh!tload.

If that’s the way it pans out, then no-one’s going to loan any company he’s associated with any money in the future – or rent them facilities without payment upfront.

MrMagoo 3:22 pm 04 Jun 09

Goodbye Chic don’t come back, we won’t miss you.

Funny how it has all come back home to roost isn’t it?

p1 3:11 pm 04 Jun 09

….then goes on to sell the summernats name for a sh!tload.

If the company is the one with all the debts associated with “Summernats”, yet Chick personally owns the name of the event, then I am very suspicious that it has all been set up not just to limit personal liability, but to deliberatly allow the cashing out and profit by individuals. Does anyone know if the company owes money to more then just EPIC?

Spectra 3:04 pm 04 Jun 09

but who’s buying them?

People who don’t (or more likely can’t) read the news?

screaming banshee 2:48 pm 04 Jun 09

So chic pays himself hansomly, doesn’t pay his debts the company goes bankrupt owing a fortune but due to its limited liability structure he doesn’t have to pay a cent then goes on to sell the summernats name for a sh!tload.

Thats got to be white collar crime.

PM 2:46 pm 04 Jun 09

The company paid Chic’s wage, don’t forget…

willo 2:43 pm 04 Jun 09

summernats were given a grant ($200k or $300k) from act government……how the fuck can they be owing the same amount? trying to tell us it cost 400k plus to run the thing and it did not make a cent?

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