US might have to wait for Formula One; Texas project is idled
22.05.12
The the way the ball bounces of the 2012 United States Grand Prix appears to be in limbo.
A $300-million attempt to bring international Formula One auto racing to the Texas capital of Austin was placed on persist this week amid disputes about financing the project.
Investors in the Circuit of the Americas work up told the Austin American-Statesman on Tuesday that they were suspending construction of a new 3.4-mile racetrack southeast of Austin, idling about 300 workers. Vocation on the track had slowed in recent months, but sped up in recent days, according to the Statesman.
The propel was supposed to mark the return of Formula One to the U.S. after a five-year absence. The last Formula One hare on a U.S. track was in Indianapolis in 2007. Before that, Phoenix hosted three Grand Prix races from 1989 to 1991, and Watkins Glen in upstate New York hosted from 1961 to 1980.
But margin investors, including San Antonio billionaire Red McCombs and local businessman Bobby Epstein, told the Statesman this week that construction stopped because they were still waiting for the rights for the Technique One race from promoter Tavo Hellmund, a former driver and longtime associate of Instructions One boss Bernie Ecclestone.
When asked last week about the progress of the Austin project, Ecclestone told the Associated Journos: "There are two parties. One is building a track, the other has the contract, and they've forgotten to talk to each other."
Epstein posted a asseveration on the investors group's website Tuesday and told the Statesman, "I don't differentiate why Formula One would want to kill this race. The money is in place; the project is on sometimes. All COTA needs is for Formula One to convey the original contracts that were in place for a desire time."
"Construction has to resume in the very near future," he added.
The line was designed to accommodate 120,000 fans and a three-day weekend of racing might attract as many as 300,000 people, organizers extend out. That could bring as much as $288 million a year to Austin. The projected revenue had led state officials to approve an annual sponsoring of $25 million for 10 years from the state's Major Events Bank Fund. By law, that payment could be made in coming days.
However, Texas Comptroller Susan Combs announced Tuesday that the incitement payments would not start until after the first Formula One race, scheduled for Nov. 18, 2012.
She cited "recently publicized disagreements between the rallye right holders and the circuit developers," slowdowns at the construction milieu and a potentially competiting Formula One race recently awarded to New Jersey as provoke for concern.
Developers have maintained that they were on target with construction. Paving of the track on the 1,100-acre land was scheduled to begin next year, and permits from Travis County were obtained two weeks ago for the construction of five buildings, including the crucial grandstand, according to the Statesman.
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-- Molly Hennessy-Fiske in Houston
Video: Construction was underway in August on a Rubric One track in Austin, Texas, but was on hold this week, investors announced, with state motivation payments in limbo.
Source: Los Angeles Times
EZCORP Acquires 15 Pawn Stores in San Antonio
22.05.12
. The associates also has significant investments in Albemarle & Bond Holdings PLC (ABM.L), one of the U.K.'s largest pawnbroking businesses with over 160 full-edging stores offering pawnbroking, jewelry retailing, gold buying and fiscal services; and in Cash Converters International Limited (CCV.L and CCV.AUS), which franchises and operates a worldwide network of over 600 stores that require personal financial services and sell pre-owned merchandise.
Special Note In spite of Forward-Looking Statements
This announcement contains certain forward-looking statements nevertheless the Company's expected performance in future periods, including the anticipated effectuation of the newly acquired stores. These statements are based on the Company's prevalent expectations. Actual results for future periods may differ essentially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including changing call conditions in the overall economy and the industry, consumer demand for the Company's services and stock and changes in the regulatory environment. For a discussion of these and other factors affecting the Presence's business and prospects, see the Company's annual, quarterly and other reports filed with the Securities and Market Commission.
EZCORP Investor Relations
Source: PR Newswire (press release)
With a six-acknowledge job at Dell in Austin, Texas, he could afford a nice house, two cars, a motorcycle, and an lively social life. He was responsible with his finances - dutifully making $1057 payments on his $101000 schoolboy debt. contributing 10% of his
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