Joined
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2,938 Posts
Posted 11/10
AHRMA reorganizes
• AHRMA has been defending itself for over 5½ years in a groundless
lawsuit
filed in federal court by Mr. Robert Iannucci and Team Obsolete. When
we
filed our claim with our insurance carrier (Reliance), we discovered
it was
insolvent in the largest insurance bankruptcy of its type in the
country. AHRMA
was able to secure coverage from the Wisconsin insurance insolvency
fund that
covered $300,000. It was anticipated this would cover the cost of the
case.
The fund has been exhausted. After five amended complaints, 245
docket
entries, protracted discovery disputes and other procedural
shenanigans, we remain
confident that we are absolutely not liable in this case. AHRMA has
done
nothing wrong.
• However, the costs of defending this action have been staggering,
and have
far exceeded estimates on which we relied.
• Although we are very confident of victory in the case, we do not
have
sufficient funds remaining to pursue the case in court.
• Settlement negotiations were conducted earlier this summer, but
were
unsuccessful within the resources available to us.
• In order to preserve our remaining resources, maintain the
integrity of
the association, and further the interests of our members, we have
filed a
petition under Chapter 11, which is the reorganization chapter of the
U.S.
Bankruptcy Code. This should be familiar to many of our members as we
routinely
see major U.S. airlines continue to operate and successfully emerge
from
Chapter 11, and continue to improve their operations. As with airline
passengers,
members of AHRMA will see no adverse affects.
• The filing of this petition will immediately stay the lawsuit, and
pending
reorganization, no further claims in the original case can be brought
against the association.
• All AHRMA operations will continue with full 2007 Road Race, Off
Road and
Dirt Track Schedules
AHRMA further intends to take this opportunity to revamp and modernize
services, as we clear the burden of the lawsuit, and emerge as a
stronger
association.
—AHRMA Board of Trustees
BORN TO LURK, FORCED TO WORK.
www.NYCvinMoto.com
www.VinMoto.org
Edited by - ROSKO on Nov 11 2006 1:59:00 PM
AHRMA reorganizes
• AHRMA has been defending itself for over 5½ years in a groundless
lawsuit
filed in federal court by Mr. Robert Iannucci and Team Obsolete. When
we
filed our claim with our insurance carrier (Reliance), we discovered
it was
insolvent in the largest insurance bankruptcy of its type in the
country. AHRMA
was able to secure coverage from the Wisconsin insurance insolvency
fund that
covered $300,000. It was anticipated this would cover the cost of the
case.
The fund has been exhausted. After five amended complaints, 245
docket
entries, protracted discovery disputes and other procedural
shenanigans, we remain
confident that we are absolutely not liable in this case. AHRMA has
done
nothing wrong.
• However, the costs of defending this action have been staggering,
and have
far exceeded estimates on which we relied.
• Although we are very confident of victory in the case, we do not
have
sufficient funds remaining to pursue the case in court.
• Settlement negotiations were conducted earlier this summer, but
were
unsuccessful within the resources available to us.
• In order to preserve our remaining resources, maintain the
integrity of
the association, and further the interests of our members, we have
filed a
petition under Chapter 11, which is the reorganization chapter of the
U.S.
Bankruptcy Code. This should be familiar to many of our members as we
routinely
see major U.S. airlines continue to operate and successfully emerge
from
Chapter 11, and continue to improve their operations. As with airline
passengers,
members of AHRMA will see no adverse affects.
• The filing of this petition will immediately stay the lawsuit, and
pending
reorganization, no further claims in the original case can be brought
against the association.
• All AHRMA operations will continue with full 2007 Road Race, Off
Road and
Dirt Track Schedules
AHRMA further intends to take this opportunity to revamp and modernize
services, as we clear the burden of the lawsuit, and emerge as a
stronger
association.
—AHRMA Board of Trustees
BORN TO LURK, FORCED TO WORK.
www.NYCvinMoto.com
www.VinMoto.org
Edited by - ROSKO on Nov 11 2006 1:59:00 PM
