Soldato
Imagine the doo doo William's F1 would be in if the Rich Energy farce had happened to them. Lucky escape I think.
Btw do we care it is happening to Haas?
Andi.
Btw do we care it is happening to Haas?
Andi.
Rich Energy
- Thread starter andicole0
- Start date
Soldato
A little out of date that 'commentary'.
Andi.
Andi.
For those of us who barely manage to keep up with F1, nevermind the goings on of random sponsors - what has happened in the last 5 or 6 days that would have put Williams in doo doo and makes a week old video outdated? 
Thread is a bit cryptic if you're not already 'in the know'
Thread is a bit cryptic if you're not already 'in the know'
Sorry thought most people here would be up to date on the story.
RE agreed to fund Williams then changed suddenly to Haas before the start of the season. Haas have been performing badly so far and rumours started about the money from RE as there were legal cases in the background that RE were fighting. They llst that legal battle and the head guy left whilst tweeting that he had pulled the agreement with Haas leaving them short of money that Gene Haas would have coughed up.
Williams found new stable money but would have been in trouble if RE had been with them and in the financial mire they appear to be in.
Rich Energy have now hanged name to distance themselves from the publicity.
Abdi.
RE agreed to fund Williams then changed suddenly to Haas before the start of the season. Haas have been performing badly so far and rumours started about the money from RE as there were legal cases in the background that RE were fighting. They llst that legal battle and the head guy left whilst tweeting that he had pulled the agreement with Haas leaving them short of money that Gene Haas would have coughed up.
Williams found new stable money but would have been in trouble if RE had been with them and in the financial mire they appear to be in.
Rich Energy have now hanged name to distance themselves from the publicity.
Abdi.
It's been a long, long time since we've had such a juicy story to follow. I wish someone would do a proper timeline of events as it's truly one of those stories that just gets weirder and weirder the deeper you dig. @hominid managed to buy a case, maybe he'll pop in here and give us his thoughts. Jalopnik are covering it fairly well if you're interested.
It's really a case of corporate-meltdown-bingo:
Product not actually for sale unless you turn to the last places you'd be able to buy them (Amazon)
Bank balance of almost nothing in last records
Questionable sources of income
Somehow able to fund F1 team
"We're 100% above board, but no you can't see our papers"
Promo stand at Indy 500 is just one unattended fridge hidden away in a corner
Legal battle over their logo with a bicycle company(!)
Meltdown on twitter
CEO kicked out
Rebranded to "save face"
Etc etc
It just goes on and on. I can't wait for the documents from the ongoing court proceedings to become public domain, it's certainly going to make for some interesting reading.
It's really a case of corporate-meltdown-bingo:
Product not actually for sale unless you turn to the last places you'd be able to buy them (Amazon)
Bank balance of almost nothing in last records
Questionable sources of income
Somehow able to fund F1 team
"We're 100% above board, but no you can't see our papers"
Promo stand at Indy 500 is just one unattended fridge hidden away in a corner
Legal battle over their logo with a bicycle company(!)
Meltdown on twitter
CEO kicked out
Rebranded to "save face"
Etc etc
It just goes on and on. I can't wait for the documents from the ongoing court proceedings to become public domain, it's certainly going to make for some interesting reading.
I think the rebrand was to eventually wind up the company, Rich Energy is long gone..
William Storey is nothing to do with Rich Energy any more, as far as I know a company called "The BDG Group" now 'owns it. The first thing they did was rename the company to Lightning Volt Energy, BDG stands for 'Business Debt Gone' - so that tells you a lot! www.Businessdebtgone.com redirects to https://www.thebdggroup.com/
The BDG Group CEO is a guy called 'Capt.' Kevin Morris https://uk.linkedin.com/in/capt-kevin-morris-57692aa6 the fact he calls himself captain is odd to say the least. They refer to themselves as "The UK's leading Unlicensed Insolvency Practitioner - with an unrivalled reputation for protecting Clients against creditors, government agencies and other hostile entities.". So a big FU to all the creditors at this point.
Storey is still a personal defendant on the Whyte Bikes case so, as far as I know, can't get out of that one so easily, although BGD may be able to help with that. Williams dodged a bullet!
William Storey is nothing to do with Rich Energy any more, as far as I know a company called "The BDG Group" now 'owns it. The first thing they did was rename the company to Lightning Volt Energy, BDG stands for 'Business Debt Gone' - so that tells you a lot! www.Businessdebtgone.com redirects to https://www.thebdggroup.com/
The BDG Group CEO is a guy called 'Capt.' Kevin Morris https://uk.linkedin.com/in/capt-kevin-morris-57692aa6 the fact he calls himself captain is odd to say the least. They refer to themselves as "The UK's leading Unlicensed Insolvency Practitioner - with an unrivalled reputation for protecting Clients against creditors, government agencies and other hostile entities.". So a big FU to all the creditors at this point.
Storey is still a personal defendant on the Whyte Bikes case so, as far as I know, can't get out of that one so easily, although BGD may be able to help with that. Williams dodged a bullet!
Caporegime
The Whyte thing is hilarious - it's literally just Whyte's logo. No different at all!
This pretty much sums up the latest on the matter.
One unanswered question is the £35m personal guarantee than Story gave HAAS..
I don’t think HAAS needed the cash so I’m sure it’ll just be a rebrand for them and carry on as normal.
Soldato
Decent write up here : https://formulaspy.com/f1/the-rich-energy-haas-f1-saga-explained-62909
Soldato
HAAS have declared the RE agreement void, and demanded the £35m they're owed up until 2022.
I wouldn't **** with Gene Haas. He's been to "federal pound you in the *** prison".
Soldato
So now ownership has gone from a dodgy bunch of clowns to a dodgy insolvency company. This just keeps rolling.
Soldato
Looks like due diligence in F1 stops the minute that there’s sufficient comfort over the funding.
I’ve bought 3 cans from Amazon. I don’t drink Red Bull or any of these nonsense energy drinks, but I’d like to try it. Those cans will be worth a fortune one day, honest
I’ve bought 3 cans from Amazon. I don’t drink Red Bull or any of these nonsense energy drinks, but I’d like to try it. Those cans will be worth a fortune one day, honest
Soldato
Which is exactly why I have little sympathy for Haas in all of this. They brought this on themselves.
Soldato
Well colour me surprised, I'm the owner of some Rich Energy. I've used the Motorsport section equivalent of GD's Hovis - a programme from Australia 2018 (I made this up, but it was the most recent programme I had kicking around!).
Doesn't look like it is selling very well, with that canned on date. I also don't seem to have very long to drink it (haven't tried it yet though).
Doesn't look like it is selling very well, with that canned on date. I also don't seem to have very long to drink it (haven't tried it yet though).
Soldato
I'm so confused, I heard something about Rich Energy becoming Lightning Volt, is it meant to be a joke? Take a look at the tweets on the Lightning Volt twitter page, looks like a 5 year old is in charge of that account.
The lightning volt twitter page is a parody page. its all just one big joke and no doubt lightning volt energy will probably be facing court cases from the already existing energy drinks called lightning
Finally Haas has got rid of them. Can you imagine what Williams are thinking? Narrow escape!!
Andi.
Andi.
Deleted member 651465
D
Deleted member 651465
Any reason why you felt the need to create a new thread for this?
I know you like a new thread but you were the one that created the old rich energy thread, it even has the same title!
https://forums.overclockers.co.uk/threads/rich-energy.18860061/
I know you like a new thread but you were the one that created the old rich energy thread, it even has the same title!
https://forums.overclockers.co.uk/threads/rich-energy.18860061/