INDIANAPOLIS -- Two years after its racing assets were sold to Champ Car
in federal bankruptcy court, the stockholders of Championship Auto
Racing Teams Inc. approved the company's plan to dissolve and liquidate
its assets.
CART announced Thursday a stock distribution of 29 cents per share and
the closing of stock transfers. It exists now only to administer funds
set aside as a contingency reserve for potential liabilities, expenses
and obligations.
CART previously owned and operated the Champ Car World Series. The
company has sold all of its operating assets and is in the process of
winding up its affairs.
The company, which broke away from the U.S. Auto Club in 1978, took a
major blow in 1996 with the emergence of the Indy Racing League,
dividing a small base of fans and major sponsors. Both open-wheel series
have struggled with dwindling attendance and TV ratings.
CART, which became a publicly traded company in 1998, filed for
bankruptcy in December 2003, after losing nearly $78 million in the
first nine months that year.
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