OWRS Wins Bid For CART

Written by Josh Katinger · January 28, 2004

Judge Otte has ruled in favor of OWRS’ bid to purchase CART from the bankruptcy court even though the IRL put in a higher bid.

The IRL upped its bid to $13.5 million today during an auction in U.S. Bankruptcy Court. CART’s creditors told Judge Frank Otte that they preferred OWRS lower bid of $3.2 million because it included acceptance of existing contracts and liabilities. IRL’s bid didn’t cover those.