Grand Slam Track's bankruptcy plan is here- athletes to receive $13 of $14 Million earned, everyone else gets just 1.5%

I guess we are at the point where the surgeon who botched the operation on your mother and killed her now wants to operate on your wife. The creditors taking a massive haircut are more than likely being offered a deal to be preferred vendors for the next season of GST and have a chance to make back some of their losses. But why would you agree to let the same people who drove the bus off the cliff have a second chance? I suspect the non-athlete creditors are going to object and tell the judge to "thin the herd" and send GST to liquidation if all they get is 1.5%. If they stand together, that would force the debtor in possession to negotiate a better deal. That is also a common tactic in Chap 11. But this is pretty extreme.

I would have thought that any 2 year contracts would be null and void after the past 7 months saga with GST.

In theory, that sounds great, in reality its ridiculous. Why would ANY athlete or agent subject themselves to this...AGAIN? Especially given the fact that MJ would still be in charge...WTF!!! Even if GST paid every athlete in full, why should anyone trust them? The only way GST could pull off another season is to completely revamp the management team, and this would start with removing Michael Johnson completely. Another move would be to give all "Racers" substantial appearance fees upfront. At least if they did participate, they would be compensated.

All in all, GST is a dog with fleas, and who wants that.

So losing $30 million in the space of a few months isn’t enough of a clue that the format is not profitable?

Plus, what kind of delusion thinking is it to think they have the resources, personnel, talent, and contacts to put on a second season in a couple of months time. The legal fallout from season one will take years to resolve.

Alleged track fans and it's all negativity.

Great Meet. Would love to see it return.

Need the pledged money in hand not just promised.

Good chance it may not be possible it can be profitable. In which case it needs a sugar daddy -- Phil Knight?

Money?

If Phil Knight was smart enough to build the Nike empire, he’s smart enough to not sink $30 million into a failed business where only the bankruptcy attorneys will end making any money.

A guy worth billions who supposedly loves track and could enhance his image and that of Nike can't come up with a few million bucks? How much more money do you supposed he needs?

Only need the athletes more going forward

Honestly would help thm track earnings from their already sponsored athletes. Or Nike sees that they get the same return just having the pre classic lol

There's a Epstein list of co-conspirators who helped and promoted MJ including Rojo, Wejo, Jonathan in addition to Merber, Ackman, and Chavez. Flotrack, Runnerspace is also a conspirator.

"One condition in the plan is if an athlete votes no on the plan and it is accepted, the athlete is then moved to the 1.5% recovery group."

So, every athlete will vote yes, the plan will be approved, no facility will be willing to host a season two since they don't get paid, and then what? I guess I don't hate it if this is a way to at least get the athletes some money before the thing goes under.

I love the idea of a pro T&F circuit in the US and was a huge supporter of GST last year, even through much of the turmoil. But, this ain't it. Let it go. Athlos is doing it right. Start small, expand over time. Stop doing deals with evil people like Ackman. They have no interest in actually growing the sport - just want to milk some money out of track fans with a subpar product.

"Alleged" track fans? "all negativity"? "Great Meet"?

If you owned a business, and provided a service for which you were owed $100,000, and got stiffed for payment from the customer, and the same customer called you back to provide the same service a year later for $100,000, what would you do? "Oh, hi there, remember me? Yeah, I was the one who hired you to do $100,000 worth of work for me, and unfortunately, I wasn't able to pay you because someone owed me money and decided not to pay me, so in turn, I couldn't pay you. Guess what? that same person who couldn't pay me, said they will pay me now, which means I can hire you AGAIN for another $100,000 worth of work".

Clearly, you've never been in business and have been stiffed, or both!

IDIOT!

This is the funniest thread of the year.

I'd like to have Nike Hollywood Studios sponsor a Micro Film Production contest on the Grand Slam Track issue with earth shattering filmmakers.

It's dead

He has a few million bucks. He is smart enough not to waste a few million bucks to help these people pretend their business model will work.

Why would Phil Knight, or anyone for that matter, bail out a company that lost $30 million in their first year of business? $30 million is not a few million dollars. It's a lot of money, even for the richest people in the world. This is business. You lose $30 million, you are done. DONE! This company is now in the hands of attorneys, whose main goal is to bleed it out for as long as possible. The only competition left for GST is legal wrangling. Not one single company has ever recovered from a first-year bankruptcy. This is now a legal saga, not an athletic endeavor.

Yet for some reason Winners Alliance is offering to cough up the 6.2M ?! They must see money coming in somewhere down this route, right ?! They already lost a lot in season 1, helped them out during the bankruptcy, are willing to cough up this 6.2M and will invest in season 2 if it happens. I don't believe they're all morons at Winners Alliance and as far as I know they didn't go non-profit ...