Fourth Quarter Highlights
Issues Being Addressed
- Announced proposed $115 million settlement of class action and shareholder suits relating to restatements.
- $20 million cash, 6.6 million shares (as long as stock above $8.70 ps).
- Estimate reserved for in third quarter 2003 financials.
- Class notification and final court approval have not yet occurred
- Sold four Brands Hatch Race Tracks for approximately $26 million in January 2004. These tracks generated an operating loss.
- Recorded a non-cash charge of $38 million in fourth quarter 2003.
- Interest and commitments relating to Silverstone Circuit remain.