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  #1  
Old 12-20-2007
ruserious ruserious is offline
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Default Setting The Record Straight - The Facts And Fictions Regarding The Hdp Acquisition”

No new facts or data…could have been completed in two paragraphs
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  #2  
Old 12-20-2007
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fuelfan fuelfan is offline
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I'd have to agree, that was a lot of reading for a miniscule amount of information. I hope future editions are more concise.
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  #3  
Old 12-20-2007
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I agree. Anyone who is familiar with corporate aquisitions, is familiar with the process of getting it done.
About all that was said, is that most published opinion and analysis is wrong, without offering any rebutal.
Perhaps this will also be addressed.

Something I'm curious about.
While not questioning Mr. Romanick's knowledge on the subject, and it does appear that both Bennett & Asher trust his credibility, but besides running Quid Pro Know, what are Mr. Romanick's credentials? A search of both turned up only this article, and a reference to another drag racing site.
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  #4  
Old 12-21-2007
az99 az99 is offline
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That was sure the most boring uninformative article I ever remember reading. I think reading the actual SEC filings would have been more entertaining. Hopefully the next segment he will be able to put more big words in each sentence so dumb racers like me will get a better understanding of what lies ahead.
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  #5  
Old 12-21-2007
gary4205
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While the story was well written, from a technical point, it offered absolutely nothing most of us care about, and that's who HD is, and what are they about.

We all know the government process is long and arduous, but to quote a friend of mine: "Don't tell me about the labor pains, just show me the baby!"

Who cares what goes into getting this thing through the process. It's OK to touch on it, but it means nothing in the long run. What I want to know is who are these guys. A Google search hasn't yielded any bio info on them.

I want to know: Why drag racing? Did one of these guys race? Were they fans who after seeing NHRA turn Bruton Smith down, got the idea that they could offer a better solution? In other words, are these folks who are passionate about the sport, or quick buck artists?

We all know great CEOs who have taken their love of a sport and bought a team. Guys like Red McCombs, or Temple's own Drayton McLane (who owns the Astros) have bought teams for the love of the game. Making money is, of course, part of it, but the passion for the game is what brought them in. Wally Parks loved drag racing, and hot rodding in general. Wally had a passion for this sport that may be unequaled. So what are the guys over at HD all about?

That's just a handful of things I want to know about this deal, and those involved!
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  #6  
Old 12-27-2007
Len Romanick
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Default Responding to the group

Responding to the group:

ruserious, fuel fan, and az99: This was part editorial, part article. I was specifically asked to write about the current state of the process so that is exactly what the article did. The editorial is setting up where I will be going next, which is back to the day of the announcement and coming forward, correcting misinformation and adding missing information.

In this age where we get our news in selected soundbites and tidbits, what passes as facts and then becomes the bases of opinions is skewed due to a lack of context, often deliberate. This acquisition process is has not been well explained. It is my opinion that understanding the hows and whys, the nuts-and-bolts of this complex deal, is important to understand because the process and the outcome are, obviously,inter-related. If the deal consummates, there are other options available to HDP for the future which they have hinted at.

I am not about speculation. It serves no useful purpose, especially when based on the thinnest of information, which has been the biggest shortcoming in all that has been written. We can't know what the future holds. In the near term, racing administration and execution are said to be unchaged by this deal. In the longer term, I don't know what HDP is going to do, and neither does anyone else but HDP. But there is plenty of material published that gives some insight into what they say they intend to do. I will add that to material I am working on now. Of course, this assumes the deal consummates and they get to try do it. They don't know the future, but they are trying to bend it toward their will.

Willy: Not everyone is familiar with M&A processes. I don't claim any expertise. But when I raise a question, I attempt to find plausible answers. Again, in a topic this complex, that is not done justice this with the 25-word-or-less text bites that are so common in these forums. Context is critical, as is understanding the language used by the different professions involved in this deal. The vehicle being used for the acquisition process is not common, yet growing in popularity. When I read the announcement on May 30 it raised a number of questions in my mind which I went to work answering for myself, including who HDP is and what they are about. Those answers led to the process, which then became the focus of my interest. As I said above, after looking into that vehicle, I believe what may happen in the future is linked in large part to how this process works, as well as other processes HDP has at their disposal for future plans. At the risk of beating this point to death, what HDP has done, or will do is based on planning. Plans describe processes, and one process sets up the next. That's a big part of context.

Gary4205: Thanks for responding with what you care about and specific questions. I have said enough on why I think the process is important. I will get to who and what HDP is and what they are about.

The "passion" thing is not important to me. There are plenty of trainwrecks in drag racing history based on alleged passions, that in reality, were really about money and thumbing noses at the passions and visions of others. Are the HD Partners passionate about drag racing? I don't know. I can only offer what they have said.

On the afternoon of May 30th, after the announcement that morning, HDP held an investors meeting and conference call which was open to the public. I attended by phone, recorded the proceedings as I followed along with the slide presentation which was an exhibit to the 8-K they filed earlier that day, and later made notes and transcribed large portions of the narration.

While Hartenstein has made similar comments in published articles, and tiny snippets were quoted in a few ezine articles, no one has posted what follows. In this extended form, context is different from those little quoted snippets. I make no comment. Everyone must draw their own conclusions. These statements were made at the end of the presentation just before the Q&A period. Keep the context in mind: this meeting was aimed at investors (at the time probaly almost completely institutional) with the participants aware others outside of the financial world were listening in.

“So, again, winding down and wrapping this up, I think our background-you guys, I think, all know what we did at DirectTV-myself and the team here were the key group that conceived of DirectTV, brought it from zero to some 13 million subscribers on our watch and handed over the keys to another great organization, the Newscorp folks, and have taken it to the next level. But all of us were involved from day one, we've know each other for quite a while, and we think our management team, in terms of rolling up our sleeves, are uniquely positioned to help Tom [Compton] and his team, get Tom more resource, not just capital, but perhaps human resource, to develop and successfully market the kinds of things we want to do with NHRA through our own experience and the extensive network of relationships that we have created.

“I will add personally as I did yesterday in many of the interviews, and I'm being told that almost 100 of you are participating on this call, many of you from the media, not just from the investment community, there's a personal connection here. I was born and raised in southern California, I went to school in Pomona University which was just 3 miles down the road from the Fairplex track is and as a college student we snuck up here and peered over and under and through the chain-link fence to watch racing-you could hear it on campus. It's a great sport. I'm a motorsports fan as I told one of you the other day, I just like stuff that goes fast, and believe there is nothing faster, louder, and more impressive than this. So there is a an emotional connection, too. We're not financial hacks just seeing a great opportunity. This is a great, we think, opportunity for all our investors.”


“...we have, I think, in just wrapping all this up, I think that the conclusion/take-always are that NHRA Pro Racing is, we think, attractively valued, it's a unique sports entertainment asset, with a recognized brand in a growing market. There are many near-term opportunities, for significant EBITDA expansion-and when I say near-term, I mean the next two-three years-on a very profitable base business, already. We think our capital structure provides the immediate capability to aggressively pursue these incremental growth opportunities, as well as some longer term ones, and we think the management that's here and that we're adding to it, is uniquely qualified to grow NHRA Pro Racing into an asset that is both aggressive in our pursuit in, frankly, a platform that we can expand on.”
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  #7  
Old 12-27-2007
a990 a990 is offline
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Quote:
Originally Posted by Len Romanick
Are the HD Partners passionate about drag racing?
No, they are in it for the MONEY.
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  #8  
Old 12-27-2007
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Rowdy Rowdy is offline
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Quote:
Originally Posted by fuelfan
Once again, quite wordy with little information. Sorry, but there were only about 3 sentences at the end in the quote that were informative.
Criticizing his comments is so unproductive. The man doesn't have to post here at all. Don't drive him away.

Have you read the proxy?
http://google.brand.edgar-online.com...5627&Type=HTML

Some of us need someone like Mr. Romanick to explain it to us. I look forward to his comments.
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  #9  
Old 12-27-2007
gary4205
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Quote:
Originally Posted by Len Romanick
Responding to the group:

ruserious, fuel fan, and az99: This was part editorial, part article. I was specifically asked to write about the current state of the process so that is exactly what the article did. The editorial is setting up where I will be going next, which is back to the day of the announcement and coming forward, correcting misinformation and adding missing information.

In this age where we get our news in selected soundbites and tidbits, what passes as facts and then becomes the bases of opinions is skewed due to a lack of context, often deliberate. This acquisition process is has not been well explained. It is my opinion that understanding the hows and whys, the nuts-and-bolts of this complex deal, is important to understand because the process and the outcome are, obviously,inter-related. If the deal consummates, there are other options available to HDP for the future which they have hinted at.

I am not about speculation. It serves no useful purpose, especially when based on the thinnest of information, which has been the biggest shortcoming in all that has been written. We can't know what the future holds. In the near term, racing administration and execution are said to be unchaged by this deal. In the longer term, I don't know what HDP is going to do, and neither does anyone else but HDP. But there is plenty of material published that gives some insight into what they say they intend to do. I will add that to material I am working on now. Of course, this assumes the deal consummates and they get to try do it. They don't know the future, but they are trying to bend it toward their will.

Willy: Not everyone is familiar with M&A processes. I don't claim any expertise. But when I raise a question, I attempt to find plausible answers. Again, in a topic this complex, that is not done justice this with the 25-word-or-less text bites that are so common in these forums. Context is critical, as is understanding the language used by the different professions involved in this deal. The vehicle being used for the acquisition process is not common, yet growing in popularity. When I read the announcement on May 30 it raised a number of questions in my mind which I went to work answering for myself, including who HDP is and what they are about. Those answers led to the process, which then became the focus of my interest. As I said above, after looking into that vehicle, I believe what may happen in the future is linked in large part to how this process works, as well as other processes HDP has at their disposal for future plans. At the risk of beating this point to death, what HDP has done, or will do is based on planning. Plans describe processes, and one process sets up the next. That's a big part of context.

Gary4205: Thanks for responding with what you care about and specific questions. I have said enough on why I think the process is important. I will get to who and what HDP is and what they are about.

The "passion" thing is not important to me. There are plenty of trainwrecks in drag racing history based on alleged passions, that in reality, were really about money and thumbing noses at the passions and visions of others. Are the HD Partners passionate about drag racing? I don't know. I can only offer what they have said.

On the afternoon of May 30th, after the announcement that morning, HDP held an investors meeting and conference call which was open to the public. I attended by phone, recorded the proceedings as I followed along with the slide presentation which was an exhibit to the 8-K they filed earlier that day, and later made notes and transcribed large portions of the narration.

While Hartenstein has made similar comments in published articles, and tiny snippets were quoted in a few ezine articles, no one has posted what follows. In this extended form, context is different from those little quoted snippets. I make no comment. Everyone must draw their own conclusions. These statements were made at the end of the presentation just before the Q&A period. Keep the context in mind: this meeting was aimed at investors (at the time probaly almost completely institutional) with the participants aware others outside of the financial world were listening in.

“So, again, winding down and wrapping this up, I think our background-you guys, I think, all know what we did at DirectTV-myself and the team here were the key group that conceived of DirectTV, brought it from zero to some 13 million subscribers on our watch and handed over the keys to another great organization, the Newscorp folks, and have taken it to the next level. But all of us were involved from day one, we've know each other for quite a while, and we think our management team, in terms of rolling up our sleeves, are uniquely positioned to help Tom [Compton] and his team, get Tom more resource, not just capital, but perhaps human resource, to develop and successfully market the kinds of things we want to do with NHRA through our own experience and the extensive network of relationships that we have created.

“I will add personally as I did yesterday in many of the interviews, and I'm being told that almost 100 of you are participating on this call, many of you from the media, not just from the investment community, there's a personal connection here. I was born and raised in southern California, I went to school in Pomona University which was just 3 miles down the road from the Fairplex track is and as a college student we snuck up here and peered over and under and through the chain-link fence to watch racing-you could hear it on campus. It's a great sport. I'm a motorsports fan as I told one of you the other day, I just like stuff that goes fast, and believe there is nothing faster, louder, and more impressive than this. So there is a an emotional connection, too. We're not financial hacks just seeing a great opportunity. This is a great, we think, opportunity for all our investors.”


“...we have, I think, in just wrapping all this up, I think that the conclusion/take-always are that NHRA Pro Racing is, we think, attractively valued, it's a unique sports entertainment asset, with a recognized brand in a growing market. There are many near-term opportunities, for significant EBITDA expansion-and when I say near-term, I mean the next two-three years-on a very profitable base business, already. We think our capital structure provides the immediate capability to aggressively pursue these incremental growth opportunities, as well as some longer term ones, and we think the management that's here and that we're adding to it, is uniquely qualified to grow NHRA Pro Racing into an asset that is both aggressive in our pursuit in, frankly, a platform that we can expand on.”
Lee, thanks for your post. Especially the part that means something to me. Glad to hear there is some passion for "stuff that goes fast".

You are right, drag racing's history is littered with train wrecks of people who have passion, but couldn't get the job done. Like you point out, it's hard to know what everything in the future holds, but I think it is better to have a fan with money heading this deal up, than someone with money only. That may be a silly thought, but there it is.
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  #10  
Old 12-27-2007
ruserious ruserious is offline
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Default Len Romanick

More documentation with little substance…trust the third chapter has a plot, like a time line for closing this deal which we were told would lead too: increased purses, up-dated facilities and additional markets that will create new opportunities to attract new business partners/sponsors.

Understanding these B2B transactions take time we await your overview and next chapter regarding HDPartners and Glendora.
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