Bizwatch

Engine Trouble
Enigmatic British billionaire Bernie Ecclestone has ruled Formula One racing for almost 30 years through a web of firms. But London's High Court last week handed Speed Investments — a consortium of Bayerische Landesbank, JPMorgan and Lehman Brothers — control over Formula One Holdings (FOH), one of the companies that runs the multibillion-dollar F1 business. Why the ruling? The banks have held a 75% stake in SLEC Holdings, a firm that controls FOH, since 2002, when the Kirch media empire, the previous stakeholder, collapsed. And the banks may now seek...

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