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SBD Global/April 14, 2014/Facilities

U.S. Investment Company NeXovation Files EU Complaint Over Nürburgring Sale

U.S.-based investment company NeXovation said on Friday that "it had filed a complaint with European Union antitrust authorities contesting the outcome of an auction" of Germany's historic Nürburgring racetrack, according to Gerlach & Taylor of REUTERS. NeXovation told authorities that its €150M ($208.2M) cash offer for the racetrack "had not been given proper consideration." Nürburgring, which became insolvent in '12, "was sold last month by its court-appointed administrator to Capricorn Group," a motorsport industry supplier, for more than €100M (REUTERS, 4/11). NeXovation CEO Robert Sexton said, "One of our concerns is that the representatives of some of these stakeholders on the creditors committee may have pushed ahead with their decision based on incorrect or incomplete information or assertions" (NeXovation). In Koblenz, Frank Giarra reported Nürburgring administrators Thomas B. Schmidt and Jens Lieser "have always emphasized that the bidding process was properly conducted." Each offer "was meticulously evaluated" (RHEIN ZEITUNG, 4/11).
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