Notice a new logo has been submitted
Question is... why do they need a logo? hmmm
This should cheer him up...
https://twitter.com/F1/status/1149610438851616769
[edit] darn, 43 seconds too late
Fixed it 🙂
Rich Energy Takes Your Wings Away.
[edit] darn, 43 seconds too late - [edit2] cheers Jamze 🙂
Rich Energy - broken and discarded.
too late !
Storey has been told to get back in his box by the Rich investors, there’s a link to the article in the F1 thread
Has anybody done any detective work yet into who Rich Energy’s investors are? I ask because, let’s face it... Any reputable F1 team would have dropped a sponsor like they were hot the moment they got into trouble. The fact Haas haven’t drives enough suspicion as to ask why they haven’t.
In fact, if in time it doesn’t come out that a certain team owner (given serious previous form for tax fraud and witness intimidation) “masterminded” the whole thing, I will eat my hat! His biggest mistake was on choosing a Maverick such as William Storey (and a lack of due diligence regarding the logo), who when suddenly thrust into the limelight by someone else’s dirty money, gets illusions of grandeur and thinks he is suddenly the brains (and the money) behind the operation!
We don’t know it yet, but Storey may have played an absolute blinder by being such a rogue agent and compromising the whole operation!
there are some names in this report;
https://www.motorsport.com/f1/news/rich-energy-investors-save-haas-deal/4492346/
On 20/08/2018 the company's overall number of shares increased to 100 and had a total value of 100 GDP. Where 64% was held by William John Storey (64GDP), 12% by Brandsellers Holding Limited (12GDP), 10% by Charlie Simpson (10GDP), 10% by Robert Lee (10GDP), 2% by Neville Weston (2GDP) and 2% by Lloyd Tunicliffe (2GDP).
On 13 Sep 2018 the shares were sub-devided where the previously owned 100 shares valued at 1GDP each were now numbered at 10,000 shares and were worth now 0.01 GDP earch (vertually nothing). This was done by William John Storey and was sent by Brandsellers Holding Limited.
Rob Lee is the footballer (Charlton), Not sure about Charlie Simpson (could be of boyband fame) no idea who Neville Weston is. oh edit Lloyd Tunnicliffe - insurance geezer i think.
Capital value of £100? Seems legit.
Has anybody done any detective work yet into who Rich Energy’s investors are?
Yes.
*Tilts fedora to a jaunty angle, raises collar of trenchcoat and walks off in to a moodily lit alley...*
Low share values is fairly normal for non publicly traded companies. They have to have a nominal value so most will be something like £1 or 1p each.
That paragraph doesn't explain the change to 10,000 very well, did they just divide them up evenly to make selling small portions easier, or did they dilute the shares, I.e. does the investment company now own 9912 shares?
Gets worse, there are now legal letters appearing on Twitter. Still Storey I assume??
https://twitter.com/rich_energy/status/1149670559296307200
Is 'wrestle control' really legal jargon? From a company with no internet presence and onyl been around a year.
That letter seems a bit... off. "Wrestle" control being part of it ("wrest control" is the more usual term); the gmail address, the use of "they" to refer to Storey etc.
It all sounds a bit... less than totally professional, tbh, like you slipped the law firm intern a fiver to mock up a letter.
Knocking up false documents would be unthinkable......oh, wait
Yep all seems legit.
Is there a legal letter template in MS Word?
.
That letter does have a point - given the shareholding outlined above the minority shareholders don't appear to have control of the company (unless there are voting/non voting shares).
Out of interest, how does a CEO who is majority shareholder get fired then?
Completely opinion obviously but, given the money involved in f1, wouldn't you expect hass to be using a slightly more established firm than one that's only been about for 18 months and works from a residential* address?
*There's 20 business records at 81 Elizabeth Street, some dormant, and 2 at 85.
It's not residential. It's an office located above an estate agency. Fairly normal for multiple companies to be registered in a single address, too.
There's an excellent cigar shop just up the road as well. Which is nice.
This might be interesting reading, Jalopnik have also done some "digging" 😉😁
Where does this guy come into it??
Lucas Browne!
The decision to openly mock Whyte on social media is looking inspired. Not the kind of wind up he was hoping for. 😄
Completely opinion obviously but, given the money involved in f1, wouldn’t you expect hass to be using a slightly more established firm than one that’s only been about for 18 months...
Mr. Courtenay-Stamp seems v. experienced though. Has previously been involved with Stewart and Jag F1 (who became Red Bull!) if it's the same chap.
Any reputable F1 team would have dropped a sponsor
It's not called the Piranha Club for nothing. F1 teams don't care where the money comes from.
Captain Caveman has met with himself again.
https://twitter.com/rich_energy/status/1149924686807076864?s=19
So rich energy now don't have the rights to distribute rich energy... 🤣
That's implying there's an actual product to distribute of course.
"He's behind you!"
"Oh no he didn't!"
This is better than a Christmas pantomime.
the exclusive rights to distribute @rich_energy have been transferred to another company
I bet they're excited
"it's worth millions and millions and millions and millions of pounds a year and you only have to distribute 50 cans since that's all there are"
Is anyone going to the GP this weekend?
I bet they won't be able to get hold of a can of RE.
....and judging by the tweet above they are still using the whyte logo. I guess the moving the rights might be more to do with Whyte pushing for a winding up order?
Surely those 'rights' only apply to distribution, whereas the court finding was against the company/product
Either way, it looks a lot like Storey trying to squirm a way out of the impending shitstorm. Only thing is, I don't think he's either clever enough, or able to hire anyone clever enough, to get out of it.
Full Trump
I'm finding this more exciting than the championship tbh!
Hass must be talking to the minority shareholders over Storey's head to keep the money flowing in the hope that they can oust Storey (maybe by buying the assets of Rich energy once it's wound up).
Noob question, do we know if it's likely that Storey put in 64% of the capital or is his 64% the brand/idea and all the other shareholders are bankrolling it? I.e. if funding was cut off would Storey/Rich quickly go bankrupt?
maybe by buying the assets of Rich energy once it’s wound up
What assets? This is like the Sick Bikes thread where people keep expecting that they will get a refund.
What assets? This is like the Sick Bikes thread where people keep expecting that they will get a refund.
I still think they're trying to build a brand and sell it. Outside of the people who frequent this forum and the rich energy Twitter feed 110 million people watch F1 and 109,999,000 probably have no idea this is going on.
The brand is still going to be worth quite a lot of £££.
Just look at Meantime brewing and Camden Town brewery in London. Tiny breweries in the scheme of things, Camden sold for £85 million, meantime undisclosed but shortly after was selling re-bottled grolsh. £85 million for a drink you couldn't buy in the shops?
109,999,000 probably have no idea this is going on.
The brand is still going to be worth quite a lot of £££.
When the F1 team you are sponsoring has to publicly deny that the association has hurt their reputation, your brand value is bugger all.
https://www.motorsport.com/f1/news/haas-reputation-rich-energy-saga/4494414/
Indeed, has it damaged anyone's wider reputation? I have a passing interest in F1 and apart from this thread had no idea any of this was going on.
The number of people on Stw and F1trackworld is tiny compared to the number of people who only know that Rich energy is a new drink they can't get in their local shop yet.
If the business plan is to build brand awareness and then sell, you need to impress business people that they are buying something with value. All their headlines just seem to show a clownshow - stealing the logo thing was stupid, but then they just kept spiralling to new lows of stupidity instead of just paying the legal costs and moving on. Are investors really going to pay tens of millions for that? F1 title sponsorships generally run to 8 figures, so they need to convince investors that the brand is worth that much or they have just pissed their money away.
Monster as an example has a market capitalization of about $33 billion. Any buyer wouldn't be buying Storey or the work experience kid with the social media passwords, all they'd care about is turnover/profits (nill and minus a lot at the moment probably) and bring recognition and growth potential (probably both quite big at the moment).
Tweak the logo, move past this mess, sell a few hundred thousand cans to Americans via Walmart, be the guy who gambled ~$50million on F1 sponsorship and sold the brand to Coke-cola for $500 million and a case study for MBa students.
Either that or some variation on crashing and burning. Either because Storey runs out of cash, or someone else turns the taps off in an attempt to force him out.
Tweak the logo, move past this mess, sell a few hundred thousand cans
The first two should be easy, but they don't seem interested. If they can't do the simple stuff, crash and burn is pretty much guaranteed.
The "energy" drinks market is pretty crowded and has two very big players in prominent position. Not sure Id bet a fiver on this shambolic mess.
I'm more and more convinced that it's performance art.
https://twitter.com/rich_energy/status/1150395070409007104?s=19
Did he go to the same "how to use Tweets" school as Trump ?
I think that they are some assets shifting companies shenanigans going on so once Whyte comes calling for their compensation the current company will suddenly have no assets.
It seems clear that they are trying to force Haas to dump then by removing their branding so they can site breach of contract and a nice payoff as Haas didn't display their logos as originally agreed.
I thought I had read that the sponsorship money was basically guaranteed by the banks so unless Haas clearly breach their sponsorship contract they are going to receive the full amount they were sponsored for.
https://twitter.com/rich_energy/status/1150439445289734144?s=19
A £35m guarantee? O RLY?
Million is capital M, isn't it ?
35 milliquids is 3.5p
Ha ha ha ha ha ha.
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Has this actually just been Storey pulling Haas' pants down and they haven't actually ever actually paid anything in sponsorship. Instead they have got to swan around pretending and got other people to put their logo everywhere?
I’m more and more convinced that it’s performance art.
Has anyone carefully checked the ingredients for hallucinogenics? I am assuming that the author of the twitter feed may be one of the few who can easily get their hands on this quality beverage.
Can you hear that? That's the sound of Whyte's accountant doing £34,500/($35,000,000 +£34,500) x 0 on a calculator and realising that the legal bill isnt getting paid from any proceeds of winding up Rich energy.
I still think that the Rich energy brand must be worth $35million to someone? Even a potentially small market share is a lot of money in a massive market. And that doesn't sound like much money for three years as title sponsor of an f1 team, I was expecting double that annually! $35 million would only just have funded a Volvo ocean race campaign back in the 70ft days, and they still reckon about $15 million even now it's a one design so there's no r&d costs!
And that doesn’t sound like much money for three years as title sponsor of an f1 team, I was expecting double that annually!
Title sponsorship doesn't come anywhere close to covering costs for any of the teams on the grid. Sponsorship income is massively down since the days of tobacco advertising.
Just to disavow people of lies from @HaasF1Team please see below. @rich_energy terminated the agreement as we said. The team have accepted contrary to their public denial.
That letter states Rich Energy are in breach here (wanting to terminate despite being contracted for 3 years). Haas has chosen to terminate as a repudiatory breach (they could continue to try and work to the contract, their choice). Haas can, therefore, recover those damages. Haas do need to be careful, saying Rich Energy is still our sponsors, could be construed as affirming the contract.
The amounts are lower than you might think for a couple of reasons:
Haas is a rubbish team and therefore commands lower premiums for sponsorship; and
Since F1 went to pay TV in many key markets (UK for one) reach is much lower, so sponsors aren't willing to part with the same sums as ten years ago. F1 teams make more of their money now from their share of the revenue generated from these pay deals (this is distributed on the basis of performance in the CC).
JP
I have noticed on the channel 4 coverage DC and the Welsh bloke constantly seemed to be framed in front of the Haas/Rich energy signs in the paddock. Seemed to be quite a lot of free advertising for a non existent 'drink'.
Or I'm just subconsciously noticing it due to the strangeness of it all.
I thought I had read that the sponsorship money was basically guaranteed by the banks so unless Haas clearly breach their sponsorship contract they are going to receive the full amount they were sponsored for.
Not sure how true this is but it fits nicely with my reading of this...
Edit - removed as I'm not sure it's wise to put that into print.
I think that they are some assets shifting companies shenanigans going on so once Whyte comes calling for their compensation the current company will suddenly have no assets.
The judgement was against Rich Energy Ld, AND William Story himself AND Staxoweb Ltd
It obviously is possible that William story doesn't have any assets/doesn't have any in his name - but hopefully his 'F you I'm great, I'm gonna win, you're poo' attitude means he isn't busily preparing his financial affairs in such a way.
Anyone find it amusing that Haas's legal firm are allegedly chasing Rich Energy for damages AND (previous page) trying to prevent Rich Energy's shareholders from ousting Storey? I have no clue what's going on...
Anyone find it amusing that Haas’s legal firm are allegedly chasing Rich Energy for damages AND (previous page) trying to prevent Rich Energy’s shareholders from ousting Storey? I have no clue what’s going on…
Why do you think they are trying to prevent the SH from ousting WS?
https://twitter.com/rich_energy?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
My reading of the letter The letter that was tweeted basically said Hass would work with RE, and any new CEO, but that they would want proof that the new CEO is actually in charge, further Hass think it is unlikely that the shareholders can legally oust WS as CEO.
I'm all up to date on the autosportforum thread. Man that thread is good! 6 pages since last week, its like the soap opera that just keeps on giving.
Have you a link to the autosport forum thread ?
The link to it is on the first page of this thread iirc
anyone seen a discarded can in a ditch yet ?
Why, have they started sponsoring sportives now? 😉
It's made from fire suppressant?
Looks like someone has had a word with the Rich Energy CEO and explained what a repudiatory breach actually is...
It continues...
https://twitter.com/thomasmaheronf1/status/1151136477654315010?s=19
Storey is in the doo doo up to his eyeballs.
for those not following the link, WS sold 20% of RE to an investment company but is in breach as he did not hand over the shares, if it all works, he will loose the majority shareholding of RE.. Awesome stuff, defo should be made into a film..
Sui
Member
Not sure about Charlie Simpson (could be of boyband fame)
He invested all of his earnings from Fightstar.
WS sold 20% of RE to an investment company but is in breach as he did not hand over the shares
So he is a thief then?
franksinatra
Member
WS sold 20% of RE to an investment company but is in breach as he did not hand over the sharesSo he is a thief then?
Posted 4 minutes ago
my post was probably bit simplistic, but something to that effect..
Storey has been binned as a director.
And the company has been renamed "lightning volt"
I’ve just read the last two pages of this thread and have no ****ing idea what’s happening. Has anyone had a refund from Sick yet?
And he's gone!
Edit: twitter link thing not working for me.
