Banks planning three more lawsuits

This Grandprix.com article says, The Formula 1 banks are planning at least three more claims against Bernie Ecclestone, according to sources in Germany. These include two which will win them control of Formula One Administration and Formula One Management and there is rumored to be a third which will seek damages for the loss of value in their stake in SLEC. Ecclestone will remain in control of the business until these lawsuits are completed and will be trying in the meantime to convince the banks to compromise and sell the business back to him while at the same time he may try to convince the teams that they do not want to be involved in a business run by the GPWC and would be better off supporting a rival championship which he would run.

There has long been talk of a plan to use the new GP2 teams and turn their championship into something called GP1. But at 74 years of age, such an undertaking would be a massive challenge for Ecclestone as the teams involved in F1 are unlikely to interested in any championship in which the cars are made by a single chassis supplier and engines come from a single engine company. [Editor's Note: Like we have said, Bernie should now move to buy Champ Car, a series that is already established and a series that is turning around. With Ecclestone's assistance OWRS could turn the series around in a big way very quickly, far faster than OWRS can do it on their own. Certainly not all the F1 teams would switch, and perhaps none of the existing manufacturers would join Bernie, but then the series can be tailored with tight cost controls without intervention by the existing manufacturers. Cosworth can always supply the engines until such time as Ecclestone, Kalkhoven and company can convince new manufacturers to participate. Maybe Ford would want to badge all the engines in Bernie's Champ Car "World Series." Needless to say, if Bernie announces he is aligning with Champ Car, it will send shockwaves through the boardrooms of the manufacturers, because say what you like about Bernie, he knows how to be successful and the manufacturers all know that F1 is where it is today because of Bernie. We doubt they will feel very comfortable knowing he is a rival. In addition, we predict the GPWC will eventually implode because a manufacturer run series is never going to work long-term.]