| UK Yachtswoman Tracy Edwards declared bankrupt, debts could be £8 million |
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| Tuesday, 06 September 2005 | |
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Marian Martin Edwards' problems began when, after announcing that she had received Qatar sponsorship of £38 million to run two round-the-world races, she faced legal action from Jules Verne winner Bruno Peyron, who was forced to give up his plans for a re-run of The Race 2000. Later in 2004, Sports Impact, which had been the marketing company for the Qatar deal, sued for unpaid bills, which illicited this response from Edwards. "Maiden Ocean Racing and Maiden Ocean Racing Qatar (two dormant shelf companies with no assets) are currently in litigation with a company called Sports Impact re invoices they claim we owe and that we dispute. Maiden Ocean Racing and Maiden Ocean Racing Qatar do not and have never had any contracts with Sports Impact or any other company for that matter. The two companies have not and have never had a deal with Qatar and are not involved in the events in any way. They were bought off the shelf to protect the names. The company that has a contract with Qatar and that is currently running the events does not have anything to do with Maiden II (the boat) and does not have any litigation or pending litigation against it." Nevertheless, High Court winding up procedures on Maiden Ocean Racing Ltd and Maiden Ocean Racing Qatar Ltd began, but were adjourned in September after lawyers acting for Edwards agreed to pay interest on debts claimed by Sports Impact Ltd. Around the same time, lawyers acting for Edwards and Andrew Pindar agreed on a deal in which Edwards was given until November 6 to pay back a £500.000 loan, secured against her Berkshire home. Pindar had made the loan to assist Edwards in the purchase of the £1 million maxi-catamaran Club Med, subsequently renamed Maiden II, then presented as Qatar 2006 at the presentation announcing that Edwards had obtained £38 million in sponsorship from the Gulf state. The maxicat subsequently became Doha 2005 and won the Oryx Cup, which Edwards organised. In the end, it was Gregory Browne, the former financial director of another Edwards company, Quest, who brought the petition that resulted in her bankruptcy. Browne is owed £60,737.46 , but it is believed that Edwards’ debts could be as high as £8 million. Edwards plans to write books about her yachting exploits and continue motivational speaking and is expected to continue to seek sponsors for more races. Related articles $70 million was the real deal with Qatar Tracy Edwards "Who owes the prize money, who owns the boat?" answered Tracy Edwards: Quest creditor believes Arabs let her down Tracy Edwards & the Oryx Quest "Much has been destroyed by this" says Bruno Peyron DTI investigates Edwards companies; Administrator says "No conflict of interest" Those with pending court cases against Quest should register claim "Who owes the prize money?" "Who owns the boat?" asks Larsen; Bullimore won't talk "Yachtswoman Tracy Edwards declared bankrupt, debts could be £8 million |
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| Last Updated ( Sunday, 18 September 2005 ) |
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