Told you a big announcement was coming!

Well, here it is - the party's over, and the fat lady is wailing away.

(And note, this is a CART press release)

Championship Auto Racing Teams, Inc. Announces that Conditions of the
Proposed Merger with Open Wheel Racing Series Are Not Likely to be
Satisfied

INDIANAPOLIS, IN - (December 2, 2003) - Championship Auto Racing
Teams, Inc. ("Championship" or "Company") (OTCBB: CPNT.OB) announced
today that representatives of Open Wheel Racing Series ("OWRS")
informed the company that OWRS believes that a number of conditions of
the pending merger between the parties will not be satisfied by the
time of the special meeting of stockholders scheduled for December 19,
2003. Championship has considered OWRS' position and believes that it
is unlikely that the condition requiring the absence of a material
adverse effect will be satisfied because it expects that there will be
a net decrease in the number of teams planning on participating in the
series for the 2004 season from the number that participated in the
2003 season. OWRS has indicated it will not waive any condition of
the closing. In light of the foregoing, Championship's board of
directors is evaluating available alternatives to the merger,
including the possibility of ceasing operations, winding up the
Company's affairs and liquidating its remaining assets. In addition,
OWRS has made a preliminary proposal contemplating an alternative
transaction under which Championship and its subsidiary CART, Inc.,
would commence reorganization cases under Chapter 11 of the Bankruptcy
Code and OWRS would purchase certain assets of the Company and/or
CART, Inc., and assume certain liabilities. OWRS advised the Company
that under the OWRS proposal, OWRS would continue the Champ Car Racing
Series in 2004. Although Championship is reviewing this proposal
there can be no assurance that any agreement will be entered into or
that any transaction, if completed, will result in any payments to
stockholders.

"Billy Chapel" <bchapel (AT) newworldnet (DOT) com> wrote

but but we were promised a couple dozen races in 2004..........with rock
bands too!

The teams and sponsors were all lining up for 2004. Going to Korea and
everything!

There was to be a big annoucement any day now!

On Wed, 03 Dec 2003 03:29:41 GMT, Billy Chapel <bchapel (AT) newworldnet (DOT) com>
wrote:

CHUMPS, keep telling yourselves: It's only a movie.