In an article by IGN.com, we find out that the game development company, Cheyenne Mountain Entertainment, filed for bankruptcy in Arizona’s Maricopa County Court. While the company is still up and running for now, they’re certainly not in a position to fork out the $3M+ that it would take to sponsor Simona di Silvestro in an IZOD IndyCar Series ride, or even the lesser level of sponsorship that it would take to place her in the Firestone Indy Lights series. Tough break for HVM since Simona had a fantastic test with the team earlier in the year.
Cheyenne Mountain’s problems aren’t linked with the Global Economic Crisis (insert thunderclap and screaming masses here), but with the shady actions of its CEO, Gary Whiting.
The Company also became aware a few months ago that Mr. Whiting, was named in a complaint filed in Utah County, Utah, (Case No. Civil 0904022438), and that he has caused the Company to be named in that same lawsuit, and he has allegedly obligated the Company for monies paid to Garvick Properties, LLC, a limited liability company controlled by Mr. Whiting (“Garvick”).
Mr. Whiting and Garvick purchased various securities from the Company and its subsidiaries and has failed to honor the terms of these purchases and has failed to pay the payments when due; therefore, the Company and its subsidiaries have foreclosed on the collateral securing Mr. Whiting’s and Garvick’s obligations including all shares and units owned by Garvick and Garrick Enterprises, LLC.
The shareholders and board of the Company have removed Mr. Whiting as a board member and as an officer and terminated his employment with the Company and any of its subsidiaries. The Company has joined the litigation against Mr. Whiting for alleged wrongdoing. —IGN.com
We certainly hope that Simona will be able to find replacement funds and secure a ride somewhere this season. She has certainly shown in the last couple of seasons in the Atlantics Championship that she has serious driving talent and belongs at the next level of open-wheel racing.