FRANKFURT, April 11 U.S.-based investment
company NeXovation said on Friday it had filed a complaint with
European Union antitrust authorities contesting the outcome of
an auction of Germany's historic Nuerburgring race track.
NeXovation told authorities that its 150 million-euro
($208.21 million) cash offer for the racetrack had not been
given proper consideration.
Nuerburgring, which became insolvent in 2012, was sold last
month by its court-appointed administrator to Capricorn Group, a
motor-sport industry supplier, for more than 100 million euros.
In a statement released in Germany, NeXovation CEO Robert
Sexton said its complaint centered on the sellers' indication to
NeXovation that the winning bid would not be decided until due
diligence was complete on March 31, 2014, and the bidders had
time to finish their financing commitments. However, the sale
was awarded on March 11.
"One of our concerns is that the representatives of some of
these stakeholders on the creditors' committee may have pushed
ahead with their decision based on incorrect or incomplete
information or assertions," Sexton said.
A spokeswoman for Thomas Schmidt, the administrator tasked
with overseeing the auction process, said: "We take note of
NeXovation's press release. We have not received a complaint.
For reasons of confidentiality we cannot comment in detail on
the auction process. The comments made in the press statement
are not valid. The investor process was conducted in an orderly
fashion. NeXovation was not selected as a bidder."
($1 = 0.7204 Euros)
(Reporting by Marilyn Gerlach and Edward Taylor; Editing by