Belgian Grand Prix – William Storey has resumed control of Rich Energy, just weeks after being removed from that position in light of legal problems.
William Storey has resumed his majority shareholding position at Rich Energy, mere weeks after the turmoil surrounding his company saw him relinquish control to a third party.
With multiple court cases taken against Rich Energy earlier this summer in light of copyright breaches, as well as a separate matter concerning transfer of shares to wine company Vin-X, Rich Energy were renamed Lightning Volt with ownership relinquished by Storey to the BDG Group in London, namely to director Matthew Bruce Kell.
The BDG Group is an unlicenced insolvency practitioner, whose website boasts: “We will acquire your company and you can resign and let us handle everything from that point on. Our team of lawyers, accountants and specialist negotiators will deal with everything, from preparing financial reports and negotiating with your creditors, to attending any necessary insolvency meetings. We will present your former business and your role in it, to all your stakeholders in the most favourable light possible.”
The Haas F1 Team, who continue to run Rich Energy branding as their title sponsor, have previously said they are willing to continue to honour their deal with the beleaguered drinks company provided that William Storey is out of the picture. If the company can’t do so, then Haas say they will release Rich Energy from their contract at a cost of 35 million dollars.
However, on Thursday at Spa, documents were released by the UK company register to show that William Storey has resumed control of Rich Energy (Lightning Volt). Out of a total of 10 thousand shares, Storey has taken back control of 6400 of them – making him majority shareholder once again. These 6400 shares were transferred to him by Matthew Bruce Kell of the BDG Group.
Zoran Terzic, who served as director of the company alongside Storey, has also been named as resuming his role as a director, but doesn’t appear to hold any shares at this time. The minority shareholders are made up of Charlie Simpson, Robert Lee, Lloyd Tunicliffe, and Neville Weston – the men who attempted to wrest control of Rich Energy from Storey in late June/early July. However, they, along with 1200 shares held by Brandsellers Holdings, still only make up one third of the company’s ownership.
With the Rich Energy saga seemingly about to kick off again, the status of the sponsorship deal between the company and Haas will be called into question again.
More to follow…