Friday, July 1, 2011

Scott Speed obtains lien on Red Bull property in North Carolina

    Former Red Bull Racing driver Scott Speed has obtained an order of attachment against his former employer, placing a lien on the organization’s real property in North Carolina until Speed’s lawsuit against the team is resolved.

    The order was served Tuesday of this week and such orders can be issued only in very limited circumstances in North Carolina.

    The order covers the Red Bull shop itself in Mooresville, N.C., and the property on which it sits, which was purchased for approximately $3.3 million.  

   After he was fired as one of the team’s drivers in the Sprint Cup Series, Speed sued Red Bull in December for breach of contract and sought damages of at least $6.5 million. In March, a N.C. judge denied Red Bull’s request to dismiss the suit.

   A discovery motion in Speed’s case is scheduled to be heard 10 a.m. on July 11 in Iredell County Superior Court in Statesville, N.C.

   William Bray, Speed’s attorney in the case, said his client sought the order because of Red Bull’s recent announcement that it was looking to end its ownership role in NASCAR at the end of the 2011 season.

   “It certainly appears to us looking at the many options Red Bull has discussed that one of them may well entail the sale of its assets,” Bray said. "We’re simply trying to ensure Scott is able to collect should his lawsuit prevail.”
   Red Bull can attempt to contest the order, but as of Friday had not done so.
   Through a spokesperson, the team said it would not comment on any pending litigation.
   Speed spent seven years with the Red Bull organization, driving for the team in Formula One in 2006 and 2007 and in the Automobile Racing Club of America and NASCAR Trucks series in 2008 as he prepared for a full-time move to the Cup series.

   Speed finished 35th in the Cup standings in 2009 and 30th last season. In 76 series starts, he had one top-five and three top-10 finishes.

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