Two motions were approved in the initial hearing in Championship Auto Racing Team's Chapter 11 bankruptcy filing at the Birch Bayh Federal Building and Courthouse source: indystar.com CART was allowed to pay ordinary business expenses to employees and was given until Jan. 30 to prepare bankruptcy schedules. A hearing was set for Dec. 30 at which time CART will ask the court to approve procedures for sale of the company. CART's board of directors has already voted to sell the company to the Open Wheel Racing Series group. Also, officials from Elkhart Lake Road America are questioning the transfer of its 2004 contract. Lawyers from Road America and the California Speedway were present Friday morning, laying groundwork for possible future objections. The 2003 CART race at California was canceled, with the raceway citing at the time the wild fires in California. The California Speedway is attempting to recoup the sanctioning fee it paid to CART. The issues raised Friday morning by both race tracks regarded transfering contracts and complex financial concerns connected to them.
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