Thus, the new project leaders were the first to react by issuing a statement in which they declared their intention to follow the legal process agreed upon by both parties in December 2010, specifically arbitration.<\/p>\n
Michael Whella, the circuit’s lawyer, stated: \u00ab We believe that the tactics Mr. Hellmund and his legal team have used so far are deliberately aimed at creating a negative sentiment towards the Circuit of the Americas in the hope of obtaining substantial compensation. Unfortunately, we expect this will not stop soon. Nevertheless, we are prepared for arbitration of this dispute as the parties have committed to in writing. \u00bb<\/p>\n
The response from Tavo Hellmund’s lawyers was swift, as Eric Wetzel of Shipley Associates stated: \u00ab If Bobby Epstein truly desires an effective resolution to his dispute with Tavo Hellmund, as he claims, he can simply honor the buyout agreement for 18 million dollars that he signed in September 2011. If not, Tavo is prepared to defend his lawsuit, which includes fraud charges, based on new evidence. We believe this evidence establishes that Mr. Epstein wanted to push Tavo out of the project from the beginning. As established in the agreement signed in September by Mr. Epstein, these new allegations will be judged before the court of Travis County in Texas, not in a secret arbitration process. \u00bb<\/p>\n
Tavo Hellmund is the businessman who established the initial contract with Bernie Ecclestone’s FOM to put Austin on the 2012 calendar. However, relations with his financial partners quickly deteriorated, leading to the current legal battle. It will be interesting to note what Bernie Ecclestone’s reaction will be, as he had boasted during the first contract of bouncing Tavo Hellmund on his knee when the latter was a child…<\/p>\n