Dale Earnhardt.Jr

[falcon325]

Rick Hendrick said he doesn't have room for Junior next year, but will provide cars and engines if Junior wants to run a Cup program out of JMS.

http://www.tbo.com/sports/autoracing/MGBUQHNZW1F.html

My question is, if HMS is providing cars and engines, how do you distinguish HMS from JMS?  There have been all sorts of joint efforts, from HMs Giving engines to Ginn to that areo research effort that made DEI and RCR so stout at the restrictor plate tracks a few years back.  And officially, car owners aren't supposed to own more than two cars anyway.

I wonder if NA$CAR has issued guidelines?

[Chris]

If DE built DEI for Jr, as you say,  why didn't he leave it to Jr in a will?  This is BS with everyone making Teresa out the villian.  How did Teresa wind up with DEI if DE wanted it to go to Jr?  If there wasn't a will, Teresa wouldn't be at the helm of DEI, now would she?

Well... OF COURSE she WOULD...
It's fairly COMMON when one spouse dies,.. the items they own ALL go to the other if no will was left behind...
It's only when BOTH parents die that things start getting divided up between the kids (without a will)
Knowing that Sr was pretty "old school" and fairly hard headed,... wouldn't surprise me if he DID NOT have a will.

[KurtBuschFan]

Makes perfect sense to me Chris.

[Chris]

I agree but you know there will be some who do NOT support his decision

Then they are NOT Jr fans.....

[Checkeredflag]

Well... OF COURSE she WOULD...
It's fairly COMMON when one spouse dies,.. the items they own ALL go to the other if no will was left behind...
It's only when BOTH parents die that things start getting divided up between the kids (without a will)
Knowing that Sr was pretty "old school" and fairly hard headed,... wouldn't surprise me if he DID NOT have a will.

NC intestate secession..http://www.ncleg.net/EnactedLegislation/Statutes/HTML/BySection/Chapter_29/GS_29-14.html.

There had to have been a will, or she would have gotten 30K + 1/3, with the remaining 2/3 being split equally among the children.

[Chris]

Well CF I know what you are saying... but I think we are talking about apples and oranges.
The law you quote talks about "personal" property. All those items go into probate and are distributed as you suggest.

DEI is a business, and as an inheritence is treated different.
I believe here is the NC law that covers that.

DISTRIBUTABLE AND NON- DISTRIBUTABLE ASSETS

All assets are not subject to probate. As per the probate law of the State assets with a beneficiary designation is not subject to probate; but all other assets are subject to probate.

Categorically assets that are not subject to probate include:

assets held as joint tenants with right of survivorship,
assets held as tenants by the entirety between husband and wife,
life insurance proceeds and retirement plans and IRA proceeds, unless the estate is named as the beneficiary.
These above mentioned types of assets are always designate the beneficiary at the death of the owner and therefore probate is not necessary to determine the new owner or to make a transfer of the assets

SO as you can see... As DEI was a business I would assume that Dale and Theresa held this as a "joint ownership", and the very least it was only held between husband and wife.  SO without a will if they owned it together it would automatically fall into sole ownership of Theresa.
SO without a will... Theresa would have gotten all the DEI assets, the business end of it, etc... plus she still gets the 1/3 you mentioned from the "personal" end of it.
IF he had a will obviously he gave it all to Thersea or she wouldn't own it all.
I guess it makes sense if you think about it.  Theres LOTS of big businesses that were started (or still owned) by a single owner.  He could be "majority owner" have a controling share of the stocks, etc,   If he died without a will, all of a sudden ownership of that business would be split up, among a wife and kids, and ownership could be diluted and someone else could take over and run the busines in a different way.  SO it makes sense the business goes "as a whole ball of wax" to just one person.

I also thought it was interesting that Theresa got ALL of his insurance money; unless he made other provisions.

[flamehothead]

Well... OF COURSE she WOULD...
It's fairly COMMON when one spouse dies,.. the items they own ALL go to the other if no will was left behind...
It's only when BOTH parents die that things start getting divided up between the kids (without a will)
Knowing that Sr was pretty "old school" and fairly hard headed,... wouldn't surprise me if he DID NOT have a will.

Your right chris and on top of all that, I Honestly doubt that he thought Teresa would act the way she. I heard Dale Sr many times say that he built DEI for Dale Jr.

At first I thought, Man she is nuts but the more I think about it she is actually pretty smart. She has it all and Jr will have a BIG FAT Goose Egg which IMO is a bunch of Bull but what can he do it about it.

[Checkeredflag]

Well CF I know what you are saying... but I think we are talking about apples and oranges.
The law you quote talks about "personal" property. All those items go into probate and are distributed as you suggest.

DEI is a business, and as an inheritence is treated different.
I believe here is the NC law that covers that.

DISTRIBUTABLE AND NON- DISTRIBUTABLE ASSETS

All assets are not subject to probate. As per the probate law of the State assets with a beneficiary designation is not subject to probate; but all other assets are subject to probate.

Categorically assets that are not subject to probate include:

assets held as joint tenants with right of survivorship,
assets held as tenants by the entirety between husband and wife,
life insurance proceeds and retirement plans and IRA proceeds, unless the estate is named as the beneficiary.
These above mentioned types of assets are always designate the beneficiary at the death of the owner and therefore probate is not necessary to determine the new owner or to make a transfer of the assets


SO as you can see... As DEI was a business I would assume that Dale and Theresa held this as a "joint ownership", and the very least it was only held between husband and wife.  SO without a will if they owned it together it would automatically fall into sole ownership of Theresa.
SO without a will... Theresa would have gotten all the DEI assets, the business end of it, etc... plus she still gets the 1/3 you mentioned from the "personal" end of it.
IF he had a will obviously he gave it all to Thersea or she wouldn't own it all.
I guess it makes sense if you think about it.  Theres LOTS of big businesses that were started (or still owned) by a single owner.  He could be "majority owner" have a controling share of the stocks, etc,   If he died without a will, all of a sudden ownership of that business would be split up, among a wife and kids, and ownership could be diluted and someone else could take over and run the busines in a different way.  SO it makes sense the business goes "as a whole ball of wax" to just one person.

I also thought it was interesting that Theresa got ALL of his insurance money; unless he made other provisions.

Estates are the one topic I did really well in in school, because it was the reason I went to law school (because of a situation that happened in my family), so I just want to clarify some of this stuff a little....

DEI is a corporation, so ownership in DEI is in shares of stock.  Therefore, there is a 99% chance that even if Teresa did own any stock in DEI, it was held separately, not jointly, because anything else wouldn't make sense.  The types of assets they are talking about in that statute as non-probate assets tend to be things like joint bank accounts, the family home in the names of both spouses, bank accounts held in trust for someone - assets that pass by operation of law, outside the will.  Shares of stock, unless held in a joint brokerage account or in a joint name, would be probate assets.  And, because this was a 3rd marraige, I doubt they each held equal shares of DEI while Dale was living, but that's just me being extra careful, and how I would advise a client (because you never now when marriage number 4 might come about).

I do vaguely remember reading that there was a will, and Dale left almost everything to Teresa in order to minimize taxes, because I do vaguely remember thinking it was just asking for trouble, no matter how united a front they always presented.  Assets left to a surviving spouse are not subject to estate tax, and don't go against the unified credit in effect at the time, so it would have made sense on that level, but it was a very dumb way to go, if it didn't accurately reflect what he wanted the children of his first and second marraige to ultimately have. 

It sucks, but what happened is common, just not at this kind of economic level, where the estate plans are traditionally more complex.

[HUDSON HORNET]

How well did Dale Earnhardt know his son, Dale Jr.?
How well did he know his wife, Teresa?
How well do WE know either any of the above mentioned? I mean really know them?

Is it possible that Dale knew Jr. well enough that he realized that his son had alot to learn and alot to accept before he would be in possession of the knowledge and abilities necessary to sit at the head of the table at D.E.I.?

Is it possible that Dale believed that Teresa would have the qualities necessry to hold it all together until such time that Jr. would be capable of running the show, successfully? Is it possible Teresa has been and is doing just that? Is it possible that, in reality, Dale Jr. actually isn't ready to give up his current lifestyle for the suit and tie world?

Dale Jr. has come a long way since his career first began. From being scolded for showing up late for a first time meeting with the folks from Budweiser because he, "wasn't a morning person," to where he can probably request, and be granted, a meeting time more to his liking. During that time, who guided him? For that matter, who IS most responsible for the bulk of guidance Jr. has received after his father was killed?

Did Jr. receive any guidance from others as well? Did he seek advice from those who were friends of his father? I think he probably did, and received alot of good advice, but is it possible that any of that good information conflicted with advice from others? Is it possible, not knowing the whole story or by not seeing the big picture, some of the advice Jr. received was not the best advice, all things considered? Is it possible that any of the advice givers had ulterior motives?

Time moves on and things change. Not too long ago, Jr. was telling us that he just wanted to drive the race car and he couldn't see himself as a team owner. Fast forward to today. What a difference a day makes. Or, have things really changed all that much? Are we really hearing Jr.'s words, or are we hearing him voice the thoughts of others who have planted thoughts in his head? Jr. has admitted that he has no desire to settle down --- yet. That he still enjoys the night life and to party. Will that lifestyle agree with the responsibilities of being the leader of an organization, or conflict with the duties required of a person in a leadership role? I think, if Jr. were to get what he thinks he wants, he just may find he won't be the happy camper enjoying the millionaire playboy lifestyle. One can only fit so many things into a 24 hour day, and I think Jr. is already pushing the envelope of time now as it is. How much time would be required and expected to be invested in a leadership role, and where would he conserve that time?

Is Jr. really ready to be the leader? Or, does he just want to wear a name tag, with a team of behind-the-scenes worker bees doing the bulk of the necessary duties , while the figurehead takes the credit?

Are things really that bad at D.E.I. now, or is someone else telling Jr. that they are? Jr. has also admitted that after listening to what he's been told, he now realizes that he, "under values his worth." Who told him that? Not that it isn't true, but if someone had an ulterior motive and/or an agenda, would it be possible for them to manipulate the thoughts of someone who "undervalues his worth"? Would a manipulator be able to twist and mold the facts and the truth and stroke the ego enough to increase Jr.'s hat size? Is Jr. seeing the real big picture, or a cleverly distorted image?

In his interviews, Jr. has declined to discuss any details involved behind closed doors at D.E.I. Without knowing those important details, we, the fans, are really in the dark as to who's demands or unwillingness to change or bend in the wind, are in or out of line. Perhaps Teresa believes that if Jr. were to get his demands, those demands wouldn't be in the best interest for all involved. Perhaps, in her eyes, Jr. just marched into her office to say thanks for building D.E.I. into what it is today. But, remember, as a driver and a major attraction to a sponsor, I'll take it from here. Your services will no longer be required, --- my sister will take your place. As a token of our esteem for all that you've done here at and for D.E.I., please accept your parting slap in the face with dignity.

Is Teresa the kind of woman that one can back into a corner without expecting to be ripped to shreds for doing so? Would she put up a good fight, or just roll over and play dead?
Or, has the power she has as the head of D.E.I. gone to her head and caused her to lose focus on what D.E.I. was supposed to be, that being, for Dale Earnhardt Jr., someday?
Who decides when that day has arrived? What criteria must be met before it can be declaired the day has arrived? Are judgement calls taken into account? Does/Did stubbornness cloud judgement in any way? Are we wittness to a step mother, step son power play?

Teresa kept D.E.I. together and succcessful after the passing of her co-founder husband. Will Teresa be able to keep D.E.I. together after her step son vacates the building? Will Jr. continue to be as successful as he has been while driving for D.E.I.?
Will Jr. ever achieve his goal of being a Cup champion?
Will all the fans ever agree?

[flamehothead]

Will all the fans ever agree?

I hope NOT lol.

If everyone in this world had the same opinion it would be pretty BORING.

[falcon325]

Are we wittness to a step mother, step son power play?

We're all just speculating here, HH, but I think the answer may be in the ownership of DEI.  If Teresa is, in fact, the 100% owner of DEI, and if there are no agreements in place for her to share the company with Dale Sr's children, then she could do whatever she wants with it.  She could leave the whole deal to little Taylor Marie and cut Junior, Kelly and Kerry completely out.   Little E may have been looking at the prospect of enriching his stepmother (and step sister), while watching her underfund the operations, making it hard for him to achieve his goals of winning races and championships.  He may have all the money he can spend, but Kelly and Kerry may not. 

I'm just guessing here, but I think that may be the root of the story and Junior may have done the only reasonable thing he could do.

[Chris]

Falcon...
I think you are 100% right
IMO I think that Theresa looks at DEI as something she and Dale Sr created together, and now that he is gone SHE has full rights to it... lock stock and barrel.
Since she owns 100% of it,.. she can do anything she wants with it, and when SHE dies,.. she can control who gets it.  She can give all of it to Taylor Marie, and cut Jr, Kelley, and everyone else completly out... and no one can do anything about it.
When ownership transfers to Theresa 100%,.. that's it,... it's her's, and she has total say.

I think Jr see's the hand writing on the wall, and is making the only (and smart) move he can.  DEI is in no way any part of his,.. and never will be unless he buys it (just like he would buy into HMS or Roush racing.)

[flamehothead]

Found this on JAYSKI.COM.

No deals done, no teams out, Elledge says: People already trying to rule things in or out about where Dale Earnhardt Jr. might drive in the 2008 Nextel Cup season are getting ahead of themselves, Kelley Earnhardt Elledge said Wednesday. “I think a lot of people are drawing conclusions,” said Elledge, the driver’s sister who is also helping to negotiate his next deal in the sport. Most of the speculation, it seems, has been in trying to figure out which teams - for various reasons - might not be in a position to add Earnhardt Jr. But Elledge said Wednesday that no bets are off. “The process has not reached a point where we have eliminated options,” she said. “All of our options remain viable until we have 100% decided on one.” Elledge, who also is vice president and general manager of JR Motorsports, which fields Earnhardt Jr.-owned cars in the Busch Series and other developmental racing series, said that since that announcement she has fielded even more calls than she expected to get. “We have gotten tons of support from the industry and more importantly our fans since we have made the announcement to leave DEI as a driver,” she said. “I have received more calls that expected, but the more options the better." Elledge said she and Earnhardt Jr. have put together what they’re looking for in the next deal for him as a driver, and that conversations with various owners have started. “We communicated that by mid to late summer we would definitely have our position solidified,” Elledge said. “Obviously, if we want to make the most out of this change, a date no later than August 1 would be best, due to sponsor point of sale, advertising, licensed products and other things that need time to be developed and produced."(Thatsracin)(5-24-2007)