Prost cars sold - but not the company.

The on-going wrangle between team owners Paul Stoddart and Tom Walkinshaw over the assets of the defunct Prost Grand Prix team took another twist with the release of a statement from the liquidator appointed to oversee the closure of the team.

According to Cosme Rogeau, the official liquidator appointed by the Versailles Court of Commerce, the sale consisted merely of assets owned by Prost prior to its closure, and not the actual company itself. This appears to be at odds with Stoddart's view of events which, the Minardi boss claims, breaches legal and ethical boundaries.

Stoddart told an FIA press conference on Friday that Prost, as a bankrupt company, should be left alone, and is incensed that a third party should be able to acquire the assets with a view to entering Formula One at a 'knock-down' price. He is also angered by the fact that his team, and others, could be deprived of a potential windfall that would have been generated by the re-assignment of Prost's prize money and bonuses.

Rogeau's statement, however, sets out to explain the various aspects of the sale, to a company called Phoenix Finance, headed up by financier Charles Nickerson. Arrows boss Walkinshaw insists that he is not directly involved in the purchase, but will supply engineering support to the new 'team', which is expected to locate in Britain..

Rogeau explains he had set a deadline of 1100hrs on 28 February for buy-out offer of the Prost Grand Prix production unit to be delivered. This time limit had been established in order to allow a potential buyer to comply with the deadline imposed by the FIA regarding the drivers registration on the 2002 entry list, a deadline set at 1600hrs on 28 February.

It was pointed out that no buy-out offer of the Prost Grand Prix production unit was delivered before the expiration of the deadline, but that the Commercial Court of Versailles received a proposal for a partial offer dealing with the following:

* the acquisition of the AP04 and AP05 chassis intellectual property;* the acquisition of the AP05 pieces and elements;* the acquisition of the rights related to the Concorde Agreement;* the hiring of some AP04 chassis elements and related parts.

The Commercial Court of Versailles, by judgement given at 1510hrs CET on 28 February, ordained the assignment of the listed elements and the transfer of property to Phoenix Finance. The adjustment of the legal acts is in the process.

Rogeau also wished to draw the attention to the fact that the agreement was in no way an assignment of the Prost Grand Prix company to Nickerson.

He indicated that the working plant elements will be auctioned in the coming weeks, in accordance with the order of the Juge Commissaire edicted on 19 February 2002, and confirmed that the name Prost Grand Prix was not included in the assignment.
Finally, he reminded the media that he was still looking for bidders for the acquisition of the Guyancourt facilities and the Magny-Cours wind tunnel.

Former Prost spokeswoman Virginie Papin confirmed that the deal with Phoenix had been handled in accordance with French law, and also intimated that the cars could be up and running in time for the Malaysian or Brazilian grands prix later this month.

Stoddart has said that he intends to take out a court injunction to prevent the new team reaching the grid.