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Based on what I've read, here's what I think the situation is:
* Tavo Hellmund and his Full Throttle Productions (FTP), hold the contract with Bernie and F1 (FOM) to hold the race.
* Tavo is a part of COTA, but doesn't have much money committed
* Epstein and other investors have put the lion's share of money in so far, but have no contractual relationship with FOM. They want the race contract in order to guarantee their investment.
* Tavo probably wants a lot in return for transferring the contract to COTA. His past relationship with Bernie is really his only leverage at this point.
* COTA has suspended track construction in order to force the issue.
* Susan McCombs, Texas Comptroller, is covering her political a** in issuing a statement that Texas funds will not be released prior to the event happening.
* The deadline for this to get resolved is early December when FIA finalize the 2012 F1 schedule.
To my mind, this gives Tavo and Epstein 2-3 weeks to iron out their differences, or else there is no USGP @ Austin in 2012.
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