Full Throttle

HMS Holdings which operates the the Hendrick Motor Engine shop is suing DEI over termination fee stemming from a contract to supply Hendrick engines to Ginn Racing.

As part of the merger, DEI and Ginn Racing signed a termination agreement to a contract that was originally signed by Ginn in 2006.

The termination agreement required payments to HMS of $1.754 million by July 31, 2007, and $1.5 million by Nov. 15, 2008, according to the suit. The first payment was made on time. The second payment has not been made, according to the suit.

HMS is asking for the $1.5 million, 12 percent interest and an additional $225,000. Hendrick Motorsports is reportedly looking for a “quick settlement.”

In a not so shocking development, a spokesman for the DEI “museum” had no comment.

Is this the definition of The Bitter End for DEI? Is this what it’s come down to, whatever happened to Teresa looking after Senior’s legacy?

Is this the “hands on approach” she promised less than a year ago?

I bet that 49% ownership she could have had looks mighty good about now.