Chattanooga Motorcar Festival gets racing association sanction and more business news

Chattanooga Motorcar Festival Gets Racing Association Sanction

The Chattanooga Motorcar Festival, which has scheduled its third annual event for Oct. 14-16, 2022, announced Friday that racing competition at the Pace Grand Prix at the Bend this year will be sanctioned by the Sportscar Vintage Racing Association.

The approximately 2.4-mile purpose-built race track in the heart of the city of Chattanooga was established in 2021 to host vintage/historic races during the Festival, offering racing and collectible car fans a variety of activities to enjoy, including a road rally through the Tennessee countryside, a traditional Concours d’Elegance, a Mecum Auctions event, an art exhibit, as well as a racing competition at the Pace Grand Prix at the Bend . The circuit is named after the late Jim Pace, the Festival’s first chief operating officer, who lost his life to COVID-19 in 2020.

The course, located along the banks of the Tennessee River, will be lengthened this year and will include an inside loop and other track improvements.

“It’s important to have an experienced sanctioning group to handle all the necessary and complicated details of running a racetrack,” said Festival founder Byron DeFoor. “We believe SVRA, with CEO Tony Parella at the helm and the vast knowledge and expertise the group has acquired, will be invaluable assets to our event.”

Judge dismisses complaint against Elon Musk

A California federal judge has dismissed a securities fraud and defamation lawsuit brought by a Tesla investor against CEO Elon Musk, one of Musk and Tesla’s supporters.

In an order filed Thursday, Judge James Donato dismissed the lawsuit filed by investor Aaron Greenspan, who runs a legal documents website. Donato wrote that the lawsuit failed to make plausible legal arguments.

Donato previously dismissed the case in June, but he offered Greenspan the opportunity to file another lawsuit on federal legal issues. The judge wrote that claims such as defamation that were made under California law would be pursued later, if appropriate. In Thursday’s order, Donato dismissed Greenspan’s entire case, which was originally filed in 2020.

Among other things, the lawsuit alleged that Omar Qazi, a Musk fan, defamed Greenspan in a series of tweets making baseless accusations against him. Greenspan claimed the tweets were part of a coordinated 80,000 tweet campaign that praised Tesla and attacked critics.

Netflix pays $59 million to settle tax dispute

Netflix has agreed to pay more than 55.8 million euros ($59 million) to settle a tax dispute, Milan prosecutors announced on Friday.

The payment covers taxes, penalties and interest from October 2015 to 2019. The streaming service also created an Italian legal entity this year, which will determine its Italian tax liability based on subscriptions to Italian residents, the authorities said. prosecutors.

Milan prosecutors said the investigation was triggered by the physical presence in Italy of technological infrastructure, including 350 servers, aimed at generating revenue.

Netflix welcomed the settlement that ends the case covering the 2015 to 2019 tax years.

“We have cooperated with the authorities throughout this investigation and, as we have always made clear, we acted in full compliance with Italian and international tax law,” Netflix said in a statement.

Netflix officially opened an office in Rome earlier this month with around 70 employees.

— Compiled by Dave Flessner

About the author