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Staff photo by Troy Stolt / Willis Woerheide drives his 1966 Lola T-70 through turn 8A during the Pace Gran Prix, part of the Chattanooga Motorcar Festival on Saturday, Oct. 16, 2021 in Chattanooga, Tenn.

Chattanooga Motorcar Festival earns sanction from racing association

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

The approximately 2.4-mile purpose-built race track in the heart of the city of Chattanooga was created in 2021 to hold vintage/historic races during the Festival, giving racing and collector 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 show, along with racing competition at the Pace Grand Prix at the Bend. The circuit was named after the late Jim Pace, the Festival's original Chief Operating Officer, who lost his life to COVID-19 in 2020.

The course, set along the banks of the Tennessee River, will be lengthened this year, and will include an infield loop and other track enhancements.

"It's important to have an experienced sanctioning group handle all the necessary and complicated details that go with operating a race track," said Festival founder Byron DeFoor. "We feel that the SVRA, with its CEO Tony Parella at the helm and the vast knowledge and expertise the group has acquired, will be valuable assets to our event."

 

Judge rejects suit against Elon Musk

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

In an order filed Thursday, Judge James Donato threw out the lawsuit by the investor, Aaron Greenspan, who runs a legal document website. Donato wrote that the lawsuit had failed to make plausible legal claims.

Donato had previously dismissed the case in June, but he offered Greenspan the opportunity to file another complaint on federal legal issues. The judge wrote that claims such as defamation that were made under California law would be taken up later as warranted. In Thursday's order, Donato dismissed all of Greenspan's case, which was originally filed in 2020.

Among other things, the lawsuit had alleged that Omar Qazi, a Musk fan, defamed Greenspan in a series of tweets that made baseless accusations against him. Greenspan asserted that the tweets were part of a campaign of 80,000 coordinated tweets 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 said Friday.

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

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

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

"We 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 about 70 employees.

— Compiled by Dave Flessner

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