Mum and dad investors were not the only ones to lose out in the collapse of disgraced property group Westpoint. Legendary motor-racing driver Dick Johnson thought he backed a winner when he signed up the company as his team's multi-year sponsor back in 2005.
Of course, the deal wasn't worth more than scrap metal when the West Australian property group went bust later that year, owing money to everyone including Johnson. But the Queensland businessman's financial woes look set to improve with Jim Beam sponsoring the upcoming V8 super cars circuit.
Meanwhile, the first sponsor announced for the A1 Grand Prix is none other than Professional Investment Services, which is being sued by former clients who were advised to invest in Westpoint. But multi-million dollar lawsuits don't seem to faze Australia's largest dealer group, which clearly sees the Formula One as a marketing dream as it expands overseas and plans an ASX listing in 2008. It will be sponsoring "promotional girls as part of the offtrack activities", PIS chief executive Robbie Bennetts announced recently.
