Edgar Filing: CHAMPIONSHIP AUTO RACING TEAMS INC

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OMB APPROVAL
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UNITED STATES OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: October 31,2002
Washington, D.C. 20549 Estimated average burden
hours per response....14.90
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SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.___________ ) *

Championship Auto Racing Teams
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(Name of Issuer)

Common Stock
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(Title of Class of Securities)

158711101
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(CUSIP Number)

May 6, 2002
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(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

[ ] Rule 13d-1 (b)

[X] Rule 13d-1(c)

[ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the ACT
but shall be subject to all other provisions of the Act (however, see the
Notes).

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.

SEC 1745 (3-98) Page 1 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. Glenn J. Krevlin
I.R.S. Identification Nos. of above persons
(entities only).

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 970,000
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 970,000
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 970,000

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 6.6%

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12. Type of Reporting Person (See Instructions)
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IN, HC

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Page 2 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. Krevlin Advisors, LLC
I.R.S. Identification Nos. of above persons
(entities only). 13-4153005

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 779,579
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 779,579
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 779,579

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 5.3%

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Page 3 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. GJK Capital Management, LLC
I.R.S. Identification Nos. of above persons
(entities only). 13-4146739

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 779,579

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 5.3%

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Page 4 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. Glenhill Capital LP
I.R.S. Identification Nos. of above persons
(entities only). 13-4149785

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 779,579

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 5.3%

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Page 5 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. Glenhill Overseas Management, LLC
I.R.S. Identification Nos. of above persons
(entities only). Pending

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 190,421
Shares Bene- -----------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each -----------------------------------------------------------
Reporting 7. Sole Dispositive Power 190,421
Person With: -----------------------------------------------------------
8. Shared Dispositive Power 0
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 190,421

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 1.3%

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Page 6 of 10 pages

CUSIP No. 158711101

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1. Names of Reporting Persons. Glenhill Capital Overseas
Partners Ltd.
I.R.S. Identification Nos. of above persons
(entities only).

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2. Check the Appropriate Box if a Member of a Group (See
Instructions)

(a) [ ]

(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Cayman Islands
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 190,421

10. Check if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [ ]

11. Percent of Class Represented by Amount in Row (9) 1.3%

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Page 7 of 10 pages

Item 1.
(a) The name of the issuer is Championship Auto Racing Teams (the
"Issuer").

(b) The principal executive office of the Issuer is located at 755 W. Big
Beaver Road, Suite 800, Troy, MI 48084.

Item 2.
(a) The names of the persons filing this statement (the "Statement") are
Glenn J. Krevlin, Krevlin Advisors, LLC, a Delaware limited liability
Company ("Krevlin Advisors"), GJK Capital Management, LLC, a Delaware
limited liability company ("GJK"), Glenhill Overseas Management, LLC, a
Deleaware limited liability company ("Glenhill Overseas"), Glenhill
Capital LP, a Delaware limited partnership ("Glenhill Capital"), and
Glenhill Capital Overseas Partners Ltd., a Cayman Islands exempted
company ("Overseas Partners") (collectively, the "Filers").

(b) The Principal Business Office of the Filers is 650 Madison Avenue, 26th
Floor, New York, New York 10022.

(d) This Statement relates to the Common Stock, $.01 par value, of the
Issuer.

(e) The CUSIP Number of the common stock of the Issuer is 158711101.

Item 3. If this statement is filed pursuant to ss.240.13d-1(b), or 240.13d-2(b)
or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company
Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);

(j) [ ] Group, in accordance with "240.13d-1(b)(1)(ii)(J);

Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each filer.

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Instruction. For computations regarding securities which represent a right to
acquire an underlying security see ss.240.13d-3(d)(1).

Page 8 of 10 pages

Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].

Instruction: Dissolution of a group requires a response to this item.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
If a parent holding company or control person has filed this schedule, pursuant
to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit
stating the identity and the Item 3 classification of the relevant subsidiary.
If a parent holding company or control person has filed this schedule pursuant
to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification
of the relevant subsidiary.

Glenn J. Krevlin is the managing member and control person of Krevlin Advisors
and Glenhill Overseas. Krevlin Advisors is the managing member of GJK and GJK is
the general partner and control person of Glenhill Capital. Glenhill Overseas is
the investment manager of Overseas Partners. Glenhill Capital and Overseas
Partners are both private investment vehicles formed for the purpose of
investing and trading in a wide variety of securities and financial instruments.

[ ] EXHIBIT ATTACHED

Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to Rule 13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group. If a group has filed this schedule
pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the
identity of each member of the group.

[ ] EXHIBIT ATTACHED

Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.

[ ] EXHIBIT ATTACHED

Item 10. Certification
(a) The following certification shall be included if the statement filed
pursuant to "240.13d-1(b):

By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any transaction
having that purpose or effect.

The following certification shall be included if the statement filed
pursuant to "240.13d-1(c):

(b) By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.

Page 9 of 10 pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: May 15, 2002

/s/ GLENN J. KREVLIN
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Glenn J. Krevlin

KREVLIN ADVISORS, LLC

By /s/ GLENN J. KREVLIN
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Glenn J. Krevlin, Managing Member

GJK CAPITAL MANAGEMENT, LLC

By: Krevlin Advisors, LLC, Managing Member

By /s/ GLENN J. KREVLIN
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Glenn J. Krevlin, Managing Member

GLENHILL CAPITAL LP

By: GJK Capital Management, LLC,
General Partner

By: Krevlin Advisors, LLC, Managing Member

By /s/ GLENN J. KREVLIN
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Glenn J. Krevlin, Managing Member

GLENHILL OVERSEAS MANAGEMENT, LLC

By /s/ GLENN J. KREVLIN
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Glenn J. Krevlin, Managing Member

GLENHILL CAPITAL OVERSEAS PARTNERS LTD

By /s/ GLENN J. KREVLIN
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Glenn J. Krevlin, Director

The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties for whom copies are to be sent.

Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)

Page 10 of 10 pages