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OMB APPROVALOMB Number: 3235-0063Expires: April 30, 2009Estimated average burden hours per response          2,196.00
   SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2007   Commission File Number 1-13925*
 CHAMPIONSHIP LIQUIDATING TRUST
  Delaware
(State of other jurisdiction of 
incorporation or organization
    
    20-6918418
(I.R.S. Employer
(Identification No.)
 4667 Austin Trace, Zionsville, Indianapolis 46077; (317) 230- 3947
 Securities registered pursuant to Section 12(b) of the Act: None
 Securities registered pursuant to Section 12(g) of the Act: None
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 Note
 Persons who 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.
 þ o
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    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
  Note:
   
 *
    
    Championship Liquidating Trust is the transferee of the assets and liabilities of
Championship Auto Racing Teams, Inc. and files reports under Championship Auto Racing Team,
Inc.s former Securities and Exchange Commission File Number. Championship Auto Racing Teams,
Inc. filed a Form 15 on February 28, 2006, indicating its notice of the termination of
registration and filing requirements.




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Table of Contents
 CHAMPIONSHIP LIQUIDATING TRUST
FORM 10-K
For The Period Ended
December 31, 2007
 INDEX
 PagePart IItem 1
    
    Business
    
    
    3Item 1A
    
    Risk Factors
    
    
    4Item 1B
    
    Unsolved Staff Comments
    
    
    4Item 2
    
    Properties
    
    
    4Item 3
    
    Legal Proceedings
    
    
    4Item 4
    
    Submission of Matters to a Vote of Security Holders
    
    
    5Part IIItem 5
    
    Market for Registrants Common Equity, Related Stockholder Matters, and Issuer Purchases
    
    
    5Item 6
    
    Selected Financial Data
    
    
    5Item 7
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    5Item 7A
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    7Item 8
    
    Financial Statements and Supplementary Data
    
    
    7Item 9
    
    Changes in Disagreements with Accountants on Accounting and Financial Disclosures
    
    
    7Item 9A
    
    Controls and Procedures
    
    
    7Item 9B
    
    Other Information
    
    
    7Part IIIItem 10
    
    Directors and Executive Officers of the Registry
    
    
    9Item 11
    
    Security Ownership of Certain Beneficial Owners and Management
    
    
    9Item 12
    
    Certain Relationships and Related Transactions
    
    
    10Item 13
    
    Principal Accountant Fees and Services
    
    
    10Part IVItem 14
    
    Exhibits and Financial Statement Schedules
    
    
    10EX-31EX-32.1
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PART I
 
 Item 1. Business
 Overview
 Dissolution of Championship Auto Racing Teams Inc.
    Liquidating Trust
    Tax Treatment
  Reports to Beneficiaries
  3




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Distributions
  Employees
  
 Item 1A.
 Risk Factors
 We do not know the exact amount or timing of liquidation distributions.
 Beneficiaries may be liable to creditors for amounts from us, or the Company, prior to its
dissolution, if our reserves are inadequate.
 
 Item 1B.
 Unresolved Staff Comments
  
 Item 2.
 Properties
  
 Item 3.
 Legal Proceedings
  4




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Item 4.
 Submission of Matters to a Vote of Security Holders
  
 Part II
 
 Item 5.
 Market for Registrants Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity
Securities
  Holders
 As of December 31, 2007, the Trust had 469 Beneficiaries of record.
 Distributions from the Period from January 1, 2007 through December 31, 2007.
  
 Item 6.
 Selected Financial Data
  January 1, 2007
    
    
    February 24, 2006through
    
    
    ThroughDecember 31, 2007
    
    
    December 31, 2006Changes in Net Asset Data (in
thousands)Interest Income
    
    $
    19
    
    
    
    30Miscellaneous Income
    
    
    8
    
    
    
    Trustee/Operating Expenses
    
    
    48
    
    
    
    115Net Income (loss)
    
    $
    (21
    )
    
    
    (85
    )
 December 31, 2007
    
    
    December 31, 2006Net Asset DataTotal Assets
    
    $
    542
    
    
    
    561Total Liabilities
    
    
    2,
    
    
    
    Net Assets in Liquidation
    
    $
    540
    
    
    
    561
 
 Item 7.
 Managements Discussion and Analysis of Financial Condition and Results of Operations
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The following information should be read in conjunction with our financial statements included
elsewhere in this annual report on Form 10-K. In addition to historical information, this
discussion and analysis may contain forward-looking statements that involve risks, uncertainties
and assumptions, which could cause actual results to differ materially from managements
expectations. Please see additional risks and uncertainties described under Item 1 Business 
Risk Factors and in the Notes Regarding Forward-Looking Statements, which appears later in this
section.
 Overview
   Results of Operations
 One hundred percent (100%) of the Trust assets .
 Reserve for Estimated Costs of Liquidation and Dissolution
  Net Assets and Liquidation
  Distributions
  Critical Accounting Policies and Estimates
  Liquidity and Capital Resources
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Effects of Inflation
  Note Regarding Forward-Looking Statements
    
 Item 7A.
 Quantitative and Qualitative Disclosures about Market Risk
  
 Item 8.
 Financial Statements and Supplementary Data
  
 Item 9.
 Changes in Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
  
 Item 9B.
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Other Information
  8




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PART III
 
 Item 10.
 Directors and Executive Offices of the Registrant
   Name
    
    Age
    
    Position
    
    BiographyThomas L. Carter
    
    
    52
    
    
    Administrative
Trustee
    
    Mr. Carter was formerly the
Chief Financial Officer of
Championship Auto Racing
Teams, Inc. Mr. Carter is
currently the Vice President
of Financial Services for
the Rolls Royce Corporation.
Mr. Carter is a certified
public accountant.
 Executive Compensation
  
 Item 11.
 Security Ownership of Certain Beneficial Owners and Management
 (a)
    
    Security Ownership of Beneficial Owners. As of December 31, 2007, the Trust
is aware of the following beneficial owners who owned more than five percent (5%) of
the beneficial interest in the Trust.
 Aggregate Numberof Shares
    
    Percentage ofName and Address
    
    Beneficially Owned
    
    Shares OutstandingGerald R. Forysthe (1)Forsythe Racing, Inc.
Indeck Energy Services, Inc. 
1111 South Willis Avenue
Wheeling, IL 60090
    
    
    3,377,400
    
    
    
    22.95
    %FMR Corp. (2)Edward C. Johnson, III 
Abigail P. Johnson 
82 Devonshire Street
Boston, MA 02109
    
    
    1,471,600
    
    
    
    9.99
    %Kellogg Capital Group, LLC (3)14 Wall Street, 27th Floor 
New York, NY 10005
    
    
    1,452,500
    
    
    
    9.9
    %Jonathan P. Vannini (4)828 Irwin Drive
Hillsborough, CA 94010
    
    
    1,255,000
    
    
    
    8.53
    %Wheatons Holdings Limited (5)17485 McLaren Road
Caledon Ontario
Canada LON 1C0
    
    
    920,900
    
    
    
    6.3
    %
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(1)
    
    We have received this information regarding share ownership from the Schedule 13D/A that was
filed with the SEC on September 12, 2002, and subsequent Form 4 filed with the SEC in February
2003.
 (2)
    
    We have received this information regarding share ownership from the Schedule 13G/A that was
filed with the SEC on February 17, 2004.
 (3)
    
    We have received this information regarding share ownership from the Schedule 13G that was
filed with the SEC on February 9, 2006.
 (4)
    
    We have received this information regarding share ownership from the Schedule 13D/A that was
filed with the SEC on November 29, 2001.
 (5)
    
    We have received this information regarding share ownership from the Schedule 13G that was
filed with the SEC on August 15, 2003.
  
 Item 12.
 Certain Relationships and Related Transactions
  
 Item 13.
 Principal Accountant Fees and Services
  
 PART IV
 
 Item 14. Exhibits and Financial Statement Schedules
 1. The Financial Statements 
  2. Financial Statement Schedules 
  3. Exhibits 
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SIGNATURES
  CHAMPIONSHIP LIQUIDATING TRUSTBy:
    /s/Thomas L. CarterThomas L. CarterAdministrative Trustee (principal executive,
financial and accounting officer)Date: March 28, 2008  /s/Thomas L. CarterThomas L. Carter,Administrative Trustee(principal executive, financial and accounting officer) 11




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INDEX TO FINANCIAL STATEMENTS
 PAGEStatement of Net Assets (Liquidation Basis) as of December 31, 2007
    
    
    
    13Statement of Changes in Net Assets (Liquidation Basis)
for the Period from January 1, 2007 through
December 31, 2007.
    
    
    
    14Statement of Cash Flows (Liquidation Basis) for
the Period from January 1, 2007 through December
31, 2007
    
    
    
    15Notes to Financial Statements
    
    
    
    16
  12




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CHAMPIONSHIP LIQUIDATING TRUST
STATEMENT OF NET ASSETS (LIQUIDATION BASIS)
(Unaudited)
Dollars in thousands)
December 31, 2007
 December 31, 2007AssetsCash and cash equivalents
    
    $
    542Total Assets
    
    $
    542LiabilitiesAccounts payable and other liabilities
    
    $
    2Reserve for estimated costs of liquidation and dissolution
    
    $
    0Total Liabilities
    
    $
    0Net Assets in Liquidation
    
    $
    540
  13




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CHAMPIONSHIP LIQUIDATING TRUST
STATEMENT OF CHANGES IN NET ASSTS (LIQUIDATION BASIS)
(Unaudited)
(Dollars in thousands)
 January 1, 2007throughDecember 31, 2007Interest Income
    
    $
    19Miscellaneous Income
    
    $
    8Operating Expenses
    
    $
    48Net Income (loss)
    
    $
    (21
    )Net Assets in Liquidation at January 1, 2007
    
    $
    561Net Assets in Liquidation at December 31, 2007
    
    $
    540
  14




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CHAMPIONSHIP LIQUIDATING TRUST
STATEMENT OF CASH FLOW (LIQUIDATION BASIS)
(Unaudited)
(Dollars in thousands)
 January 1, 2007throughDecember 31, 2007Cash flows from operating activities:Net Income (Loss)
    
    $
    (21
    )Net decrease in cash and cash equivalents
    
    $
    (21
    )Cash and cash equivalents, beginning period
    
    $
    561Cash and cash equivalents, end of period
    
    $
    540
  15




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CHAMPIONSHIP LIQUIDATING TRUST
 NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Liquidation Basis)
(Unaudited)
 1. Purpose of the Championship Liquidating Trust
       2. Summary of Significant Account Policies
 Basis of Presentation
   Use of Estimates
  Income Taxes
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Cash and Cash Equivalents
  3. Reserve for Estimated Costs of Liquidation and Dissolution (the Reserve)
  4. Transactions with Related Parties
  5. Contingencies
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INDEX TO EXHIBITS
 Exhibit
    
    Description31
    
    Certification pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (filed herewith).32.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (filed herewith).
 18