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OMB APPROVAL








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, 2006
Commission File Number 1-13925*


CHAMPIONSHIP LIQUIDATING TRUST




Delaware
    
    20-6918418(State of other jurisdiction of
    
    (I.R.S. Employerincorporation or organization
    
    (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


o þ


o þ


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


þ




o o þ


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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, 2006
 INDEX
  
 PagePart IItem 1 Business
    
    
    5Item 1A Risk Factors
    
    
    5Item 1B Unsolved Staff Comments
    
    
    5Item 2 Properties
    
    
    5Item 3 Legal Proceedings
    
    
    5Item 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
    
    
    6Item 6 Selected Financial Data
    
    
    6Item 7 Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    6Item 7A Quantitative and Qualitative Disclosures About Market Risk
    
    
    8Item 8 Financial Statements and Supplementary Data
    
    
    8Item 9 Changes in Disagreements with Accountants on Accounting and Financial Disclosures
    
    
    8Item 9A Controls and Procedures
    
    
    8Item 9B Other Information
    
    
    8Part 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
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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
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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
  Distributions from the Period from January 1, 2006 through December 31, 2006.
  
 Item 6.
 Selected Financial Data
  February 24, 2006throughDecember 31, 2006Changes in Net Asset Data (in thousands)Interest Income
    
    $
    30Trustee/Operating Expenses
    
    
    115Net Income (loss)
    
    $
    (85
    )
 December 31, 2006Net Asset Data
Total Assets
    
    $
    561Total Liabilities
    
    
    -0-Net Assets in Liquidation
    
    $
    561
 
 Item 7.
 Managements Discussion and Analysis of Financial Condition and Results of Operations
 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.
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##### Table of Contents



Overview
   Results of Operations
 .
 Reserve for Estimated Costs of Liquidation and Dissolution
  Net Assets and Liquidation
  Distributions
  Critical Accounting Policies and Estimates
  Liquidity and Capital Resources
  Effects of Inflation
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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.
 Other Information
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PART III
 
 Item 10.
 Directors and Executive Offices of the Registrant
   Name
    
    Age
    
    Position
    
    BiographyThomas L. Carter
    
    
    51
    
    
    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, 2006, 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
    
    
    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 27, 2007 Pursuant to the requirements of the Securities Exchange Commission, this report has been signed by the following persons on behalf of the Registrant in the
capacities indicated on the 27th day of March 2007.
 /s/Thomas L. CarterThomas L. Carter,Administrative Trustee(principal executive, financial and accounting officer)
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INDEX TO FINANCIAL STATEMENTS
 PageStatement of Net Assets (Liquidation Basis) as of December 31, 2006
    
    
    13Statement of Changes in Net Assets (Liquidation Basis) for the Period from February 24, 2006 through
December 31, 2006.
    
    
    14Statement of Cash Flows (Liquidation Basis) for the Period from February 24, 2006 through December
31, 2006.
    
    
    15Notes to Financial Statements
    
    
    16
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CHAMPIONSHIP LIQUIDATING TRUST
 
 STATEMENT OF NET ASSETS (LIQUIDATION BASIS)
(Unaudited)
Dollars in thousands)
 December 31, 2006AssetsCash and cash equivalents
    
    $
    561Total Assets
    
    $
    561LiabilitiesAccounts payable and other liabilities
    
    $
    0Reserve for estimated costs of liquidation and dissolution
    
    $
    0Total Liabilities
    
    $
    0Net Assets in Liquidation
    
    $
    561
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CHAMPIONSHIP LIQUIDATING TRUST
 
 STATEMENT OF CHANGES IN NET ASSTS (LIQUIDATION BASIS)
(Unaudited)
(Dollars in thousands)
 October 1, 2005throughDecember 31, 2005Interest Income
    
    $
    30Operating Expenses
    
    $
    115Net Income
    
    $
    (85
    )Net Assets in Liquidation at February 28, 2006
    
    $
    646Net Assets in Liquidation at December 31, 2006
    
    $
    561
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CHAMPIONSHIP LIQUIDATING TRUST
 
 STATEMENT OF CASH FLOW (LIQUIDATION BASIS)
(Unaudited)
(Dollars in thousands)
 February 28, 2006throughDecember 31, 2006Cash flows from operating activities:Net Income (Loss)
    
    $
    (85
    )Net increase in cash and cash equivalents
    
    $
    (85
    )Cash and cash equivalents, beginning period
    
    $
    646Cash and cash equivalents, end of period
    
    $
    561
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CHAMPIONSHIP LIQUIDATING TRUST
 
 NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(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