It's the American car race! Spend $500 on a lemon, then race it until it dies! It sounds like a tremendous amount of fun, but you pretty much have to live where it's held to see it.
The Russians reported that the satellite would be de-orbiting, but apparently they were off on their calculations of where the satellite was, which caused them to mis-report when it would happen.
Nothing bad happened except perhaps a change of underwear being needed for the pilots.