San Antonio Raceway, Bankrupt, and Forclosed! (1 Viewer)

[turbo ken]

It's official, the property known as San Antonio Raceway was just foreclosed on and there were NO bidders. The property has been returned to the lender. The lender can now sell the property to anyone they wish.

What will happen to it now is anyone's guess.

 

[luxexpress]

You would think the IHRA would be interested with the way they've been purchasing tracks.

 

[turbo ken]

It could be a possibility Aaron. We can only hope so.

 

[Raconteur]

This from a local paper this morning:

MARION — A long controversial Guadalupe County drag strip sold to its biggest creditor at auction on the courthouse steps Tuesday for $2.5 million dollars.

But there were questions about whether the sale would ever leave the starting line right up until the checkered flag fell on the auction just before 1 p.m., when the trustee read the legal description of San Antonio Raceway and a man quietly said, “I bid on behalf of the lender, $2,511,000.”

 

[turbo ken]

The biggest creditor/lender supplied a bridge loan, and never received any payments as promised. The biggest creditor/lender is supposedly a doctor of some sort from Houston.

 

[FABMAN]

I believe this track has had problems for quite some time, that needs to be addressed, maybe taxes or fact it's adjacent to major highway, county or state issues. JMO

 

[Jimbo]

Hate to see another drag strip going out of business.

Jim Hill
http://www.nostalgicracingdecals.com

 

[turbo ken]

The IHRA tried to buy the track, but there were too many obstacles. Now that it's in the hands of the lender hopefully they might try again.

 

[z28]

current owner claims sale was not legitimate. Supposed to have a court order to stop sale and has filed Chapter 7 reorg. This one will likely play out in court.

 

[turbo ken]

Getting more interesting.
http://dragracingonline.com/agent1320/2014/1320-xvi_12-39.html

 

[turbo ken]

Update:
Today when the lender went to change the locks that they tried to inventory all the equipment, and it was all gone. Timing system, concession equipment, Ford tractor, fork lift, track truck, and spaying equipment. Office and tower equipment, scale monitor, overhead lifts in building behind tower, in other works picked clean! Criminal, and or civil action is supposed to be on the way.

 

[z28]

gonna get ugly

 

[turbo ken]

In Texas chapter 11 is reorganization, chapter 7 is liquidation. You are right Ken, it's going to get ugly, time to sell my racecar stuff I guess.

 

[turbo ken]

Supposedly it's going back up for auction again (Chapter 7), this time the sale will not be bogus.

 

[z28]

I don't see that piece of land being that valuable any time soon for anything other than it's intended use. Most of the development around there has been oil field related and unless oil goes back up I don't see it going away. Maybe the new owner will get somebody good to run it and keep it open until he finds a buyer.

 

[Raconteur]

From San Antonio Express News

Perhaps the most notable was a February Chapter 11 filing by San Antonio Motorsports Productions Inc., which operates the San Antonio Raceway in Marion. The company listed assets of $4.3 million and about $3.9 million in debts. Last week, the case was converted to a Chapter 7 liquidation.

 

[turbo ken]

IHRA has taken the dates for San Antonio race and switched it to TBD. All we can do is hope IRG buys it, and gets it back open.

 

[Raconteur]

Don't write off San Antonio Raceway, yet.

 

[Huge]

I have always enjoyed stopping there and watching some good bracket racing on the way to Nhra races down south or on the east coast.

 

[Mr. Fix It]

Don't write off San Antonio Raceway, yet.

Don't tease us. What might be in the works?