**this post was made after the attorney scheduled to run a foreclosure on the Speedbowl in July 2007 appeared on the Speedway Line Report radio show. Eventually an agreement was reached by Terry Eames to avoid the auction in the eleventh hour and keep the Speedbowl in operation**
Good stuff on The Speedway Line Report this week about the Speedbowl’s foreclosure auction. Gary had Attorney Jeffrey Godley, who’ll be running the auction – should it take place – this Saturday. Here’s some nuggets of interest from the interview:
- The track is open to register bidders to tour the facility on Saturday from 10am – 12 noon
- Approximately 15 people have contacted Godley’s office in some way inquiring about the property. He said there’s a mix of local and out-of-state inquiries (most of whom are developers) and obviously didn’t mention any parties by name
- The land is assessed at 3 million beans.
- Eames’ people definitely have made some activity towards resolving the defaulted loan situation recently which Godley stated might mean the auction will not take place
- Any arrangements to stop the auction must be submitted by 5pm on Friday. Even if that does happen, Godley will be there to at least let anyone know who didn’t get word on short notice that the auction was cancelled.
- Anyone can show up but only ones with $300,000 certified back checks can bid
- It’s a live auction – which means we’ll all know who the possible high bidder is by the time practice starts.
- If a non-racing co. buys the track, the court/paperwork proceedings take around 60 days. So the ’07 season is relatively safe no matter what happens, with the possible exception of the Halloween show. There could also be an agreement between R&R and the bank, but I think Godley said he wasn’t aware of one… who knows…
- Whomever is the highest bidder still has to close with the bank (i.e. cash up or present a valid mortgage arrangement) within 30 days before anything is super-official.
- If the highest bid is low ($800,000 was his example) which is less than the value and the amount still owed – both parties (Eames & bank) can request the sale cancelled – which isn’t good news, cuz it sounds like it another one just gets rescheduled at a later date.
- Gary threw out 6-7 people he’s heard will be there from the racing community… and that’s a couple more than I heard, so giddy up
Props to Keith Cyr who asked some good questions and to Gary who has some killer guests most weeks
Anyway – I almost hate talkin’ about bad possibilities, but like Keith said after the Q & A with Godley – at least by race time Saturday we’ll know…
… even if it’s not what we want to hear, at least we’ll know.
… and the uncertainty is kinda wearin’ thin these days, ain’t it?
57 seasons…
… and still prayin’ for the best
Sid