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+--- Thread: NJMP files Chapter 11 (/showthread.php?tid=2557)
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- Phokaioglaukos - 03-09-2011
Terry wrote:
Quote:Who owns the other 5%? Was any part of the initiation fee supposed to be refundable?
I didn't notice. No.
- TwentySix - 03-11-2011
Bankruptcy judge approves New Jersey Motorsports Park's first day motions
MILLVILLE — The New Jersey Motorsports Park had its first day in United States Bankruptcy Court Thursday, as a judge in Camden approved all seven of the park’s motions, including those asking permission to pay wages and its debt to the Millville Rescue Squad.
Judge Goria Burns’ approval of the NJMP’s “first day motions�? allows the race track to pay its workers, guarantee the presence of emergency medical technicians and perform other required actions to ensure the park can continue operating throughout the upcoming 2011 racing season. The judge also authorized the park to continue using its existing bank accounts, and prohibited utilities from altering or disconnecting service to the NJMP.
However, according to NJMP attorney Louis Lipsky, the decision was somewhat a formality. “NJMP officials decided to file Chapter 11 bankruptcy on the supposition that the motions would be approved,�? said Lipsky, speaking from his Philadelphia office. “It never entered the conversation that the motions would be rejected.�? Lipsky on Thursday also stated that at least two of the park’s largest creditors will be paid in full.
The NJMP owes the Millville Rescue Squad more than $520,000 in unpaid bills from last year. The Cumberland Empowerment Zone Corporation is owed $425,000 from a December 2009 loan. According to Lipsky, both will be paid in full. “It was confirmed that the Millville Rescue Squad will be paid in full, the City of Millville will be paid in full and the CCEZ will be 100 percent paid in full,�? said Lipsky. “All other parties will be treated according to the plan term sheet filed (with the bankruptcy documents submitted to the court on March 7).�? The City of Millville had issued a $600,000 loan to the park in the run-up to its summer 2009 opening.
Millville officials have state the NJMP has never missed a payment on that loan. Lipsky said that will continue, with monthly payments. The CEZC will also receive monthly payments. As for the Millville Rescue Squad, an agreement with the park dictates the NJMP must pay an installment of $200,000 today. Another $200,000 payment is due this summer. The balance will be paid over “a number of months,�? according to Lipsky.
“The racing season will start soon, and the business will operate as normal — nothing will change from the spectator’s perspective,�? added the attorney. “People will still be hired for the season, and no employees are going to be laid off.�?
NJMP officials will next meet with its creditors on March 24. A cash collateral hearing has been scheduled for April 12.
http://www.nj.com/cumberland/index.ssf/2011/03/bankruptcy_judge_approves_new.html
- Brian Minkin - 03-29-2011
What does TRG know that we do not?
TRG to Exit from New Jersey Motorsports Park
Petaluma, CA (March 29, 2011)- Following several years of planning both from a developmental and financial means, TRG has decided to postpone its current plans to develop an East Coast hub at the recently built New Jersey Motorsports Park.
With plans including everything from a lavish new country club environment for racers, to personal car condominiums, all the way to a driving school and place to have an exotic, collector, or sportscar maintained, TRG had always had very ambitious plans for the new project. With Millville, New Jersey’s geocentric location to such cities as New York, Philadelphia, Boston and Washington D.C., the compound had always been seen as a perfect locale for the busy East Coast executive to handle his racing fix.
Unfortunately, on-going ownership, management and directional issues of the park and a recent bankruptcy filing of the facility has forced TRG to distance itself from the current racetrack until a clearer direction for the park is seen.
For Team Owner Kevin Buckler, the prospect and opportunity was strong in the beginning but the recent challenges of the facility have made it difficult to continue.
“When TRG first came to New Jersey Motorsports Park we had very high hopes on our future plans together, as did the park and its management,�? stated Buckler. “It was a major East Coast expansion for us adding to our current successful operations in Petaluma, California and Mooresville, North Carolina. We loved the local town and its people and their enthusiasm for our involvement in the community. The park has obviously had some challenges and things did not develop as we had hoped for. We no longer support the ownership and management of the facility or it’s vision for the future. Our brand is very strong right now and our NASCAR and Sportscar racing programs are in full swing. It is regrettable, but in the best interest of TRG to distance ourselves from this current situation. Our lease is not up for several months but we are removing all of our equipment, temporary personnel and signs as of today. We wish the park the best of luck in the future and hope we can be back again someday if the conditions are right.�?
The New Jersey Motorsports Park was founded in 2007 with the idea of being an East Coast hub for modern road racing. Featuring professional and club events that included participation from AMA Pro Racing, GRAND-AM, and the ARCA Re/Max series, the campus had always featured a fast and diverse calendar of events.
TRG is a full-service motorsports company offering a total driver ladder approach, as well as comprehensive sponsorship opportunities. For drivers, this approach starts with track days, goes to club events, up into street stock series and culminates in the ultimate goal of professional motorsports. For sponsors and business partners, this approach starts with everything from Executive events, to traditional sponsorship models, all the way to business-to-business networking and experiential marketing. With facilities in Petaluma, California and Mooresville, North Carolina the team can offer turn-key marketing programs as well as arrive-and-drive support.
The company’s NASCAR operations are headquartered in Mooresville, North Carolina. The team fields a NASCAR Sprint Cup Series entry and has the capacity to run ARCA, Nationwide and the Camping World Truck Series.
The Racer’s Group was founded in 1993 and has been competing at the top level of motor racing. The team boasts Rolex Series GT championships in 2005 and 2006 and holds the record for the most wins in Grand-Am with 32. The team’s resume is highlighted by five championships, four Rolex 24 Hour at Daytona victories, and a Le Mans 24 Hour win.
The Racer's Group
1995 S. McDowell Blvd.
Petaluma, CA 94954
- Tony356993 - 03-29-2011
Very interesting indeed.
- ccm911 - 03-29-2011
I think that we all know that during these recessionary times that the development of a luxury service could be considered foolhardy at best.
Now on the other side of the coin, I would love to get the right group together and buy it at the right(read "fire-sale") price.