National Trail Raceway

[JP1738]

It's not smoke and mirrors. Did you read the Competition Plus article written after all the confusion came about initially with the purchase of the tracks? They are going to buy the 7 tracks listed, but the process takes time and lots of paper work. There may be a few of the tracks originally listed that don't end up getting bought though, but not because IHRA can't. I've heard some of them are leaned way out and are almost not worth buying because of how much leverage that is against them financially. This kind of information does not come out until the discovery process when IHRA and it's lawyers are permitted to go through all the finances and records of these businesses.

[J.R. Haddad]

You know it's interesting that there is different approaches to buying
commercial Real Estate, I guess. I have bought a fair amount of commercial
property's, along with multi family units, and of course my own personal
homes. I have always known how much paper(mortgages, liens, fines,
penalty's etc.) are against a property before I decide if I'm making an offer.
If I buy it it, and the amounts against the title are more than the property
is worth, I want to know right now how they intend to handle it. I'm not
getting a surprise at the closing where they think I will pay more and
handle their obligations. Could there ever be a surprise, of course, but
it's very, very rare, and I would blame myself for allowing that to happen.

J.R.

[Bandit 1]

Time will tell on all of this. Think the only thing we all know is that nothing is set in stone by either party. Would imagine the legal counsel involved is recommending different approaches. Reminds me of a Mexican Standoff that doesn't end well.

[MikeMoller]

I have real concerns about this new IHRA making announcements that ?suggest? they are purchasing tracks without firm commitments from these tracks. Doesn?t do much for credibility in my opinion.

[GTX JOHN]

In most states (Not All) that I have bought property in shortly after
an Offer and Acceptance, an Escrow is started. A Preliminary
Title Report is submitted to the prospective purchaser for approval
very early in the process.

This document shows the liens against the property (among other
disclosures). This information would be available to the prospective
buyer early in the process.

[ken robinson]

I wonder if IHRA would be willing to buy back Atco ?

[BKSG1198]

Originally Posted by ken robinson

I wonder if IHRA would be willing to buy back Atco ?

I hate to say it, but I think Atco is done, not trying to be negative because we all miss the place but the amount of money that is supposedly sold for (I heard 12 mil) and the fact that the grandstands, scoreboards, tower would need to be rebuilt and track resurfaced your looking at about 15-16 million to get it back to operating status. I mean I think if you find something who just has ** money and is not looking for a return then it's perfect, but I had a good friend who was looking to buy it when Joe was alive, and it only was valued at like 2.5 million.