The Waterford Speedbowl
A memorandum of decision posted Friday on the State of Connecticut Judicial Branch website indicates that Superior Court judge Emmet Cosgrove is prepared to approve the sale of the Waterford Speedbowl to Bruce Bemer on Monday in New London.
Bemer was the high bidder – at $1.75 million – in the foreclosure auction that took place on Oct. 18. The sale price must be approved by the court.
There was just over $2 million owed on the property by owner Terry Eames at the time of the auction. The property had recently been valued at about $3 million and was being advertised on the market for sale with an asking price of $3.3 million prior to the auction.
On Nov. 3 in New London Superior Court, Cosgrove heard an objection to the sale filed by creditor Edward DeMuzzio and his company CCI Inc.
In the objection, DeMuzzio alleged that there was collusion between creditors Rocco Arbitell, Peter Borelli, Theodore Parker and Shawn Parker to keep the bidding price low for the auction. They also argued that the property should have been better marketed to attract a higher bid in favor of creditors to realize returns on their debts.
On Nov. 3, Cosgrove asked parties involved to file affidavits to argue why the sale price should be approved.
A Memorandum of Decision regarding the approval of sale and motion of objection was posted Friday evening on the judicial website.
The memorandum from Cosgrove stated: “There is nothing in these affidavits that demonstrate an effort “chill” the bidding on the property. There is evidence that the plaintiffs did bid in excess of their debt before dropping out of the bidding. There is nothing to indicate that the defendants Demuzzio and CCI were prevented or dissuaded from registering to bid at the sale.”
The memorandum continues: “Although there is a substantial difference between the appraised value of the property and the amount of the sale, the court is not confident that a new sale would render any different result, but rather would only incur additional expenses and continued accrual of interest.”
The memorandum closes reading: “For the above the reasons, the court approves the committee of sale’s report, approves the requested committee fees and expenses and appraisal fees.”
Arbitell said Friday evening that he had not heard from his attorney, William McCoy regarding the status of anything with the case. Attempts to reach McCoy Friday evening were unsuccessful.
“I just want it over,” Arbitell said. “It sounds like [Bemer] is going to be good for the track. … This has gone on too long. I just want it over. It’s not good for the race fans. The track needs to get this guy in there so he can make it work. He sounds like he is going to be great for the business and that’s what we need.”
Bemer said he had heard nothing regarding the case on Friday.
“It would be nice to get this thing behind us,” Bemer said. “Although I’m not the most knowledgeable on the racetracks, for the schedules for next year it sounds like we’re kind of getting behind the eight ball here as far as getting things going.”
Bemer has 30 days following the approval of sale to close on the property, though he said his attorney has informed him that DeMuzzio has a window for appeal of the court’s decision.
In July 2007, Arbitell, a Southbury businessman and local racing supporter, along with his business associate Borrelli, stepped in to offer Eames and his ownership group, 1080 Hartford Road LLC, financing to avoid a foreclosure action being taken then by former mortgage holder Washington Mutual Bank. The deal with Arbitell was announced a day before the track’s auction date for a foreclosure in 2007.
In May 2008 Arbitell brought his own foreclosure action against the ownership group after former track operator Jerry Robinson failed to pay the Speedbowl’s property taxes.
Facing another pending foreclosure auction, Eames and 1080 Hartford Road LLC filed for Chapter 11 bankruptcy protection in October 2009. A debt reorganization plan was accepted by bankruptcy court in January 2012 and the ownership cleared bankruptcy not long after that.
In March 2013, Arbitell and the rest of the creditors involved in the bankruptcy moved to have foreclosure action retaken against the Speedbowl ownership, which led to the Oct. 18 auction.
finally it is the NEW WATERFORD SPEEDBOWL now Bruce bemer can get to work on thing that need to be done. it will be nice to see some things get fixed and the 2015 race schedule put together.
This is good need for racers and fans. Now let’s move on, sk and sk lite rules should be identical as stafford and Thompson, I hope Bruce takes his time with schedule and management team, no rush to start the season if not ready, we r all behind you 100%
The problem is that he himself has said that he isn’t experienced and doesn’t really know what he’s doing. I believe it’ll still be Terry doing day-to-day at the track with Bruce writing the checks. Which I’m not complaining about. Terry had great events, brought in a touring series nearly every week, and kept car counts high. I don’t mind at all if he’ll be back at the bowl next year.
Car counts high? What track were you at? While this is promising news until the final closing occurs and it is 100% done anything can happen still. Said it before i say it again terry has got to go
Waterford did pretty well for car counts. Consider the cloud over it with the foreclosure. I am sure that kept some people away from investing in a car. 2nd, the economy has been pretty bad. So considering I think they had done pretty well. As the economy gets better, the bowl will get better. Mr Bemer did well enough running his current business to drop almost 2 million on the bowl. He will do just fine.
call dick willliams…….top shelf….promoter!!!!!!!!!!!!
Besides a chosen few who are good for the bowl, as well as dedicated, He absolutely needs to clean house, starting at the top, end of story. Car count will automatically rise knowing certain people aren’t there
Ken your 100% right and alot of fans and drivers agree except the brown nosers and familu that worked there and had family racing whhich they got away with alot of cheating putting people out intentionally
I agree Ken. Good luck Mr. Bemer. I hope to meet you soon.
I am sure Terry is more than capable of being a promoter. Look what he did without any money. I am sure you non business people have know idea how hard it is to run an operation without any money. Give him a year to prove what he can do.
couldnt have said it better ken
hope that he keeps the wild n wacky wednesday series. but most of all happy that it’s staying open. by far the best track i’ve raced by far
So if Terry is so good with money, or no money, is that why all the competitors have yet to be paid for the last race? Like Ken said clean house and start with a new slate. So long Terry been good to know ya…….
FIRE EVERYONE!! When you walk around the track and you see the food concession manager throw a box of hamburgers in the dirt at the GRILL, It’s time to get rid of all of them!! they don’t care and that’s why i stay away also . GOOD LUCK MR Bemer Please find people that care thank you from a race fan.
“Did without any money”? You’re a buffoon if you think that place had no money. What the Speedbowl needs is fresh, young promotion and management. Preferably by racers or former racers, preferably local raised and a Speedbowl fixture. Someone who has the connections, insight, business experience, knowledge and team management skills to restore the glory of our beloved Speedbowl. I’d like to see a guy like Shawn Monahan get a crack a “wrighting the ship”…..
Why not have Terry Eames and John Brouwer Jr be co-racing directors?
I will say this, if Terry stays many of us who have left will not return. If Terry goes we will see you in the spring. It’s simple to understand the next time I see Terry I hope he is asking me if I want to super size for a dollar more. See ya Terry…
You simply can not have Terry Eames in a position GM the track – actually, he should not handle any of the money / expenses associated with the track’s operations, as he could not turn a buck for all those years when he did – even after being given a second opportunity via a bankruptcy court-approved re-organization plan that he simply ignored to follow shortly after it went into effect.
CAN.NOT.HAPPEN. Need to bring in someone else in that role.
Eames is not a race director / official – need to bring in someone else in that role.
Want to have him part-time “consult” and pick his brain on promoting, and what else he did over the years – whether it worked or did not work? Sure.
But I can’t see any value other than that.
Her’s hoping the court’s ruling is not appealed and the deal closes by year’s end.
this is great news but please no need to bring terry back in cause he has crewed enough people over already and has not paid racers and has a bad reputation from what ive seen cause im on a pit crew myself and he has caused too much stress and money for long enough. good luck to mr beamer and good luck in turning it around and im sure some of the racers wouldn’t bother to step in and help on a few things.