NEW LONDON – Before Monday afternoon few knew the name Edward DeMuzzio in relation to the saga that is the pending foreclosure auction sale of the Waterford Speedbowl.
By Monday evening DeMuzzio was being pegged as Public Enemy No. 1 by many who have a passionate interest in seeing the Waterford Speedbowl continue in business as a racing facility.
DeMuzzio has lodged an objection to the outcome of the foreclosure auction that took place at the Waterford Speedbowl on Oct. 18. New London Superior Court judge Emmet Cosgrove addressed that objection in court on Monday, delaying the possible approval of the sale of the facility to Glastonbury businessman Bruce Bemer.
Who is Edward DeMuzzio? The reality is, that’s really of no matter publicly. The fact is he’s a creditor with a personal financial interest in the outcome of the foreclosure auction sale that took place at the Speedbowl.
And it really doesn’t matter just how much money DeMuzzio has invested in the facility or how much he stands to lose should the court approve the sale of the facility at the $1.75 million price tag that was the winning bid made by Bemer at the auction.
No matter how frivolous or ridiculous one might view the reasoning of the objections – and DeMuzzio’s objections surely seem without much merit or rational sense – the man has a legal right to object the sale price and fight for his investment.
And nobody should be insulted for fighting for their financial stake in anything. Talk of boycotting DeMuzzio’s business because the man is fighting for his own personal investment is outrageous and uncalled for.
It’s absolutely understandable that those with a rooting interest in seeing the Waterford Speedbowl remain a racetrack want to see the next steps in moving forward to keep it a racetrack take place as soon as possible. But there’s really no reason for ugly vitriol directed at an individual fighting for their money.
Something that can be seen across the landscape of short track racing is that fans take on an emotional “ownership” in tracks. That can be a great thing, but it also can be an ugly thing.
In this instance it’s an ugly thing when it comes down to putting someone like DeMuzzio on the public firing line for fighting in any way so he can to get back the financial stake he held in the property.
Sure, one can say he gambled and lost, but DeMuzzio had no fault in creating the financial collapse of the Waterford Speedbowl that led to a foreclosure of the property. Having passion to see the facility remain a racetrack is commendable, but to say someone shouldn’t fight for themselves is wrong, and to then put that person up to for public ridicule and shame for doing that is even worse. Let the process take its course without creating unwarranted hate for those who simply want to realize some return on what they feel they are owed.
That money is gone period…If He has anything coming he will only get paid through the sale.Why not boycott his business?
Too bad he didn’t bid on it as I heard he makes good pizza. Pizza like they make in Naples and other places in Italy.
Bottom line the auction is over, if the gentleman wanted to place a bid on the property he should have been at the auction to bid on it. If he made a bad investment with the previous owner he needs to take it up with him. Mr. Bemer won the bid for the property fairly and now The man feels he was cheated, Really? Take it up with the previous owner once the sale is complete.
Sounds like a ploy to somehow keep Terry around. I hope its not but who knows how many silent partners he had or still has. Let’s end this crap!
Bcool,
You seem to insinuate that Mr. DeMuzzio’s actions are out of the ordinary or unlawful. Have you tried many foreclosure auction cases in your time as a real estate attorney? This is standard procedure in the case of a foreclosure auction. A creditor has a legal right to object to the auction results. There are no laws being broken here. The man is exercising his legal right as a creditor. The sale is not “complete” and the sale has never been complete. If you think the sale was “complete” on the day of the auction then you’re ignorant to the procedure and law and probably shouldn’t be publicly making statements that are purely manufactured assumptions based on nothing even close to fact. The sale is not complete until the court accepts the results of the auction. The court has not done that yet. It’s not a complicated thing to understand.
Terry is lurking around in the back round I bet.
In a world that only cares about money, there is no room for racing…
Very fair reporting on a issue most of us are not involved in our every day life. We do not have any control of this outcome by public demand or wants. Legal system will un-fold and then we will all have to adjust to the outcome. Wayne, host of the “Race Chatter”
My guess is that Mr. DeMuzzio is throwing good money after bad.Lawyers are expensive.Is it possible that Mr.DeMuzzio should have spoken up about inadequate marketing during the protracted foreclosure proceedings?
The truth is the man has a right to redeem HIS money along with the long list of other creditors, without having to purchase the property. They’ve waited a long time for the money due them!! Why would anyone think a property worth 3 million and a value enough to pay all the creditors their money get sold for a mere 1.7 million and tell the creditors they get nothing for what they invested and was promised to be paid a very long time ago? Horray for the judge that finally stood up for those due money!!
Fickle fans please let this run its course. Shawn as always thanks for the information.
Please stop with the “but the property was worth 3 million “. It was an auction. No different then a tax aution. Houses and property are auctioned way less then value due to people who cannot pay their taxes. Are you going tell me those are illegal or fishy also. It was an individual who placed it in foreclosure, not a bank.
There’s a friggen snake in the grass, I’ll bet my life on it, SO ? What’s the amount is owed to this gentleman, nobody brought this up yet,,,,,,anyone have this knowledge ?
Ken,
According to what was stated in court Monday, about $250,000.
Split the 1.75 million up between all creditors and pay a certain percentage on the dollar as if it was a bankruptcy and all the creditors take a hit. Everybody gets a little and we move on.
All of the bottom-end investors will lose some money here. More investors lose on business transactions every day than those who gain. That’s Capitalism.
I can certainly understand why this man is unhappy. The reality is that real estate (or anything else) that is sold at foreclosure auction almost always sells for less money than many people claim that it is worth.
Another nice piece, Shawn. Odd to me that the objecting party didn’t bid at all to protect his interest.
Lets just leave it as ,Terry strikes again.All these problems stem from 1 source.Poor management and financial decisions.Mr Bemer plz take notice.
If it was Mr. or Ms. average worker having a business or home foreclosed on and FedEx was buying the property, the place would be gone and torn down before the clock rung at 12. Since 2008 many investments were lost. Look at New London’s famous case for eminent domain. I guess I don’t know the law, but foreclosed, bankrupt, auction notice, auction, sold. It seems pretty clear cut. I just want to see the new buy get in there and resurrect the business as quickly and easily as possible. The place cant handle needless expenses and delays.
Does anyone know when well will getting our checks from the fall final race? LOL
As 3Case said: “Another nice piece, Shawn. Odd to me that the objecting party didn’t bid at all to protect his interest.”
Not sure what everyone is complaining about. This man put his own money up to keep the track open the last time it went broke! So did others and now because those very dollars were mismanaged you are all angry. What is wrong with you all. Think about it. If not for him and others having a passion for the sport and love for the track it would have closed years ago. Think about it before you criticize someone who got screwed by track management once again
The guy was stupid enough to give Eames money period. Move on pizza man! !!!
Before the end of 5775.
“In a world that only cares about money, there is no room for racing…”
Bill France Sr never thought that. He didn’t start NASCAR because of some altruistic
reason. He saw it as a way to make money.
Ed like everything else in connecticut all screwd up
Brian, creditors are paid in order, first lien holder gets paid first, whats left rolls over to the next lien holder and so on, if you are last in, you’re last out…that’s the way it works. To those asking why Mr. Demuzzio didn’t bid it’s because for him to get any money he would have had to bid high enough to pay off every one ahead of him in the LONG list of lien holders, then someone would have had to out bid him, and if no one did, then HE would own the property but would still be out his money, as it is now part of the purchase price.
Where were these people and the courts when Terry didn’t follow through? If I loaned 100 bucks to someone tomorrow I’m not waiting 6 years to collect on it. He was supposed to follow through with court directed obligations. He didn’t.. so how could you stand in the back ground and then cry foul? Where were you investors prior to the auction? Simple question.
I don’t understand the logic some people have in saying “Why wasn’t he there at the auction to bid?” Why on earth would he be? He invested $250k into the facility as a business venture to help keep it alive, what reason would he have had to put up an additional $1.5 million in a foreclosure auction to keep that facility that obviously bit him financially? I won’t say I’m educated about this kind of procedure, but people make bad investments take place all the time and often the investor doesn’t get to recover his/her assets. Whether this is the case or not, I don’t know. I can see both sides of the spectrum: him wanting his day to try to get that money back, and on the other side that seems to be so popular in saying “You took a chance and came up empty handed, sorry, move along.”
Nevertheless, I’m in full hopes of the Speedbowl getting back on its feet and racing in 2015, but there’s obviously proceedings that need to take place first and like the article says “Let it run its course.”
Tony, Mark above explained it perfectly . Dont try to educate illiterate people it just won’t happen ! Look we had 229 people where I live vote for a guy that wasn’t even running for gov anymore. What is it they say ” you can’t fix stupid”
Sit back n wait..much more to come n not everyone is gonna be happy BUT we will hv a racetrack SAYING NO MORE STAY TUNED..
Shawn any new word on when Bruce can get started on HIS new speed bowl plans
Brian,
Check the story from Monday’s court appearance in New London for that info.
Just a guess but what Kimmy knows sounds like is that Terry is still going to be in the picture…… Because I would think if Terry was completely out, most people would be very happy.
Shawn –
Why no opinion pieces since November?
Rafter,
Probably see more now that racing season is starting. These days though, social media has really changed the game as far as column writing. Sometimes it’s not worth the headaches it makes for.
Thanks for asking this, Rafter, and answering it, Shawn. I was just wondering the same thing yesterday.