A court date in the ongoing foreclosure proceedings involving the ownership of the Waterford Speedbowl has been pushed back from Oct. 23 to Nov. 20.
In September, Rocco Arbitell, a principal involved in the case, said he had been told that an auction date for foreclosure on the Speedbowl property would likely be set during the Oct. 23 hearing.
Arbitell is part of a group of creditors still owed money from a debt reorganization plan arranged through state bankruptcy court.
The group moved to have foreclosure action retaken against the Speedbowl ownership and that action began in March.
The State of Connecticut Judicial Branch lists the plaintiffs in the action as Rocco Arbitell, Peter Borelli and the Committee of Sale.
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.
Arbitell said in September that he thinks Eames will somehow stave off a foreclosure auction again.
“I still believe Terry will come up with the money somehow,” Arbitell said. “I think he’ll find a way somehow to get out of the mess, he always has before.”
Eames has said numerous times over the past three months that he doesn’t expect the issue will reach the point of a foreclosure auction.
—- Follow RaceDayCT at Facebook
—- Follow RaceDayCT on Twitter
—————————————————————
I hope he does, we can NOT afford to lose another track…they arent making any more of them…show your support!
Seriously.. who in their right mind would bail Terry out and leave him to run the place? You might as well burn your money or send it to a nigerian national bank to help some orphanage. Heck he couldn’t pay his drivers at the end of last years race and did anyone notice that over 1/4 of the stands were condemned by the town for the whole year. Someone will win at the auction.. I keep on hearing rumors like CL-P, Costco and Gander Mountain Outfitters but who knows.
What would a fair market value be for the track in todays economy?
Rumor has it that Terry has a new partner to help him keep the track. There is also a group of guys working together to buy the track at auction if Terry’s plan backfires. These guys want to keep it as a racetrack.
Sad.. Thompson and now Waterford ???
I predict Terry will somehow keep the track himself. CL&P keeps coming up because they use the parking lot during major storms and they have to pay Terry for that. That’s what I’ve heard anyway. Sucks if the drivers’ didn’t get paid for last years final but they must have a pretty short memories because the car counts were pretty good this year. And will only get better with Thompson only having 7 races. Either way there are people with money that are ready to take over if any deals fall through. That’s what I’m hearing.
I love all the “rumor has it” and “this is what I heard” comments. Look, most of that info has been documented and was put out over 3 weeks ago. Pay attention. There absolutely is a contingency plan in case Terry is not able to stave off the auction.
• Arbitell said he and Borrelli, in association with “some other people” plan to bid on the property if it goes to auction although Arbitell sincerely believes it will not. “I still believe Terry will come up with the money, he will make a deal with someone and the track will continue,” Arbitell said. Eames agrees with that statement. “I am confident that I will continue (to run the Speedbowl), but I can’t speak on the details,” Eames said. “I’m confident I will be operating the Speedbowl for the foreseeable future.”
Well if Rocco is that confident that Terry can run the place and make a profit why did he take him to court and brin it this far?
terry,dont worry there is plenty of racers out there that have deep pockets ,paul newcomb ken rego just to name a few , like we said dont worry.
Take notice of Bethel speedway thats the way to do it. The track is Clean, no favoritism rules that apply to everyone and family oriented. Wake up before it’s gone new ownership is the answer. Time for a change!