No Date Set Wednesday For Foreclosure Resolution Involving Waterford Speedbowl

Waterford Speedbowl owner Terry Eames said no auction date was set during a hearing Wednesday involving the foreclosure proceedings surrounding the shoreline race track.

Speedbowl-nightEames said nothing was resolved in court on Wednesday.

“The lawyers conferred over some technicalities,” Eames said.

Eames said the next court date has not been set in the proceedings.

In late September Rocco Arbitell said he had been told by his lawyer that an auction date for the facility should be set during an upcoming court proceeding. He expected that to come in October.

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 he in September that he believes Eames will somehow stave off a foreclosure auction again. Eames continued to express confidence during the 2013 racing season the issue would be resolved before any auction takes place.

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  1. justwanarace says

    Are you serious, i would say this is only postponing the inevitable. I guess they must be allowing more time to run the place into the ground. How’s this for thought pay your bills, pay the competitors and start taking some of the cash and putting it back into the track!!!

  2. Whatever anyone thinks about Terry, it does not matter. Lets just hope he can do what needs to be done to keep Waterford running. It is a great little track and it would be missed if it were gone.

  3. The Waterford Speedbowl is far from perfect, but it is indeed a great little track, and tickets for most events are very reasonably priced. Hopefully someone will be able to keep it running in 2014 and beyond.

  4. Paul Hardwick says

    Is there going to be racing at the Waterford speedbowl in 2014? Nobody truly knows the answer to that question. With that said, I think it is extremely dangerous to invest money in season passes for a season that might not exist. I know a lot of racers received their checks from the last event that bounced and I’ve even heard that the late models and modified’s still haven’t received their check. Now I hear that Terry is going to throw together a banquet for the drivers that he didnt pay? I’m sure the racers want to get together this off-season, but should they really have to buy their tickets if they haven’t been paid for their last race? There has been alot of people who have helped Terry along the way with their support of the racetrack and with their finances, only to find that he doesn’t even pay the people who support him, the drivers. He has dodged having to pay all of the mortgage holders . Ever since he was loaned the money in 2008. How has he gone this long and not paying any of his bills. He is on vacation after vacation and living the high life at everybody’s expense. Who is going to be the next sucker to try to bail him out? What if the place goes to foreclosure before the season get started? What if it goes to foreclosure in the middle of the racing season? I don’t understand why the people who support the place don’t just hang on to their money for right now and pay week to week. You won’t see me at the banquet and I don’t know if I will ever go back to the track again while he is taking our money for his own pleasure. Will somebody please try to get him out of there and put somebody in there that really cares for the sport and not for their pocket. I have heard from alot of people that CL&P wants to buy the place, I have also heard that Rocco Arbitell would like to own it. He is the one who is owed most of the money. Why doesn’t somebody get his opinion on whether or not he really wants it or when the foreclosure might actually happen?

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