The attorney representing Ed DeMuzzio, who has said he intended to appeal the approval of the foreclosure auction sale of the Waterford Speedbowl, told RaceDayCT on Monday that no appeal has been filed with the court system as of yet.
Attorney Michael Bonnano said Monday that DeMuzzio, a creditor in the foreclosure case involving the Waterford Speedbowl, is “in the midst of attempting to hopefully work something out.”
Bruce Bemer was the high bidder – at $1.75 million – in the foreclosure auction of the Waterford Speedbowl that took place on Oct. 18. The Glastonbury businessman has said he intends to continue to run the property as a racing facility.
DeMuzzio is at risk of losing $250,000, which includes about $110,000 invested in the property and about $140,000 in accrued interest, if the court approves the sale price.
On Nov. 3 in New London Superior Court, judge Emmet Cosgrove heard objections to the sale filed by DeMuzzio and his company CCI Inc.
Cosgrove filed a memorandum of decision on Nov. 14 in which he denied objections to the sale filed by DeMuzzio and approved the sale.
DeMuzzio has until Thursday to appeal that decision. An appeal could tie the case up in the courts for an extended period of time and could put the 2015 racing season at the track in jeopardy.
“We still maintain that the appeal – without other resolution – it is our intent at this time to do so,” Bonnano said.
DeMuzzio was not available for comment on Monday.
On Nov. 17 DeMuzzio said: “Nobody is making any effort to try to help out here so I’ve got to what I’ve got to do. … It’s a lot of money. If it was fifty grand I would have said ‘That’s the way it goes’ but it’s not 50 grand and it’s just totally unfair. If we could get all the players that are involved to kick in a little bit, if I could just get half, some reasonable amount, I would be more than happy. I don’t need to get all my money back, I just want it to be fair.”
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.
In his 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. DeMuzzio 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.
Arbitell said on Nov. 20 that he had no intentions of negotiating with DeMuzzio.
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.
If this guy really just wants half his money back than its pretty darn close to 50k. His initial investment was 110k. Simple math means he should just want 55k back. If he’s referring to the interest he seemingly never made an attempt to correct on, than I say go pound sand. He keeps saying it’s alot of money but he’s counting the interest. Sorry if you “really” just want half your money back than 50k should be your number. If you just feel like you got the short end of the stick, than go pound sand!!
DeMuzzio, a creditor in the foreclosure case involving the Waterford Speedbowl, is “in the midst of attempting to hopefully work something out.” So in translation, pizza man is trying to extort some money from Mr Bemer. Unfortunately, I think unless Mr Bemer gives in and pays this guy off, it’s going to be the only way this deal is going to move forward sooner,then later.
Shawn –
Under what circumstances, if any, can Mr. Bemer walk away and get his deposit back?
Rafter,
I’m not sure legally where that sort of situation could go.
How about the 2 ppl go in together if they are both involded in to racing so much. Then they can help each other on the track. And make it go places. In stead of going to court about it. We are all race fans cant we just get along to keep the race track?
It just doesn’t work that way. The judge works to get the most money out of the bankruptcy auction. Somebody always gets stiffed, and that’s just a bad investment. If the auction was nullified, maybe the next winning bid would be only half of what it is now, and more people would lose. No way will an appeal ever overturn the auction results, as the price was too close to what was owed. The cost of an appeal would set this guy back even further. Only the lawyers would make money, that’s the American way…
how about the new owner just leaves the majority of people in the same spots for next year, announces no rules changes for 2015, and allows us all to plan for 15? This isn’t going to drag out for years, the court is going to rule sooner or later. In the meantime, if memory serves me right, the old management is still in there until the court lets the sale stand and transfers ownership. Pizza guy can play chicken, but letting things play out with Terry and making the changes towards the end of 2015 gives Mr. Bemer more road to play with.
Disagree Bob G. , The old owners ran the place into the dirt, they need to go and get people into place that will operate it correctly. I for one would go back in a heartbeat if the right people were in place.
If by some miracle, Terry Eames has control of the track for the upcomimg season,Or is asked to run the place by the new owner,NO ONE WILL COME!Has anyone been payed for the final show of the year?This guy is just a bad individual as he did nothing to make good on his debts to any of the creditors.At least he could have shown some good faith and accepted responsability for miss managing the money that went through the place.i have been going there many years and sporatically over ht epast few because of being discusted with the condition of the restrooms stands and so forth.the stands are still a band aid job and the catchfence?does anyone notuice when children try to lean on it that it moves and sways?you think that will stop a speeding race car?i hope Mr Eames just goes away and coners himself with the same rock he crawled out from under!
I agree with you Bob G
You want it fixed. Arbitell hands 100000 to DeMuzzio. Says that’s our final offer. Beamer pays the 100000 off to Arbitell as a loan. If DeMuzzio disagrees, it shows you what kind of guy he really is.
Because to me right know he seems like a spiteful a$$, waiting till last minute for everything such as filing this appeal. He’s already stated that he just wants some of his money back. I’m pretty sure a 100000 loan to Beamer will not be toxic this time around.
Well there goes the tour !!OFF to Thompson speedway ,hey thank the pizza guy way to go !
if the sale doesn’t happen then mr bemer should get his money back, but that could take untill an appeal is settled, however long that takes, if one is filed
Hey, I’m not saying give him a 10 year lease. All I am saying is consider running it as is for the first half of 15, and then sort it out. Mr Pizza is tying everyone’s hands, this would give everyone something to plan to, even if it isn’t the best situation. Nobody is ever going to agree on who is the best person to run the track, or be race director, or inspectors anyway.
I’ll put up a 1000.00 to get this deal done and let Mr. Beemer move fwd. with his plans. If we get together as a group maybe Mr. Beemer would trade us a years Pass for donations over 500.00 to pay off this man. I think Terry as just a promoter with no chance to get his hands on the money for I’m sure he will not is good for the sport he should just be cautious to stay away from many racers he has burned and just promote . I will call the future owner if others are interested in my idea and see if would be interested. Long Live the Bowl. I’ve been going there since 1970 and even kissed my first girl under the stands. It’s a great place for all ages to enjoy a Wednesday,Friday or Saturday n Weekend events………
Look, the place can not be allowed to go up for auction again. All the continued acrimony has reduced the value, and hence potential sales price, even further. Creditors will only get less. Unless of course, someone is trying to make that happen so they can step in and buy at a lower price. Why would someone who is a creditor want to do the auction again?