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March 10, 2019...A Movieland Speedpark Auction Update !!!
THERE WILL BE NO AUCTION!!
Approximately 10 days ago, the commercial lending firm that had agreed to do a $300,000 new 1st mortgage for me on the Chandler Raceway, after reviewing the 214 page Phase1 Environmental Report, saw some things in the report that raised some questions in the minds, and requested I do further study in the form of a Phase 2 Report.
After a lengthy discussion with my lender, and my objections with their concerns in the Phase1, it became apparent to me that there would not be enough time to finalize funding and pay off the lien to cancel the Sheriff's Sale. Toward that end, I've chosen not to incur the expense of a Phase 2 and the extra time that would require. As a result, my lender withdrew their loan commitment and I'm going to take advantage of the law to save the Chandler Raceway.
So...I'm going to do what General Motors, Macy's, President Lincoln, Walt Disney, and Henry Ford have all done before me. Presleyland Speedpark, LLC, is going to file a corporate CH 11 reorganization plan in Federal Court on the 19th which will bring to a dead stop the auction scheduled on March 20!
Prior to making this decision, I reached out to the attorneys representing People's Bank (the current 1st Mortgage holder) and SEG (the judgement creditor with the lien against Kevin Baesel, Jr, which is atttached to my property). I had previously reached out to Mark Hendrickson at People's Bank but he wouldn't take my call. Lastly, I reached out to Stefan Frame, the owner of the grinding company.
My message to all of them was to show community support by voluntarily cancelling the auction, and allow me one year to operate the Chandler track, establish a record of cash flow and a profit and loss statement, and then refinance the property at the end of racing season with a local bank.
I explained how this would be of great public relations benefit to each of them by honoring Harold Baker's 44 years of service in keeping the Chandler Raceway operating.
As an act to show my sincerity in my request to have them voluntarily cancel the Sheriff's Sale for 12 months, I offered to sign over the deed to the property to them which would be held in escrow. In the highly unlikely event I didn't retire their two liens at the end of 365 days, then the property would revert to them. Escrow would record the deed, and ownership would revert to the bank and grinding company.
Unbelievably, greed seems to be their only care. I wasn't even given the courtesy of a response by any of them. None of them apparently could care less about keeping the 55 year old historic and iconic Chandler Raceway continuing as a motorsports facility, and they want the auction to continue.
People's Bank has been in existence since 1895. Waiting a year for their 60K, which I offered to pay interest on at 8% APR, would not break the bank.
The owner of Southeast Grinding Company (SEG) told me once in a telephone call that he makes $10M a year, and suing Mr Baesel, Jr, was just principle for him. He said he didn't care about the money.
WELL...NEWS FLASH...I DO CARE ABOUT THE FUTURE OF THE TRACK AND I'LL DO WHATEVER I HAVE TO DO TO SAVE IT! PERIOD!
So if your planning on racing at Movieland Speedpark in Chandler in 2019, and in 2020, and every year thereafter to 2075, keep your plans in place. By 2075, I might be ready to do something else and might consider selling it. Emphasis on "might".
That's your update my friends.
Let's get ready to race!!!🏁👍🏁
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