Bank requests ‘immediate and exclusive custody’ of Rockingham Speedway

S.T.A.R.S. Radio
@stars-radio
10 years ago
514 posts

The Finley Group expected to take control of The Rock on Sept. 25
Owners Hillenburg, Silas owe more than $4.5 million

ROCKINGHAM Thanks for the memories, Rockingham.

The Rockingham Speedway has taken another step towards being a part of racing history as attorneys for track co-owners Andy Hillenburg , of Harrsburg, N.C., and Bill Silas, of Stuart, Fla., are due in Richmond County Superior Court later this month.

Attorneys David M. Schilli and Brian L. Church, represent the Salisbury bank Farmers and Merchants. The bankowns the note on the loan. According to court records, Hillenburg and Silas owed $4,532,796.23 as of Aug. 8. The parties are due in court at 2 p.m. Thursday, Sept. 25. Both Hillenburg and Silas, who together own Rockingham Racing Park LLC, were served on Aug. 28.


On behalf of Farmers and Merchants, Schilli and Church have asked for a temporary restraining order to prevent either Hillenburg or Silas from accessing the property at 2152 U.S. Highway 1 North. If the attorneys motion is granted, Michael W. Smith of The Finley Group will be take control of the speedway and all its assets as managing agent. Smith would, among other things, be authorized to put the property up for sale.

The speedway is situated on 244.24 acres. The land alone is valued at about $2.5 million.

According to court records, Smith is a member of the North Carolina Motor Sports Association and is familiar with any process that goes along with potential liquidation.

The motion for a preliminary injunction requests of Judge W. David Lee to grant a temporary restraining order, appoint The Finley Group as managing agent and authorize the managing agentto take immediate and exclusive custody.

Hillenburg and Silas purchased the track for $4 million in 2007 from Speedway Motorsports Inc. at an auction that had fewer than 10 bidders. Hillenburg worked as the on-site manager to build and promote the sport of racing. NASCAR abandoned the track in 2004. Hillenburg worked to bring lower-tier racing back and, in 2012, brought back

This photo, taken from RockinghamSpeedway.com, shows an aerial view of the former NASCAR championship track.

This photo, taken from RockinghamSpeedway.com, shows an aerial view of the former NASCAR championship track.

According to WRAL.com, North Carolina Motor Speedway merged with Penske Motorsports in 1997. The track was renamed North Carolina Speedway and held two NASCAR Nextel Cup races a year through 2003. In 2003, the speedway was sold to International Speedway Corporation. One of its Nextel Cup races was given to ISCs California Speedway. The track held its last race in 2004 before Hillenburg took over management.

In the interim, the speedway had been as a testing track and often a movie set. Scenes from Talladega Nights: The Ballad of Ricky Bobby and Days of Thunder were shot at the speedway.

The final blow to Hillenburgs efforts might have come in October 2013, when NASCARs Camping World Truck Series schedule was released sans Rockingham. One month earlier, NASCAR officials announced the the K&N Pro Series East series in November 2013 had been canceled.

In the news release, a NASCAR official provided a telling but vague description of what the Rockingham track lacked: The track failed to meet its obligations and we were forced to terminate the sanction agreement.

Details on what obligations were not met need were released.

In the book Rockingham Speedway , published in 2013 and written by Rick Houston and Bryan Hallman, the authors recounted the rich championship tradition of the speedway, which opened in 1965.

The legendary Curtis Turner made his return to NASCAR with a victory in the tracks inaugural event in 1965, while local favorite Benny Parsons clinched the 1973 championship here. A 1994 victory at Rockingham clinched that years NASCAR championship for Dale Earnhardt. It was his seventh title, tying Earnhardt with Richard Petty for most in the sports history.

http://peedeepost.com/latest-headlines/2014/09/bank-requests-immediate-and-exclusive-custody-of-rockingham-speedway/


updated by @stars-radio: 12/05/16 04:00:58PM
Devin
@devin
10 years ago
619 posts

Saw this earlier this evening. Sad news...

Dave Fulton
@dave-fulton
10 years ago
9,137 posts

Here's the lady Jeff Gilder can call after next Friday to pay off the Rockingham Speedway debt and take it over for the pleasure of RR members:




--
"Any Day is Good for Stock Car Racing"
Dave Fulton
@dave-fulton
10 years ago
9,137 posts

Better days at Rockingham:




--
"Any Day is Good for Stock Car Racing"
Jay Coker
@jay-coker
10 years ago
177 posts

Betcha a donut Ann Eidson has never heard of NASCAR, much less been to a race in her life.

Dave Fulton
@dave-fulton
10 years ago
9,137 posts

Update on Rockingham's troubles from the local Richmond County Daily Journal :

Rockingham Speedway faces foreclosure or owner auction

Last updated: September 19. 2014 11:09AM


Daily Journal file photoFans watch a NASCAR Camping World Truck Series race at Rockingham Speedway in 2012.

ROCKINGHAM A bank has taken control of the Rockingham Speedway as foreclosure proceedings against the owners work their way through the court system.

Superior Court Judge David Lee issued a temporary restraining order on Sept. 8 that turned the track over to Salisbury-based Farmers and Merchants Bank and its managing agent, the Finley Group. Co-owners Andy Hillenburg of Concord and Bill R. Silas of Stuart, Florida, are accused of defaulting on a $4.2-million loan.

Hillenburg, a former race driver, says hes still trying to reopen Rockingham Speedway, prompting speculation that he may sell the track to avoid foreclosure .

I dont know yet, but Im still working on some stuff, Hillenburg told the Daily Journal on Thursday. I have two meeting over the next two weeks to talk about some things. I cant really say too much about what Im doing. But Im still trying.

The restraining order gives the Finley Group immediate and exclusive custody, control and possession of the property and the post-order rents. Hillenburg and Silas were required to deliver all locks, keys, combinations and security codes to the managing agent.

Hillenburg and Silas bought the track at 2152 U.S. 1 north of Rockingham in 2008. They still owed more than $3.7 million on the $4.2-million loan in December 2012, when court records show he and the bank agreed to changes in the loans term.

Rockingham Speedway has not hosted a NASCAR Sprint Cup series race since 2004. After Hillenburg and Silas reopened the track, NASCAR held a Camping World Truck Series race there in 2012 and 2013.

The owners had been pursuing a forbearance agreement that would allow them to sell the speedway at auction rather than having the property foreclosed on, according to emails from their attorneys included in court filings.

From what we are hearing, various auctioneers have indicated that they would not be surprised by a bid in excess of $5 million for the raceway, Silas attorney Allen Armour wrote in an Aug. 12 email. Accordingly, the Silas members feel that it is in the best interest of all parties to start the auction listing process as soon as possible.

Attorneys correspondence in the court file names Iron Horse Auction Co. of Rockingham as the preferred auctioneer. Iron Horse is owned and operated by Tom McInnis, a current Richmond County school board member and a candidate for state Senate.

Hillenburg said he couldnt discuss sale or auction plans Thursday.

I cant answer those questions right now, he said. If I do talk, it could endanger the two different things Im working on.

Visit YourDailyJournal.com for updates to this developing story.




--
"Any Day is Good for Stock Car Racing"