Bluegrass Motorsports Park

Monte, this is in no way meant as a shot to you, but when customers have to wait to hear the information second-hand, and the owner can't even get back to customers within 24 hours, it's a lost cause.

We continuosly hear about "happenings" but a simple drive by and a fence hop shows that the acclaimed mecca is now nothing more than a wildlife refuge. The guy could at least update his website.

 

well at least there would be some kind of update...

 

Well... yeah

 

get it right Munky..

My .02 on the subject, they money coming in for the project will only be repaid once its finished, you'd think investors would realize this at the time. To make money, you have to FINISH the track first.. you cant halfway build a track and expect to get money out of it. The longer it goes unfinished, the worse the debt becomes.

 

If you repost that in ENGLISH, I'll be happy to address your question as best I am able.

 

Anyone heard anything, or is it dead?

 

Where's the latest satelite photo of the "long grass"?

 

There are crickets in the long grass this time of year.. Quite peaceful

 

Check back here around next wed or thursday.

 

Spill the beans Monte

 

maybe its going to be re-named Bluegrass Supermotard park.

 

That's funny stuff there ... LOL

 

Maybe they're shootin for 2011.

 

i like the sound of a dual sport play ground

 

You and your bolt cutters will have fun on that track.....coming from a guy that has his own exit off a major highway!!! :wow:

 

I'd like to see the construction company buy it, that way it'll at least get finished.

 

Why would a construction company want to own a race track?? That makes zero sense... If they wanted to be in the race track business they'd have built a few. They're a large project contractor and they have this thing in their business model about getting paid for work they do.. pesky details.

In the most simple terms here is what happened.

1) Bank committed to a loan package.

2) Owners started project with a couple of mil or their own capital as equity

3) Const Co started project as well with the loan commitment guarantee

4) Bank reniged on the loan due to economic conditions

5) Unable to pay Const Co the owners were forced to halt the project at the current stage

6) Bank loan package contained a covenant not to sue and mandatory arbitration which states borrower cannot sue for damages.

7) Const Co decides that THEY will go after Bank because they were (allegedly) misled by bank and suffered because of Bank... Bank decides (along with advice of council) that they are going to take it in the pooper and very likely end up paying damages in a law suit.

8) Bank issues new loan package with new demands for collateral and slight modification in terms

9) Owners group moves to comply with new loan packages and does so which requires the sale and of certain assets to shore up cash position and increase liquidity

10) Owners are now negotiating with Const Co to pay past due amount and fees (interest and legal fees) and the amount to finish the project to operational status. This is in it very final stages right now and when agreement is reached bank starts issuing checks.

11) I was given permission to share this publicly.

 

thanks monty....never imagined a loan package would have a covenant like that....guess you have to read the fine print. i feel for the owners. they have built this during one of the largest banking crisis ever seen. i am glad they are being persistant and look forward to riding this track.