https://www.ocala.com/news/20190528/...es-foreclosure
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The tracks response on fb. Somebody's not telling the truth!
The track is not in danger of closing or Foreclosure. The article posted has many errors right down to if you call the track our next event is June 22 wrestling and fireworks we’re looking forward to amazing season and more to come. Join us!
Wouldn't ya' know it!! We're completely set up with lodging for 2020 Florida Speedweeks with a place about 1/2 way between BRP and VSP. Just our luck BRP will not be operating at all by then and USAC and Lucas Oil Late Models won't be racing there in 2020! Bout all we can hope for is that someone takes the place over and keeps it operating as a dirt track.
I don't know how this type of litigation works but common sense would indicate that someone is going to have to come up with some serious cash to be able to take over the operation of the place. The pending lawsuit is a monetary problem, as well.
Foreclosure. Bank sells for pennies on the dollar to recoup some money. Someone new gets it and takes over.
I'm not disputing your take on what might happen but again, common sense would dictate that the bank will hold out for as much money as they can for as long as they can which could go well past 2020 Speedweeks. It's been our observation that those banking institutions are generally not deterred by time constraints and when a lien is placed on property they're much like a pack of pit bull's.Quote:
Originally Posted by MasterSbilt_Racer
The negligence lawsuit regarding a driver that was burned could be quite another set of legal circumstances that could impact change of ownership.
I know Bubba and Tony are pretty close at least because of his son, so I'll be surprised if Tony takes over the ownership. He may be a silent partner now, no one really knows.
Looks like Bubba has a difficult time keeping his nose clean!
and keeping his wives .....happy! :)Quote:
Originally Posted by jog49
Banks don't like to own property. Carry costs are bad for business. He may not even owe much compared to the property value. Auctions are held to get rid of property quickly. Not to try and get every dime you can.Quote:
Originally Posted by CIRF
The biggest delay from foreclosure to resale is usually the court process. Could 2020 be in jeopardy? Possibly. But, Ocala Speedway isn't located on commercially valuable land. I would expect it to continue in the near future, with or without Bubba Clem
I not a fan of the sponge, he appears to be a smidge in over his head running a successful racetrack.
Shocking radio crap and all that.......he has that nailed, I guess.
We could always rename the Wild West Shootout....Speedweeks and ya'll come out here!! Lol
I have little to no knowledge of how mortgage foreclosure proceedings go, and I want to keep it that way. Unless, of course, we have a chance to cash in on a parcel of property that can be of benefit to us personally or to our business. I am aware that banks don't relish having real estate holdings that have been foreclosed on. Like you indicated, the foreclosure litigation could be the factor that muddles and slows down the process.Quote:
Originally Posted by MasterSbilt_Racer
The Florida zoning laws and red tape are somewhat familiar to us since we have family who own a business in the Daytona Beach area. We're clear enough on that part of the real estate game in FLA that we know that can be a veritable nightmare! How that might apply to this situation is again, beyond our realm of knowledge.
Bottom line is we really hope 2020 Speedweeks goes off like is has for about the last 10 years!
Quote:
Originally Posted by ZERO25
http://www.4m.net/showthread.php?390...ighlight=bubba
This story reads like the same news story from several weeks ago... I didn't read a single new piece of info. This maybe be a newly published article, but its old news. Try Vetting your info before posting, instead of following in CNN's mold of report first no matter what. It would seem that people today get such a kick out of trying to be first or #MeToo'ing on every topic that they hastily post things trying to illicit clicks and what not. I'm not saying I'm supportive of Mr Bubba, if he owes taxes and is behind in his payments, liens and foreclosure is what happens next, that's life. This whole post, it would seem, is a #MeToo effort following the announcement yesterday of Friendship & Swainsboro. Why? Why the need to #MeToo on something negative like track closings?
Before posting an ignorant reply, try reading the article posted. That was published a couple days before I posted, by the tracks local paper!Quote:
Originally Posted by Highwayman
That's my favorite local track, I would NOT relish its closing!
You musta run off the highway of hate into the ditch, highwayman!...Get a life!