Bank request's immediate custody of Rockingham


I need to think of something new for here
Jan 13, 2014
Bank requests ‘immediate and exclusive custody’ of Rockingham Speedway
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 bank owns 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 agent to 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
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