Speedway hits wall; owners to auction
Ten months after filing for bankruptcy protection, the owners of the Kentucky Lake Motor Speedway will put the track up for auction.
------------------------------------------------------------------------ --------
Brian Peach [email protected]--270.575.8603
------------------------------------------------------------------------ --------
CALVERT CITY, Ky.
Kentucky Lake Motor Speedway will be auctioned after continuing financial problems that led to bankruptcy.
Keith Greer, co-owner of the speedway with his son Dwight, said Wednesday that the tentative auction date is July 22. Racing has continued there although the business has been for sale through Caldwell Realty since September, when the Greers filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Paducah.
The auction, listed under "upcoming events" on the Web site of auctioneer J.P. King and Associates (www.jpking.com), will not have a minimum bid, Keith Greer said.
"Whatever she brings, she brings," he said. "We're going to get rid of it one way or another. We've got too much to do, and we've got to get rid of debts."
Most of the debt is owed to the Bank of Benton, Keith Greer said. In February 2002, the bank filed a foreclosure suit in Marshall Circuit Court to recover almost $2.8 million in debt. Greer said the dispute has been resolved, but Betsy Hudson, executive vice president of the bank, said she was "not at liberty to discuss" any money the Greers owe the bank.
The suit originally sought to foreclose on six defaulted loans, the largest of which was almost $2.7 million.
Hudson said she recently spoke with the Alabama-based J.P. King because the auctioneer was trying to better understand the Kentucky Lake area, including the tourism perspective. Greer said the auction manager also recently surveyed the business.
The speedway, which draws more than 100,000 people annually, has drawn interest from many non-local potential buyers including NASCAR drivers Tony Stewart and Kenny Schrader, but nothing has been finalized, Greer said.
"We never got anything on paper," Greer said. "We've chased this thing around like a dog chasing his tail, but they never did sign up.
"When you put it under the hammer, it's do it now or get off the pot."
Ten months after filing for bankruptcy protection, the owners of the Kentucky Lake Motor Speedway will put the track up for auction.
------------------------------------------------------------------------ --------
Brian Peach [email protected]--270.575.8603
------------------------------------------------------------------------ --------
CALVERT CITY, Ky.
Kentucky Lake Motor Speedway will be auctioned after continuing financial problems that led to bankruptcy.
Keith Greer, co-owner of the speedway with his son Dwight, said Wednesday that the tentative auction date is July 22. Racing has continued there although the business has been for sale through Caldwell Realty since September, when the Greers filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Paducah.
The auction, listed under "upcoming events" on the Web site of auctioneer J.P. King and Associates (www.jpking.com), will not have a minimum bid, Keith Greer said.
"Whatever she brings, she brings," he said. "We're going to get rid of it one way or another. We've got too much to do, and we've got to get rid of debts."
Most of the debt is owed to the Bank of Benton, Keith Greer said. In February 2002, the bank filed a foreclosure suit in Marshall Circuit Court to recover almost $2.8 million in debt. Greer said the dispute has been resolved, but Betsy Hudson, executive vice president of the bank, said she was "not at liberty to discuss" any money the Greers owe the bank.
The suit originally sought to foreclose on six defaulted loans, the largest of which was almost $2.7 million.
Hudson said she recently spoke with the Alabama-based J.P. King because the auctioneer was trying to better understand the Kentucky Lake area, including the tourism perspective. Greer said the auction manager also recently surveyed the business.
The speedway, which draws more than 100,000 people annually, has drawn interest from many non-local potential buyers including NASCAR drivers Tony Stewart and Kenny Schrader, but nothing has been finalized, Greer said.
"We never got anything on paper," Greer said. "We've chased this thing around like a dog chasing his tail, but they never did sign up.
"When you put it under the hammer, it's do it now or get off the pot."