July 12, 2009
The owners of Rosecroft Raceway filed their financial statement of affairs in bankruptcy court this week and it’s a 127-page doozy.
I won’t bore you with the details (most of it is a long list of creditors, ranging from standardbred horse owners to financial institutions) but here’s the meat of it:
- Rosecroft Raceway is valued at $9.9 million. If you remember, Mark Vogel just bought the property for a total “in excess of $10 million” so I’m guessing about $1 million or so from that deal will go toward subsidizing live racing.
- Wells Fargo (the only secured creditor) is owed: $6.8 million
- Total amount owed to all creditors: $8 million
- Total assets: $12.3 million
Here are a couple other tidbits I found worth noting.
- On May 3 at 3:30 a.m., more than $79,000 was stolen from Rosecroft when two men pried loose an ATM machine and took it. Rosecroft has a claim pending with Travelers Insurance. This was days after its simulcast signal was shut off by the Maryland Racing Commission. Talk about salt in the open wound...
Click here to access full post from "On the Record."