Daily Record Business Writer
March 10, 2009 12:33 PM
With the owner of Laurel and Pimlico race tracks filing for bankruptcy, Pepsi is asking Magna Entertainment Corp. to return nearly $45,500-worth of product recently delivered to Maryland tracks and others across the country.
The Pepsi Bottling Group filed a notice in bankruptcy court Monday asking for the return of products it delivered to the company’s U.S. tracks in the 45 days before the Canadian-based company — North America’s biggest race track owner — filed for bankruptcy last Thursday.
According to the reclamation demand, Pepsi made eight deliveries to the Maryland Jockey Club, Laurel Park, Pimlico Racecourse and Bowie Training Center between Jan. 29 and Feb. 20 totaling $1,583.
A reclamation demand is the right of a vendor to reclaim goods sold to a financially insolvent buyer.
Maryland tracks owe relatively little compared to other Magna properties. Pepsi is also requesting back goods delivered to Gulfstream Park Racing and Casino in Florida totaling nearly $14,500 and Santa Anita Park in California is on the hook for about $10,200 in goods.
Other Magna properties Pepsi is requesting returns from are Portland Meadows in Oregon, Lone Star Park in Texas, Golden Gate Fields in California and Remington Park in Oklahoma.
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