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Post by Dave Schultz on Nov 8, 2010 8:55:13 GMT -5
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Post by fastdiesel on Nov 8, 2010 16:20:25 GMT -5
Heard today, Dover pulled the plug on "the" (alleged) impending deal, at the last minute. Guess they really don't want to sell it. THEY JUST WANT TO TEASE US! I don't see "absolute", "reserve", etc., in the auction info, so it looks like another "non-committal", "whishy-washy", tease, to me. Dover, fish or cut bait, poop or get off the pot, the place can't stand another year of vacancy....mother nature will do her in! At this rate, we'll be having a Memphis Motorsports Reunion at Holly Springs in a few years.  |
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Post by fastdiesel on Nov 8, 2010 21:28:44 GMT -5
More deails on auction (from the midsouthracers.com website). Hope it's not just another Dover tease... This exchange if from Glen, former MMP announcer.
Hey Gang,
Haven't posted on MSR for a while but was excited to see the auction of MMP approaching.
Like many others, I began to dig into the auctioneer’s website for details on Dec 14th. I was saddened to see this is not currently scheduled as an absolute auction. As such, I emailed the auctioneers representative listed and he has provided a much hoped for answer.
Here is a bit of our email exchange...
Question:
Is property being represented as its former use and future potential with similar usage?
Answer:
The property is being advertised as a former NHRA and NASCAR facility. We will be offering the real estate in two separate tracts – the western portion with the oval track and the eastern portion with the drag strip and road course.
Bidders may bid on either tract or both. There is no minimum bid, but the seller reserves the right to reject any or all bids for the real estate.
The high bidder(s) will purchase the real estate “As Is” with no warranties, no contingencies, will have thirty (30) days from the auction date to close and will pay 10% of their bid amount as a non-refundable deposit to guarantee closing.
The personal property will be sold one item at a time. It will be some time before we have a complete listing of those items. Once we do, we will post it on our website.
These [personal property] items will be sold absolute and will not be offered as a package.
Question:
Noting the lack of Absolute Terms on the real estate, does seller intend to have representatives at auction to accept or reject offers?
Answer:
Yes, the seller representative with yes or no authority will be at the auction.
They have made it clear that they do not want to own it after the auction and I assure you that it is their intent to sell the property.
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Post by slingshot383 on Feb 13, 2011 11:50:42 GMT -5
As you should know by now, Memphis has been sold and will run under the IHRA banner, and will open in April, and will have a Nitro Jam event this year. The PBIR group is also interested in some other midwest properties.
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Post by Dave Schultz on Feb 14, 2011 11:36:35 GMT -5
Yup that news was posted elsewhere in this forum -- but that you for updating this thread.
They say they're interested in Gateway -- but the bondholders, city, county and state would have to negotiate past taxes and bond settlement -- and future tax breaks. No one can afford to buy under the current Illinois tax machine.
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