July 27, 2007

The following article comes from Shawn Courchesne of the Hartford Courant

July 27, 2007
It's Official: Foreclosure Auction Avoided At The Waterford Speedbowl
The Waterford Speedbowl lives on.

It came down to the wire, but the deal is done.

At 9:53 a.m. on Friday the ruling was handed down cancelling the foreclosure auction that had been scheduled for Saturday at the track at noon.

Terry Eames, who leads the group that owns the track confirmed, that his group has completed their refinancing efforts and they are free of any commitments to Washington Mutual Bank, which was attempting to foreclose on the property.

"It’s a lot of relief right now," Eames said. "Over the last couple days it appeared it was coming together as to the plan but I’ve learned never to take anything for granted. I finally felt like I was able to relax [Thursday evening]."

Eames and his group had until 5 p.m. today to secure a deal to save the track property from going to auction.

Eames has secured a new mortgage from the property from two private individuals.

More to come later.

Shawn Courchesne, 12:11 p.m.

http://blogs.courant.com/autoracing/2007/07/its-official-fo.html#more

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