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Arizona Racetrack Still Sorting Through Bankruptcy

An Arizona based racetrack has filed for Chapter 7 bankruptcy and has created numerous headaches for the trustee responsible for overseeing the case. The bankrupt racetrack owes millions of dollars to the US government, among other creditors. Allegedly, the government loaned the racetrack $14.5 million to build its grounds and grandstand.

The trustee alleges that the racetrack was severely mismanaged by its former general manager and finance director and has filed a civil lawsuit against both former executives and the local farm and agricultural association board. The trustee claims that the two execs did not properly oversee the financial operations of the racetrack and failed to put strong enough financial controls in place to monitor the operations of the track, leading to this dire financial situation.

If the lawsuit succeeds, the trustee should be able to collect significant sums of money in order to repay the racetrack's numerous unpaid creditors. As things stand now, the trustee has been able to gather very few assets from the racetrack in order to cover the owner's debt.

Chapter 7 can be very confusing, which is why people are encouraged to contact a Chicago Chapter 7 bankruptcy lawyer from our team who can offer advice, resources and representation. Our Chicago bankruptcy attorneys are experienced and ready to help our clients get through the process with ease.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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