IRWINDALE SPEEDWAY "Will Re-Open April 26th "

[INFO]

UPDATE
http://www.dragzine.com/news/irwinda...en-april-26th/





(FORMULA D RESPONSE) IRWINDALE SPEEDWAY CLOSING?? l

“There has been recent news regarding the status of Irwindale Speedway. This situation is still very fluid and there is nothing definitive on the future of the facility or Formula DRIFT’s event there. There are rumors ranging from full closure to “business as usual” with changes only to staff and their in-house NASCAR and drag racing events, again nothing is definitive. The current issue from what we understand is between the facility operators and the property owners. Formula DRIFT will be monitoring the situation at Irwindale and will provide updates via our website and social media channels. As we have proven in the past, no matter what happens, Formula DRIFT will be prepared.”

- Jim Liaw, President and Co-founder of Formula DRIFT

IRWINDALE SPEEDWAY Appears to be CLOSING ARTICLE
http://www.dailynews.com/ci_19947701?IADID

[Slapshotnerd]

The Pasadena Star News site has some comments from a 'resident' about how she's glad it's closing down due to the noise pollution.

http://www.pasadenastarnews.com/sports/ci_19947533

It blows my mind that people can be so narrow minded to want to run out businesses just to enjoy their 'peace and quiet' (even though there are noise ordinances anyways, and the track is next to 2 busy freeways).

[Dori Star]

Damn, lots of memories here including the first official "drift" event in the u.s. (rsr drift festival)

Hopefully they are just changing ownership, there's money to be made, they just have to find someone who's good at marketing.

[Lifer]

This is where it started and this is where it will stay.
The House of Drift will never go away.
That place means just as much to me both as a driver and a fan.

[jennypchiu]

No way.... I don't wanna believe it.........

[Bebop]

I heard from a worker back in oct that the track was "about to go through major renovations"

Looking back I wish I woulda started that rumor so this one didn't get out of hand.

Dont worry folks

[Cavi Mike]

Kinda hard to deny it when they're tearing the place down.

[stedriftward]

Drove by there today. Sign is off I don't think I've ever seen that sign off

[midnight run]

hey look at this

There are four buildings on the Irwindale Speedway property owned by Nu-Way Industries valued at an estimated $31 million, according to documents obtained from the Los Angeles County Treasurer and Tax Collector.

A phone message left with Nu-Way Industries in Arcadia was not returned.

Mike Atkinson, the chief steward at Irwindale Speedway, said news of the bankruptcy was a surprise.

"I didn't know there was a bankruptcy until yesterday," Atkinson said in a phone interview on Tuesday. "I wasn't informed of anything. Things are up in the air, but I'm trying to stay positive thinking."

Atkinson added that the owners of the property want to continue racing at Irwindale Speedway.


..........The Formula Drift Series also had a date scheduled at Irwindale Speedway in October. According to John Pangilinan, the media director with the series, Irwindale Speedway has not contacted them about honoring the race date.

http://espn.go.com/los-angeles/story...les-bankruptcy

[Slapshotnerd]

Originally Posted by midnight run

..........The Formula Drift Series also had a date scheduled at Irwindale Speedway in October. According to John Pangilinan, the media director with the series, Irwindale Speedway has not contacted them about honoring the race date.

Irwindale probably also hasn't contacted Formula D about cancelling the race date.

Word on the street is that there's likely a new management company that will be hired to run the speedway, and everything will sort itself out in the next 3 to 6 months. From what I've heard, FD has confidence that the speedway will be back to business-as-usual before the end of the summer, and doesn't feel that their date in October is threatened.

Read the press release again...

"Irwindale Speedway has cancelled the 2012 racing season."

Guess what season that is? That's the season of NASCAR style races that had a championship points system. The same season that was shortened by 2 races last year. Not private rentals for TV filming, not the LA Racing school (who said they will continue to operate business as usual), and likely not Formula D.

Reading that bankruptcy document, it looks like the biggest cause of the bankruptcy are 3 personal injury claims (1 for $150k, and 2 others of undisclosed amounts). $331k of outstanding debt, nearly half of which is owed to 1 party.... I don't know about you, but that's a very very minimal amount of money for such a huge property. It's not uncommon for people to file bankruptcy after a major lawsuit to avoid paying the damages. Remember, Irwindale Speedway was an LLC which was independent from the actual racing facility (which is owned by Nuway Industries). If the LLC files for bankruptcy, the litigant can't place a lien against Nuway Industries since they weren't associated with the original claim.

Sounds like a game of cat and mouse. If Vegas had betting odds, I'd put $20 on the October Irwindale event happening.

[INFO]

Irwindale Speedway LLC leased the track and offices from a company called Nu-Way Industries Inc. in Arcadia. Jim Mnoian, the president of Nu-Way Industries Inc., said he would like to find a company or group to take over racing operations at the track and resume racing as soon as possible.

http://hometownstation.com/index.php...orts&Itemid=45

[Slapshotnerd]

See?

the race track isn't getting demolished. Just the current management team.

[Piner]

Thats good news, I was really sad when I first heard about this.

[INFO]

Landowner: About 20 parties interested in leasing or buying Irwindale Speedway

Read more: http://www.pasadenastarnews.com/news...#ixzz1md9COFQ8

[Slapshotnerd]

Originally Posted by Slapshotnerd

$331k of outstanding debt, nearly half of which is owed to 1 party.... I don't know about you, but that's a very very minimal amount of money for such a huge property. It's not uncommon for people to file bankruptcy after a major lawsuit to avoid paying the damages.

hmmmm.....

From the article - http://www.pasadenastarnews.com/news...#ixzz1md9COFQ8

The track had $4.96 million in gross profits in 2010 and $4.36 million last year.

that's less than 10% of PROFITS.... Someone made a ton of money, stuffed it in a bank account, filed bankruptcy to avoid paying out on a personal injury claim, and laughed all the way to an exotic destination. If I were a former employee of Irwindale Speedway LLC, I'd be calling for legal investigations for embezzlement.

[ruddyrid]

Originally Posted by Slapshotnerd

hmmmm.....

From the article - http://www.pasadenastarnews.com/news...#ixzz1md9COFQ8



that's less than 10% of PROFITS.... Someone made a ton of money, stuffed it in a bank account, filed bankruptcy to avoid paying out on a personal injury claim, and laughed all the way to an exotic destination. If I were a former employee of Irwindale Speedway LLC, I'd be calling for legal investigations for embezzlement.

+1 on that >_>

[INFO]

"Early reports that the owners thought the land was more valuable for residential or mining are untrue; it was a simple issue that the track was costing more to run than it made. Stokes said, however, that he and track owners have heard from plenty of supporters, “including some names you have heard of,” he said, who have offered to do what they can to keep Irwindale Speedway open."

Read more: http://www.autoweek.com/article/2012...#ixzz1nBfSAhSf

[INFO]

STATEMENT FROM NU-WAY INDUSTRIES, INC.

There have been numerous rumors regarding Irwindale Speedway. Please permit
this statement to provide clarification:

1) THE PERMANENT TRACK GRANDSTANDS ARE NOT (NOR ARE THEY IN ANY DANGER OF)
BEING TORN DOWN. There was a report that the portable, temporary bleachers
outside the first turn were being dismantled. That is correct. Those
temporary stands were rented and the company that owned them was simply
removing their property.

2) THE TRACK WAS NOT BUILT OVER A POTENTIAL MINING SITE, IT WAS A SAND AND
GRAVEL MINING SITE, AND AFTER MATERIALS EXTRACTION, BECAME A MINING
RECLAMATION PROJECT. THE SITE CANNOT BE MINED. There are a set of very
strict rules about the use and development of this sort of property, which
are being carefully followed. In 1993, the City of Irwindale approved the
site to be used as a Swap Meet, and in 1997, approved its use as Irwindale
Speedway.

3) NU-WAY INDUSTRIES, INC. OWNS THE LAND, THE RACE TRACK, AND THE EQUIPMENT
TO OPERATE THE TRACK. An entity called Irwindale Speedway, LLC. leased the
facility from Nu-Way Industries, Inc. On February 13, 2012, Irwindale
Speedway, LLC filed for protection from creditors under Chapter 7 of the
bankruptcy code.

4) BECAUSE OF THE CHAPTER 7 BANKRUPTCY FILING BY IRWINDALE SPEEDWAY LLC,
THE COURT IS IN CONTROL OF THE PROPERTY AT THIS POINT. HOWEVER, NU-WAY
INDUSTRIES, INC. IS ACTIVELY SEEKING A POTENTIAL BUYER FOR THE COMPLETE
FACILITY. A hearing will be held soon in order to return the facility to
Nu-Way Industries, Inc. control.

[INFO]

Scion Racing
23 hours ago

Tony Angelo Drift tC
— with Tony Angelo and Pipe Love Brambila Hernandez at Toyota Speedway At Irwindale.

[INFO]

Irwindale Drag Strip Given The Green Light, Will Re-Open April 26th

http://www.dragzine.com/news/irwinda...en-april-26th/

[Mike Peters]

Originally Posted by Lifer

This is where it started and this is where it will stay.
The House of Drift will never go away.
That place means just as much to me both as a driver and a fan.

If you'd shorten it to 5-7-5 you'd have a nice Haiku there.