MEMBERSHIP LOGIN
JOIN PRI
$3 Million Bid Submitted For Rockingham Speedway At Auction
Image
The highest of two bids made for Rockingham Speedway late last week came from the company that owns the lien, according to the Richmond County Daily Journal, which provided the following information.
James M. Hash, a Raleigh attorney representing BK Rock Holdings, placed a $3 million credit bid during a public auction at the Richmond County Judicial Center.
According to court documents, Billy R. Silas is the manager of the Florida-based limited liability company that purchased the promissory note from Farmers and Merchants Bank on November 17, 2015.
The auction was announced in a notice of foreclosure filed in Richmond County Superior Court on April 7.
If theirs turns out to be the prevailing bid, then BK Rock Holdings would own the property and net proceeds from the sale would be credited toward the debt, Hash said.
Documents show the original loan taken out when former driver Andy Hillenburg bought the track in 2008 was for $4.2 million at 6.875 percent interest. The loan was set up to be paid with 59 monthly payments of $32,497.85 starting November 16, 2008, and being paid in full by October 16, 2013.
A letter sent to Hillenburg—as well as Bryan and Kim Silas, who are listed as member/managers of Rockingham Raceway Park, LLC—by Hash on February 17, shows the total owed on the October note as $4,305,593.92 and that of a July 2008 note as $617,827.44.
The amounts include principal and accrued interest, but not attorneys’ fees and costs.
According to the letter, interest was continuing to accrue on the October note at the rate of $1,225.93 per day and $179.90 per day on the July note until paid in full.
Per statute, the clock started ticking on a 10-day period for an upset bid once the bid was filed with the Richmond County Clerk of Superior Court’s Office. An upset bid—which must exceed the sale price by a minimum of 5 percent—must be filed with the clerk’s office, with the bidder making a deposit of at least 5 percent, he said.
If on the rare chance the sale winds up being more than the debt and expenses—which must be approved by the clerk of court—then the remaining funds will go back to the debtor as compensation for the loss of the property, Hash said.
As it currently stands, an upset bid of $3.15 million with a $157,500 deposit must be made by May 16.
James M. Hash, a Raleigh attorney representing BK Rock Holdings, placed a $3 million credit bid during a public auction at the Richmond County Judicial Center.
According to court documents, Billy R. Silas is the manager of the Florida-based limited liability company that purchased the promissory note from Farmers and Merchants Bank on November 17, 2015.
The auction was announced in a notice of foreclosure filed in Richmond County Superior Court on April 7.
If theirs turns out to be the prevailing bid, then BK Rock Holdings would own the property and net proceeds from the sale would be credited toward the debt, Hash said.
Documents show the original loan taken out when former driver Andy Hillenburg bought the track in 2008 was for $4.2 million at 6.875 percent interest. The loan was set up to be paid with 59 monthly payments of $32,497.85 starting November 16, 2008, and being paid in full by October 16, 2013.
A letter sent to Hillenburg—as well as Bryan and Kim Silas, who are listed as member/managers of Rockingham Raceway Park, LLC—by Hash on February 17, shows the total owed on the October note as $4,305,593.92 and that of a July 2008 note as $617,827.44.
The amounts include principal and accrued interest, but not attorneys’ fees and costs.
According to the letter, interest was continuing to accrue on the October note at the rate of $1,225.93 per day and $179.90 per day on the July note until paid in full.
Per statute, the clock started ticking on a 10-day period for an upset bid once the bid was filed with the Richmond County Clerk of Superior Court’s Office. An upset bid—which must exceed the sale price by a minimum of 5 percent—must be filed with the clerk’s office, with the bidder making a deposit of at least 5 percent, he said.
If on the rare chance the sale winds up being more than the debt and expenses—which must be approved by the clerk of court—then the remaining funds will go back to the debtor as compensation for the loss of the property, Hash said.
As it currently stands, an upset bid of $3.15 million with a $157,500 deposit must be made by May 16.
