Milan Dragway Has Been Sold?

**dline** · 03-26-2021, 01:14 PM

Missed it

**Sledder** · 03-26-2021, 06:40 PM

I watched it. Cliff notes as far as I can figure. The judge appointed a receiver. Lawyers said a couple times they had a buyer(s). Many parties with an interest in this case including Les Gold, Rockys Pit Stop and the motocross track. To say this is a legal mess is an understatement. Had to be at least five different lawyers involved. Didn't say anything one way or the other about opening this year. It was mentioned that repairs are necessary on the track, didn't say what they were. Back in Judge Whites court April 9 at 2P for the next round.

I hope the "buyers" they mentioned keep it a drag strip. It would be nice if someone would buy it that actually cared.

**Detroit Gearbox** · 03-26-2021, 07:45 PM

I have to admit, I am always fascinated by law (should have studied law) ....
I may have it wrong, but from what I understood was there was a secure loan, and as additional collateral/security for the loan the lot next door was put up as part of the agreement.
The loan is in default, and today the Judge approved receivership (allowing till April 9th for filing any protests) to allow a third party to sell all property and assets for as much money as they can get (including the lot next door- there was a protest over the lot next door, interested parties said there was enough equity in the dragway property to cover the loan amount-Judge dismissed that claim and both lots are to be sold.
In my head, if you made a secure loan to someone on property and they defaulted, you would get the property..... but here they are selling the property and paying off the loan with the monies from the sale, then it looks like they get to keep whats left over after all fees/court costs are paid. At least that what I took away from it. Maybe Wisksvt can chime in.

**dline** · 03-30-2021, 02:36 PM

No 2021 racing season for Milan

**black88coupe** · 03-30-2021, 02:47 PM

Originally Posted by dline

No 2021 racing season for Milan

Im not giving up hope just yet.

**black88coupe** · 03-30-2021, 02:47 PM

Dear Loyal & Valued Customers:

With heavy hearts, we must announce that we will not be opening as scheduled for the 2021 racing season.

We appreciate all of your support over the years. We have always operated with the best interests of our racers and fans in mind. Current circumstances do not allow us to operate the track safely, and so we are not able to open the track at all.

We will provide any pertinent updates that we may have as they are available to share. For now, however, we will be closed until further notice.

Stay safe and good luck to all of our racers and fans in your 2021 racing endeavors.

Sincerely,
Milan Dragway

**dline** · 03-30-2021, 02:49 PM

Posted on FB page no season this year

**WhiteHawk** · 03-30-2021, 03:05 PM

Wow. That is crazy. Hopefully it will be back in some form - they built a pretty good local series there. Be a shame to lose it and the track.

-Geoff