Judge Approves Loan For Vernon
February 17, 2005,Harness Racing Communications, a division of the USTA
The bankruptcy judge handling the Vernon Downs/Mid State Raceway case has given permission for the track to borrow $1.2 million from Standardbred breeder/owner Jeff Gural, according to a story in the Syracuse Post Standard on February 11.
A lawyer representing Mid State Raceway said the loan will allow the track to seek a license to re-open the track, with hopes of racing by April. Mid State has been in bankruptcy proceedings since August of 2004 and the races were last held there in July of 2004.
Judge Stephen Gerling’s ruling allows Gural to appoint a new chief executive officer and two members of the Mid State Board. The judge rejected the remainder of Gural’s offer, which would have allowed him to loan the track an additional $7 million in return for a controlling share of the company’s stock. The ruling could open a bidding war for the track; there are several other parties interested in purchasing the track.
- Ex-Trump CEO To Run Mid-State Raceway (Tuesday, February 22, 2005)
Edward Tracy is expected to start soon as the new CEO of Mid State Racing, the parent company of Vernoncompany of Vernon Downs.
- Vernon Gets OK To Hire New CEO (Friday, March 04, 2005)
A bankruptcy court judge has given Mid-State Raceway, parent company of Vernon Downs, approval to hire a new Chief Executive Officer.
- Vernon Open House for Possible New Investors (Monday, April 04, 2005)
According to a story in the Syracuse (NY) Post-Standard, Vernon Downs will be open to inspection of the grounds and financial records by potential new investors this week.