More court filings in Rosecroft sale
February 11, 2011,from the USTA Communications Department
Columbus, OH — There was more news concerning the sale of Rosecroft Raceway this week as both Penn National Gaming, who submitted the winning bid at a bankruptcy auction to buy the track, and the U.S. bankruptcy trustee for Rosecroft Raceway’s owner have filed motions opposing a losing bidder’s request for permission to submit a new $12 million cash offer.
According to a story on www.gazette.net, Landow Partners, which lost the bid for the harness track in the auction, submitted its request Monday. It also asked the judge to reconsider its earlier bid of $11 million, plus $6 million in conditional payments greater than the Penn National bid, if the court doesn’t approve its new bid.
“This third try comes far too late,” Penn National’s attorneys wrote, referring to Landow Partners’ refusal to submit a follow-up bid when Penn National increased its original bid from $10.25 million to $11 million at the sale hearing last week.
To read the complete story, click here.
- Angelos seeking to purchase Rosecroft Raceway (Wednesday, January 05, 2011)
The Baltimore Sun is reporting that Peter Angelos, owner of the Baltimore Orioles, is attempting to purchase Rosecroft Raceway, will resurrect live racing and will attempt to have the installation of slot machines approved at the shuttered Standardbred track.
- Angelos bid for Rosecroft could face opposition (Thursday, January 06, 2011)
Baltimore Orioles owner Peter Angelos could face competition from other bidders interested in buying Rosecroft Raceway.
- Rosecroft auction set for Jan. 28 (Wednesday, January 19, 2011)
Rosecroft Raceway, which has been in bankruptcy, will be put up for auction on Jan. 28.
- Penn National Gaming wins Rosecroft auction (Friday, January 28, 2011)
Penn National Gaming is the new owner of Rosecroft Raceway, agreeing to pay $10.25 million in cash for the racetrack.
- New life for Rosecroft (Monday, January 31, 2011)
Penn National Gaming bought Rosecroft Raceway for $10.25 million last Friday, and plans to restore live harness racing to the track this year.
- Rosecroft bidder files objection (Wednesday, February 02, 2011)
One of three bidders for Rosecroft Raceway in last week’s bankruptcy auction is objecting to Penn National Gaming’s purchase of the track, arguing it had the higher and better offer.
- Judge approves Penn National’s purchase of Rosecroft (Wednesday, February 02, 2011)
A federal judge today approved the sale of Rosecroft Raceway to Penn National Gaming for $11 million in cash over the objection of a group led by former state Democratic Party Chairman Nathan Landow.
- Penn National Gaming finalizes purchase of Rosecroft (Monday, February 28, 2011)
Penn National Gaming completed their transaction to purchase Rosecroft Raceway today.