Court decision on the Balmoral auction
May 5, 2016,from Loeb Winternitz & Yellen Partners
Chicago, IL — Subsequent to the Court hearing, we were notified that a bulk offer for the Balmoral Park real estate and personal property was approved by the Court and accepted. The piecemeal auction bids have been rejected in lieu of the bulk sale.
We sincerely apologize for any inconvenience, and appreciate your patience as this was a fluid bankruptcy process.
I understand that you may not be happy with the Court’s decision, but there is a bright side to the bulk sale. The new owners plan to operate at the facility, which will bring back jobs and needed revenues to the local communities.
I want to thank you again for participating in the auction, and appreciate your understanding as there were many parties involved in this bankruptcy case.
- Balmoral Park may have buyer, auction put on hold (Saturday, April 30, 2016)
Loeb Winternitz, the Chicago, IL-based company in charge of the Balmoral and Maywood Park auctions, has posted a legal notice on their website (click here to go to that site) stating that they have received an offer to purchase Balmoral Park and have temporarily suspended the auction for the Crete, IL racetrack. The offer will be presented to the Bankruptcy Court on May 3.
- Winning bid emerges for Balmoral Park (Monday, May 02, 2016)
The Chicago Tribune is reporting that Rick E. Heidner’s Balmoral Holdings this past Friday offered $1.8 million for Balmoral Park and the park’s assets, according to a court filing Monday (May 2).
- Balmoral to reopen as horse-jumping venue (Friday, May 27, 2016)
The Daily Southtown (IL) has reported that Balmoral Park was sold to the New York-based horse-jumping events company Horse Shows in the Sun on Thursday (May 26) for $1.6 million.