Rosecroft bidder files objection
February 2, 2011,from the USTA Communications Department
Columbus, OH — 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.
According to the Baltimore Sun, Landow Partners said the trustee overseeing Rosecroft’s bankruptcy “did not exercise the appropriate business judgment and failed to obtain the maximum value” for the track, according to court documents filed Tuesday.
The paper added that a bankruptcy judge in Greenbelt will hear Landow’s objection at a hearing today to consider the sale.
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Related Articles:
- 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.
- 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.
- More court filings in Rosecroft sale (Friday, February 11, 2011)
There was more news concerning the sale of Rosecroft Raceway this week.
- Penn National Gaming finalizes purchase of Rosecroft (Monday, February 28, 2011)
Penn National Gaming completed their transaction to purchase Rosecroft Raceway today.