Assets of Balmoral Racing Club, Inc. and Maywood Park Sold Through Bankruptcy Sale
Loeb Winternitz & Yellen Partners Complete the Piecemeal Auction of Maywood Park While Balmoral Racing Club was Sold in Bulk
Loeb Winternitz Industrial Auctioneers and Yellen Partners announce the completion of the Maywood Park personal property auction, and the Court approval for the sale in its entirety of the Balmoral Racing Club real estate and personal property assets after a decision by the Bankruptcy Court, Northern District of IL.
Two last-minute bulk purchase offers were submitted directly to the Debtors during the Balmoral Park auction on Wednesday, April 27th. The piecemeal auction was adjourned upon conclusion pending a decision by the Court, which was handed down on Wednesday, May 4th.
The accepted offer was made by HITS, Inc., a special events management company focusing on producing hunter/jumper horse shows, and triathlon/running races throughout the United States, with the expressed interest in utilizing the facility for equestrian events.
"I'm proud of the efforts we put forth related to both Race Tracks," stated Charles J. Winternitz, president of Loeb Winternitz Industrial Auctioneers. "Almost 1,000 bidders participated in the auctions, and the piecemeal sale generated recovery values well above pre-auction estimates. The bulk sale of the Balmoral Racing Club assets got a little intense, but the result was worth it for the creditors, new job creation, and the town of Crete. We wish HITS, Inc. much success."
Working in partnership, Loeb Winternitz and Yellen Partners were able to fully prepare the sites and complete the auctions while simultaneously allowing the discussions among bulk bidders, the debtors, and the creditors to take place.
"We are proud to have participated in the sale of these venerable Chicago landmarks and especially happy to have helped reach such a good result for interested parties," said Brian Yellen, president of Yellen Partners.
Balmoral Park, located just south of Crete, Illinois, ceased live horse racing in December of 2015. Originally Lincoln Fields from 1926 to 1968 hosting thoroughbred racing, and subsequently, Balmoral Park hosting harness racing. Maywood Park, located in Melrose Park, also held its last races in Fall 2015 after nearly 70 years of operation. Both tracks filed chapter 11 bankruptcy after judgment was entered against the tracks in a suit brought by four riverboat casinos. During the course of the chapter 11 cases, the Illinois Racing Board awarded harness racing dates exclusively to Hawthorn Race Course, leaving Maywood and Balmoral with no licenses to race in 2016.
The bulk offers were only made on the Balmoral Park facility and do not include the assets of Maywood Park Trotting Association, which were sold via online auction on April 28th.
The auctions were held by order of the U.S. Bankruptcy Court, Northern District of IL, Eastern Division, Case Numbers: 14-45711 - Assets of Balmoral Park Racing Club, Inc. and 14-45718 - Assets of Maywood Park Trotting Association, Inc.
About Loeb Winternitz & Loeb
Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com
For five generations since 1880, Loeb has been a trusted provider of reliable equipment and related services that help manufacturers and financial institutions leverage their industrial assets by managing the equipment lifecycle. Headquartered in Chicago with a 150,000 square foot facility, Loeb provides: equipment sales, purchases, rentals, leasing & liquidations, certified market appraisals from Loeb Appraisal, auction services & asset disposition from Loeb Winternitz Industrial Auctioneers, and equipment financing from Loeb Term Solutions. Loeb and all of its divisions are experts in providing equipment solutions to the: food, pharmaceutical, cosmetics, chemical, metalworking, woodworking, plastics, and printing industries. For more information on Loeb or any of its business units, please visit: www.loebequipment.com.
About Yellen Partners, LLC
Yellen Partners, LLC is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions. For more information, visit: www.yellenpartners.com