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December 18, 2008

Waterford Speedbowl Foreclosure Auction Scheduled

Terry Eames, who heads a group that owns the Waterford Speedbowl, is optimistic that the track will not be foreclosed upon by Washington Mutual Bank, despite the fact that the bank has scheduled a foreclosure auction on the property.

Washington Mutual has scheduled a foreclosure auction of the Waterford Speedbowl property on July 29.

Washington Mutual is taking the action against 1080 Hartford Road LLC, the company owned by Eames’ group which owns the Speedbowl.

Eames said an agreement to sell a portion of the property to Harvey Industries is in the final stages of approval and the plans for refinancing are in place.

“We will be able to pay off the debt involved in front of the foreclosure in front of the auction,” Eames said. “Obviously we wanted to have this done before we reached the point of [the bank] scheduling the auction, but that didn’t happen. The court needs to moves along according to schedule with the foreclosure proceedings."

1080 Hartford Road, LLC purchased the Speedbowl in Sept. 2000.

Eames, who had run the Speedbowl since his group’s purchase, gave up operational control of the track after last season. His company is now leasing the track to local businessman Jerry Robinson and track general manager Bill Roth.

“They have a multi-year lease but they’re protected legally,” Eames said. “Should anything happen they don’t wind up in a situation where they get shut down in the middle of a season.”

Eames entered into an option agreement to sell the Speedbowl property in 2005, but the deal fell through.

Early in the racing season last year Eames announced that he had reached an agreement to sell 8-10 acres of the Speedbowl property to Harvey Industries, a manufacturer of household windows. Harvey Industries plans to build a distribution center on the portion of the property they plan to purchase. Eames said at the time of the announcement last year that the deal would allow him to avoid foreclosure on the property.

Washington Mutual began foreclosure proceedings on the property early in 2006.

At the time Eames announced the deal with Harvey Industries he said it would cover half of what was then owed on the mortgage.

Court documents show the ownership group that Eames leads owes $1.6 million on it’s mortgage with Washington Mutual Bank.

“It will substantially reduce our debt and make it so that for me to continue to run the racetrack will be far less risky and far more pleasurable and profitable,” Eames said last summer.

Shawn Courchesne, 6:18 p.m.

Related Article:

Yearning For That Waterford Speedbowl High Just One More Time

So this is it. This is how it ends.

I have no reason not to trust Waterford Speedbowl principal owner Terry Eames when he says that the Bowl isn’t done despite the fact that a foreclosure auction has been scheduled for July 29.

For some reason to me though, it seems like one man, one place, one entity can only dodge so many bullets before the fatal wound is inflicted.

For weeks now I’ve been thinking about writing this blog about the Speedbowl and I guess I should do it now.

It’s just been running through my mind all season, each week that I return to the Bowl the feeling intensifies.

Each night I’ve left the Bowl this season the thought has crossed my mind each time I walk out that front gate.

I wonder what happened. What happened to the Bowl? What happened to the place that, despite its warts, despite its bruises, despite its scars, made me want to keep coming back.

See every week this season I’ve waited for the feeling to return, I’ve looked for that high that the Bowl used to offer, that feeling that the place was alive like no other racetrack I’d go to.

And every week I’d leave wondering if maybe the next time I would feel that Bowl buzz again, only to be let down when I’d return.

A few days ago I went out to mow the lawn, but before heading outside I grabbed an old t-shirt from the bottom of the dresser drawer. It wasn’t until I got outside that I realized just how tattered and thinned the old grey thing had become. There were holes all over it, one sleeve was ripped and the collar was frayed to nothing.

But it felt so comfortable.

And that’s the best way I can describe how the Bowl used to feel to me.

Each of our state’s three short tracks has, or I should say had, for me, a distinct personality.

Stafford Motor Speedway to me is the big time place in the small package. When you go to Stafford the racing is just one part of the show. It’s a multi-level entertainment experience.

Thompson International Speedway to me is a 180 degree turn from Stafford. No frills, just a place where racing is the product served and racing is what you’ll get.

And Waterford. Well, Waterford to me was like walking into a bar in a town you don’t know. The place looks like it’s alright to grab a beer, you’re not worried the moment you walk in, but in the back of your mind you know a barstool could be flying through the air at any second.

Waterford to me was alive like no other track in the state. It had a pulse that beat hard and beat fast.

But for some reason this year, each time I’ve gone to Waterford I’ve struggled to hear that pulse beating, to feel the life in the old track.

I’ve sat back and tried to figure out what it is, but I can’t put my finger directly on primary reasons why that is. In the most general sense though I know there’s so many that have left, so many that no longer show up to breath that life into a place that was so alive.

I don’t blame Bill Roth and I don’t blame Jerry Robinson. And I don’t blame Terry Eames either. Honestly I don’t know who to blame or really if anybody is to blame.

Everything goes away at some point, and I guess so did the Bowl buzz that made getting in my car and driving that hour plus every Saturday never something that bothered me.

For some reason what I’ve watched and witnessed makes me think about the last line in one of my favorite movies, Goodfellas, when Henry Hill laments being hidden by the government in the witness protection program after turning on the mob.

“Today everything is different; there's no action; have to wait around like everyone else. Can't even get decent food. Right after I got here, I ordered some spaghetti with marinara sauce, and I got egg noodles and ketchup. I'm an average nobody ... get to live the rest of my life like a schnook.”

Egg noodles and ketchup, that’s what the Bowl has become.

Shawn Courchesne, 1:33 a.m.

 

 



Article Source http://blogs.courant.com/autoracing/2007/07/waterford-speed.html

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