Brakes On Waterford Speedbowl Foreclosure

Posted in Distressed Property, Foreclosed Homes, Foreclosed Properties, Foreclosure, July 30th, 2007 |

At the eleventh hour a Norwich Superior Court Judge cancelled the foreclosure auction proceedings against Waterford Speedbowl property that was scheduled to be held on Saturday. This means hope for short track racing enthusiasts. The weekly event will continue to be held in Southern Connecticut.

A spokesperson of Waterford Speedbowl, Terry Eames, confirmed that his group had managed a financial solution to the foreclosure. This has enabled them to continue with its racetrack operations. Rocco Arbitell of Southbury and Peter Borelli of Derby refinanced and bailed out Speedbowl from the ignominy of Foreclosure.
In the first half of 2006 Washington Mutual Bank had initiated foreclosure proceedings against the property owners and had got a date on Saturday noon for holding auctions. But on Thursday Eames and his group completed refinancing formalities. A new mortgage was availed of through two private individuals – Rocco Arbitell and Peter Borelli. This allowed Norwich Superior Judge to cancel the auction on Friday morning. Eames and his organization have now nothing to do with Washington Mutual Bank. It was a narrow victory. The victims had till 5 pm on Friday to scrape out of the auction.

For Eames it was a moment of great relief after the close shave. Although for the last few days the redress plan was taking shape he could not sit back on his oars until the thing was finally done. It was only on Thursday evening that he could put up his heels and sit back.
1080 Hartford Road, LLC purchased Speedbowl in September 2000. Eames has been running Speedbowl since its inception but had surrendered operational control of the track since the last season. The track has now been leased to Jerry Robinson, a local businessman and to the general manager of the Track Bill Roth.

Harvey Industries will be purchasing 8 of the 39 acres of Speedbowl land and plans to set up on the site a distribution centre.

Eames waxes eloquent as he ruminates on the recent happenings. The Roccos and Borellis as family units refinanced the deal as a personal favour to him. Also as racing enthusiasts they were keen to see the track running and alive. Eames also expressed his deep gratitude to Attorney Tom Londregan who was a pillar of steady support and a perfect gentleman striking at the opportune moment to clinch the issue on the correct legal point.

Via