Smith was approved as the trustee on March 28, relieving Devine of his owner duties. Union Bank & Trust claims that it is owed $9.475 million. Also on the list are two crash carts, pit road tool box and pit suite, pit tool cart and two golf carts.īK Racing owner Ron Devine put the team in chapter 11 bankruptcy on Feb. Smith said in court documents the assets were valued at $382,000.Īmong the items listed in the offer is a tractor trailer transporter, seven bare chassis and 12 other chassis in various forms of construction. The winner has three days after the court order approving the sale to complete the purchase.Ī hearing is set for Tuesday on approving those sale procedures.Īlso, in another court filing, Smith stated that he’s agreed to sell team assists to Obaika Racing for $265,000. Smith stated in court documents that he has communicated with more than 25 separate parties interested in acquiring the team’s assets.Ĭourt documents state that any qualified bidder must propose a bid at least $300,000 more than the original bid of $1.8 million.Ī sale is scheduled for 9:30 a.m. Beam told that if he becomes the owner of the team, it would be an affiliate of GMS Racing, which has previously considered moving to Cup.Ĭourt documents state: “The Trustee believes that the Stalking Horse Bid will compel potential purchasers to come forward and otherwise generate additional interest in the Race Team Assets reasonably likely to facilitate an effective competitive sale of such assets.” Should the stalking horse bid be the winning bid, $350,000 of the price will go to payment of priority wage claims.ĮSPN.com reported that Mike Beam, president of GMS Racing, has made the bid on the team. That means that the bid sets the lowest price the team can be sold. Trustee Matthew Smith stated in federal court documents that the $1.8 million bid is a stalking horse bid. A bid of $1.8 million has been made for BK Racing, the trustee operating the team stated in court documents.
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