March 10, 2010 in City

Spokane raceway bankruptcy nearing end

Funds gathered, but it’s wait and see for investors

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Orville Moe’s bankrupted racetrack company may pull together enough money to pay lawyers, taxes and a handful of business vendors, but the several hundred people who invested in an affiliated company will have to wait to hear how much they’ll be repaid.

A federal judge signaled Tuesday that she will sign an order that will end the bankruptcy of Spokane Raceway Park Inc. and formally dissolve the business that Moe used to control his Airway Heights racetrack from 1971 until it was taken over by a receiver in 2005.

John Munding, the bankruptcy trustee appointed to take control of …

Two comments on this story so far. Add yours!

• 

  MrDavis on March 10 at 8:21 a.m.

  The racetrack bankrupted its previous owner, so what made it such a great deal for the taxpayers of Spokane County to invest in?

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  Bruce Nickerson on March 31 at 9:24 p.m.

  The previous owner bankrupted himself by his underhanded business practices. He made millions from the racetrack. But slowly ran it into the ground, screwing all the people that invested in the facility to begin with, and running such a pathetic program that all the racers quit.
  If i've said it once I've said twenty times this facility has the potential to bring good revenue to the county, it just needs some good management which I believe is in place now.
  You can't take a business that's got a bad reputation in the past, throw a fresh coat of paint on the front door and expect a miracle.
  It needs two or three years of stability and I think you'll start to understand Mr. Davis it was a great deal. Providing your open minded enough to follow the progress and maybe even attend a race or two.