NJMP Files for Chap 11 - NJFBOA - Home of New Jersey's Camaros and Firebirds

BigAls87Z28 · 03-09-2011, 11:33 AM

http://www.speedsportlife.com/2011/0...cy-protection/

sweetbmxrider · 03-09-2011, 12:28 PM

Hopefully it is for the better and the place sticks around.

88WS-6 · 03-09-2011, 12:49 PM

Uh-oh. That would be a big loss to NJ.

Tru2Chevy · 03-09-2011, 03:21 PM

From reading the linked article and others it seems like as of now they plan on running the entire 2011 racing schedule. They also say that the racing portion of their business is doing well, but in their original plans a large chunk of their expected profit was supposed to come from condos / villas / hotels / retail that was planned to be built on site, and thanks to the economy tanking the year they opened, very little of that development occurred.

- Justin

qwikz28 · 03-09-2011, 05:11 PM

Chapter 11 simply dissolves them of their debts and forces them to prove to a court that they can become profitable. Chapter 7 is what you want to avoid.

sweetbmxrider · 03-09-2011, 07:07 PM

The suites are in an awesome spot. If only I was a rich man....

Frosty · 03-09-2011, 08:16 PM

Quote:

Originally Posted by qwikz28

Chapter 11 simply dissolves them of their debts and forces them to prove to a court that they can become profitable. Chapter 7 is what you want to avoid.

Exactly.