Hope of a quick finalization of the $10.5 million sale of Rosecroft Raceway by Cloverleaf Enterprises to former owner Mark Vogel have been dashed in Maryland

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The state racing commission and a bankruptcy trustee both now have thrown logs in the road. The commission expressed what executive director J. Michael Hopkins called “a very mild objection, just a reminder that we will need to approve this sale.”

Hopkins said the commission will need time to review Vogel’s complete financial information before deciding on approval of the deal. The bankruptcy trustee involved in Cloverleaf’s filing for chapter 11 protection proceedings said Cloverleaf’s law firm that is handling the sale failed to reveal that it also represents the Cloverleaf SOA, Cloverleaf Enterprises’ sole shareholder and a creditor.

Hopkins is concerned that the sale would provide $100,000 to Cloverleaf to pay off debts, with the rest going to the association, a development which would leave nothing for unsecured creditors, and little recourse in the event Vogel should breach the contract.

The trustee, W. Clarkson McDow, Jr., also expressed doubts about Vogel not submitting full financial information and instead saying he would personally pay for the purchase. McDow also chided Cloverleaf for not seeking other buyers since last May.

(Harness Tracks of America)