The trustee handling Rosecroft Raceway’s bankruptcy says time has run out for the idled track and it should liquidate its assets and sell the track at auction

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Trustee W. Clarkson McDow Jr. says the 14 months Rosecroft has had to find a suitable buyer and reorganize is enough, and says the case now should undergo Chapter 7 liquidation.

McDow said, “Under current management the racecourse has closed its operation, the exclusivity period has ended, no plan has been filed with the Court to date, and the debtorin-possession’s attempt to sell the assets of the estate to a favoured third party resulted in five days of hearings, exorbitant professional fees, and ultimately rejection by the court.”

Rosecroft, saved after closing by simulcasting, lost that crutch when Maryland’s running horse interests halted running thoroughbred signals; was denied both slots and cards; had a buyer, former owner Mark Vogel, who was not approved as a purchaser and whose option expires tomorrow; and now faces the motion to convert to Chapter 7 on October 7.

(Harness Tracks of America)