Loeb Winternitz Industrial Auctioneers and Yellen Partners, the company that conducted the auction to liquidate the assets in the bankruptcy proceedings for Balmoral Racing Club Inc. on Wednesday, April 27, have posted a notice on its website indicating that all bids have been put on hold pending a hearing to consider a bulk offer for Balmoral's real estate and all tangible personal property.
The auction company was advised that the debtors received the bulk offer on April 27.
The notice states that "[a]fter consideration of the offer with its primary creditors, advisors and other parties in interest, the Debtors have determined to present the Bulk Offer with regard to the Balmoral Assets to the Bankruptcy Court on Tuesday, May 3rd at 9:30 a.m., and to seek authority to proceed with the Bulk Offer as being in the best interests of the Debtors' Estates. As a result of this offer, the Debtors have instructed us to temporarily adjourn the auction, and take no further action until the results of that Court Hearing are announced."
The company will provide an update to the highest bidders from the Balmoral auction after the May 3 hearing.
The bulk offer does not include any property of Maywood Park Trotting Association Inc., which was part of the two-day auction with its assets selling on Thursday, April 28. The notice states that the auction of the Maywood property remains unaffected.
Balmoral Park is located just south of Crete, Illinois and closed its doors late last year, along with Maywood, when judgment was passed against the owners in a suit brought by the casinos, after a decision by the Illinois Racing Board to award racing dates exclusively to Hawthorn Race Course, and subsequent bankruptcy.
(With files from Loeb Winternitz & Yellen Partners)