No upset bids in Rockingham Speedway sale

By William R. Toler - [email protected]

ROCKINGHAM — Billy Silas is now the owner of Rockingham Speedway.

There were no upset bids following the credit bid of $3 million made by James Hash — a Raleigh attorney representing BK Rock Holdings, managed by Silas — during a public auction May 5, according the Richmond County Clerk of Superior Court’s office.

An upset bid of $3.15 million would have had to have been made by Monday, which would have restarted a 10-day period for other bids.

Since the bid from BK Rock was the prevailing bid, the Florida-based limited liability company now owns the property and net proceeds from the sale will be credited toward the debt, according to what Hash told the Daily Journal previously.

Messages left for Hash by phone and email on Wednesday were not returned.

Documents show the original loan taken out when former driver Andy Hillenburg bought the track in 2008 was for $4.2 million at 6.875 percent interest. The loan was set up to be paid with 59 monthly payments of $32,497.85 starting Nov. 16, 2008 and being paid in full by Oct. 16, 2013.

BK Rock purchased the promissory note from Farmers and Merchants Bank on Nov. 17, 2015, a year after the bank started foreclosure proceedings.

A letter sent to Hillenburg — as well as Bryan and Kim Silas, who are listed as member/managers of Rockingham Raceway Park, LLC — by Hash on Feb. 17, shows the total owed on the October note as $4,305,593.92 and that of a July 2008 note as $617,827.44.

The amounts include principle and accrued interest, but not attorneys’ fees and costs.

According to the letter, interest was continuing to accrue on the October note at the rate of $1,225.93 per day and $179.90 per day on the July note until paid in full.

The future of the historic track remains in question.

Kenneth Robinette, chairman of the Richmond County Board of Commissioners, said the county has always been supportive of Rockingham Speedway and will work with Silas, or whoever winds up owning the track, to help promote it.

“The county is very pro-business and is behind anybody that’s going to bring jobs and economic development into the area,” he said. “Hopefully he’s got some ideas to bring racing back here.”

Reach William R. Toler at 910-817-2675 and follow him on Twitter @William_r_Toler.

By William R. Toler

[email protected]

comments powered by Disqus