Judge allows Sallisaw to take over race track
Friday, September 19th 2003, 12:00 am
By: News On 6
(Sallisaw-AP) -- A district judge is allowing Sallisaw city officials to begin foreclosing on Race Horses Incorporated, the owner of Blue Ribbon Downs race track.
But the judge says a decision must be made on who ranks highest on a list of creditors before the track can be put up for sale.
Race Horses accepted a nearly $2.5-million loan from the city to keep the track running in 1995. But no payments have been made in more than two years and the debt is now estimated at $2.7-million.
A federal bankruptcy judge has refused to allow the company to continue operating the track under Chapter 11 bankruptcy protection.
Sallisaw officials want to keep the track open because it has nearly 200 employees and brings millions of dollars into the local economy.