CHANDLER, Ind. (WEHT) – Just before an auction was scheduled to take place Tuesday for Movieland Speedpark, formerly Chandler Speedway, a judge canceled everything following a last-minute bankruptcy filing.
This is the second time an auction has been called off.
Earlier this year, officials tried to auction the property to satisfy liens against it, but owner Reno Fontana stopped the auction when he filed for bankruptcy.
“It was the only way to stop it, otherwise it was going to go to sale today. I didn’t want to,” Fontana said Tuesday. “This time I filed personally.”
That bankruptcy was rejected by a federal judge, and the facility was ordered to be sold again.
Over the weekend, Fontana posted on Facebook that a proposed settlement was rejected and he wasn’t sure of his next move.
Creditors are owed hundreds of thousands of dollars, and the court-ordered auction would have satisfied those debts.
Fontana says he offered to settle with Southeast Grinding with a two-week delay, but Fontana says they refused.
According to auctioneer Andrew Wilson, the creditors filed for immediate relief to have the bankruptcy rejected.
If that happens, Wilson said the earliest the next auction would be is late October.
CHANDLER, Ind. (WEHT) – A judge is expected to rule Tuesday morning about whether the scheduled auction for the former Chandler Speedway will take place.
The park, now known as Movieland Speedpark, is scheduled for auction at 10 a.m. Tuesday.
Just hours before 10 a.m., a bankruptcy filing was made, and a judge will have to rule whether to grant it or not.
William Wilson Auctions are proceeding as if the sale will happen.
(This story was originally published on September 10, 2019)