New Jersey Motorsports Park files for Chapter 11 bankruptcy protection

[dogg57]

MILLVILLE — The New Jersey Motorsports Park filed for bankruptcy Monday. Operators say the bad economy has stalled the residential and retail development on which they depended for full financial success.
The filing for Chapter 11 bankruptcy protection — less than three years after the park opened — will allow for debt restructuring and the addition of new equity that operators say will allow the facility to remain open.




http://www.pressofatlanticcity.com/...cle_6971c9d2-492b-11e0-892b-001cc4c03286.html

 

[Boyd]

Another fine use of public money to finance a project that wasn't really viable...

 

[Spung-Man]

Another fine use of public money to finance a project that wasn't really viable...

Boyd,

Motorsports Park hired the same grant writing firm that advised Richland Village and the unused Woodbine package-sewer plant that never should have been built.

http://forums.njpinebarrens.com/newspaper-articles/8187-coming-village-near-you.html#post87631

Millions are wasted in the name of economic development with poor results. Enough is enough...

Spung-Man