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Topic: Badlands press release regarding the auction...Laugh it up. Email this topic to a friend | Subscribe to this TopicReport this Topic to Moderator
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Stroker_Race
September 17, 2018 at 02:12:18 PM
Joined: 01/11/2013
Posts: 394
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What a frickin' joke!!!!!!!!!!!!!!

 

Badlands Motor Speedway Update!

September 17, 2018
Well people, you can't begin to make this stuff up. Here is an update of what happened at our Auction on Saturday, September 15th at Badlands Motor Speedway.

Game Of Chicken:

We had bidders both on site and on-line for our auction process last Saturday. These folks all took the time to do the due diligence on the facility. They filled out the proper paperwork with our world renown auction house, Williams and Williams out of Tulsa, Oklahoma. They deposited the necessary $500,000 cash deposit to be make them eligible to bid or provided detailed financial information to prove they could execute the deal and actually close on the property within the 30 day period.

Every bidder knew every detail of the transaction including the starting minimum nominal bid of $3,150,000 to get things going.

The auction started promptly and none of the bidders would "Go First". That's right, a good ol' fashion round of "South Dakota Chicken" got underway and everyone was standing their ground. Folks were bound and determined not to be the first one to bid. After several minutes of this, the auction team stopped the auction and closed out the process.

Of course after this happened several of the bidders approached and called the auction folks, the realtors, me personally, our track staff and other folks they thought were "in the know". We had one gentleman show up at the gate 10 min before the auction with a letter of credit from his bank to bid but he had not gone through the process and filled out the paperwork so he was unable to bid. There are several unique stories that happened in the hours after the auction process along with people wanting to make offers.

So, let's make this simple:

In the spirit of compromise and fairness to everyone we will not be holding another auction for Badlands Motor Speedway.

Right now we have the entire turnkey operation priced at $9,450,000. This price is approximately half of what we have invested and spent to get the facility to where it is today. For those of you who went through the sales process, you are keenly aware of the extreme level of coolness that was created with the Track. There was over $10,000,000 spent just on infrastructure and new buildings and the place is simply too amazing to even start to explain to people unless they actually see it in person.

We are going to extend a deeply discounted, temporary purchase price of $6,299,999 which is a reduction of 1/3rd of the current pricing. This is going to be a first to the deal price and will be extended only until the end of 2018. This deal would need to close by Friday, December 28th at 3pm. This amount would be NET to us and this is on a for sale by owner basis. If there is a realtor involved or broker or 3rd party, those fees would be incurred by the buyers. If 2 offers come in at the same time, we will simply take the highest price offer. This offer is truly for the first person or group to come up with the money. At this price we are not in a position to hold it for someone only to have them not be able to fund the deal.

If one of the several interested parties does not wish to take advantage of this price reduction, the price will go back to the original $9,450,000 on the first of the year and the entire facility will be completely maintained and race ready until someone comes forward to purchase it for that amount or they don't. We have kept the entire operation in pristine shape and have been ready to fire up racing and events at any time. We have had and will continue to have our crews keep the place in tip top shape until it finds a new owner.

County, County, what happened with the County:

We had a major curve ball thrown at us from Minnehaha County in June of this year, just prior to when the auction was scheduled the first time. We were at the peak of interest from potential new owners and were still early enough in the season for the Speedway to operate for the remainder of the 2018 race season.

The county recklessly issued press releases and a letter to us to cease operation because they claimed that we had fallen out of our compliance under some sort of grandfathering ordinance. This was just days before a practice race was scheduled to work in the track and to test out the various facility infrastructures. It was also just days before a posted auction was scheduled at the Speedway. Well, this blew up into a media frenzy and with the help of our legal team, the county finally retracted the letter and everything was back to normal.

But obviously it wasn't, as buyer after buyer and so many of the interested parties were now nervous that the county may come in and "shut them down" after they buy the track. We know this is not the fact, but with all of the news from literally every media outlet in the area reporting heavily on this "Bombshell News", it cast a deep shadow of suspicion on the sale.

We invite any potential buyers to contact our legal team of Chris Healy or Mark Meierhenry at Meierhenry Sargent LLP in Sioux Falls, SD, 605-336-3075. You can also contact Scott Anderson or his office at the Minnehaha County department of Zoning and Planning as he was the person who both wrote the letter and then retracted the letter. Although their actions have caused great damage to selling the property when we could have, we are confident from all sides that this was a mistake and will not be a problem for us or any future property owner.

And Finally:

We all truly hope we can pass the torch on to a new ownership group as soon as possible. We know there is a substantial amount of interest from several groups out there. We have put forth an incredible price and value for this historic piece of property and legendary race track and concert venue. We know time is of the essence as the off-season is the best time for the business to generate income by selling advertising, sponsorships, VIP Luxury Suites, Reserved Seating and much more to get ready for the gates to open to the thousands of race fans who have entered our gates over the past 60 years.

First come first Serve.... Good luck!




Murphy
September 17, 2018 at 02:26:13 PM
Joined: 05/26/2005
Posts: 3261
Reply

     Kind of reminds me of a T-shirt popular when I was in junior high. It featured Cheech and Chong on it and said something along the lines of "somebody's smokin' too much dope man!".

     How can you believe anything this guy says? He shows signs of being delusional. He now says the amount of money he has tied up into it is now somehow $19,000,000!!!!! It was $10,000,000 last month. Did he forget ot read his own press releases?



hurricanefan
September 17, 2018 at 03:25:26 PM
Joined: 12/02/2004
Posts: 120
Reply

shared from FACEBOOK

 

Dave Lunstra

Husets Speedway was up for auction last Saturday. I was one of only 3 people to send the deposit in to get a bidding number. 2 bidders were on site(one of which was me) and one bidder was online. There was no “game of chicken” at the auction. Many times at an auction if they don’t get the opening bid they lower it to get the bids going, which truthfully is what needed to happen to make the investment make sense. Keep in mind...people that have millions to invest didn’t get it by being stupid, which,if I had to guess, is why it hasn’t sold yet. Also the costs don’t stop there. Winning bidder had to pay a 4% buyers fee($40,000/mill) which unfortunately is common in most auctions these days. I myself did not make any Crazy low ball offers after the auction. I simply turned my phone off and thought about the future of our beloved race track. I felt it only right to post this because of all the gossip that flys around when many details are not available. My passion for racing runs very deep and the current price of the track pretty much guaranties that local racing is over (hope I’m wrong)! Let’s just hope something positive happens in the near future so we can start making more memories at our local track!




SDDTRF67
September 17, 2018 at 04:03:08 PM
Joined: 04/21/2015
Posts: 128
Reply
Reply to:
Posted By: Murphy on September 17 2018 at 02:26:13 PM

     Kind of reminds me of a T-shirt popular when I was in junior high. It featured Cheech and Chong on it and said something along the lines of "somebody's smokin' too much dope man!".

     How can you believe anything this guy says? He shows signs of being delusional. He now says the amount of money he has tied up into it is now somehow $19,000,000!!!!! It was $10,000,000 last month. Did he forget ot read his own press releases?



This whole deal could be in an episode of Netflix "Ozark".

The whole line about you can't make this stuff up, well yes you can and CB's a master of fake news.

Sad but true.


"Gimme fuel, Gimme fire, Gimme that which I desire!"

Murphy
September 17, 2018 at 04:42:59 PM
Joined: 05/26/2005
Posts: 3261
Reply
Reply to:
Posted By: hurricanefan on September 17 2018 at 03:25:26 PM

shared from FACEBOOK

 

Dave Lunstra

Husets Speedway was up for auction last Saturday. I was one of only 3 people to send the deposit in to get a bidding number. 2 bidders were on site(one of which was me) and one bidder was online. There was no “game of chicken” at the auction. Many times at an auction if they don’t get the opening bid they lower it to get the bids going, which truthfully is what needed to happen to make the investment make sense. Keep in mind...people that have millions to invest didn’t get it by being stupid, which,if I had to guess, is why it hasn’t sold yet. Also the costs don’t stop there. Winning bidder had to pay a 4% buyers fee($40,000/mill) which unfortunately is common in most auctions these days. I myself did not make any Crazy low ball offers after the auction. I simply turned my phone off and thought about the future of our beloved race track. I felt it only right to post this because of all the gossip that flys around when many details are not available. My passion for racing runs very deep and the current price of the track pretty much guaranties that local racing is over (hope I’m wrong)! Let’s just hope something positive happens in the near future so we can start making more memories at our local track!



     Interesting. This suggests that 3 interested, qualified bidders thought it was worth less than the $3,150,000 minimum that had been set.



oswald
September 17, 2018 at 04:51:38 PM
Joined: 11/30/2004
Posts: 1982
Reply

That is just too funny. By December I suppose they will say they have 29 million invested in it.

I think I'll believe Mr Lunstra's story about what went on and NOT this stupid press release.

 

Plus I thought the release about the auction said if it didn't sell it would be parted out. Stands, video boards etc. till just the ground was left then it would be sold.

 

 




oswald
September 17, 2018 at 05:23:25 PM
Joined: 11/30/2004
Posts: 1982
Reply

If there were only 3 bidders how could SEVERAL approach or call the auctioneers (and Mr Lunsrta was not

 one) after the auction was called off? 2 is not "several". What kind of moron wrote that release?



Murphy
September 17, 2018 at 05:26:23 PM
Joined: 05/26/2005
Posts: 3261
Reply
This message was edited on September 17, 2018 at 05:27:39 PM by Murphy
Reply to:
Posted By: oswald on September 17 2018 at 05:23:25 PM

If there were only 3 bidders how could SEVERAL approach or call the auctioneers (and Mr Lunsrta was not

 one) after the auction was called off? 2 is not "several". What kind of moron wrote that release?



      In a make-believe world where $10,000,000 can become $19,000,000 2 people becoming several people doesn't seem all that difficult. wink



Nick14
September 17, 2018 at 05:33:27 PM
Joined: 06/04/2012
Posts: 1734
Reply

Let me make sure I have this correct. The place was originally listed for 9.45million and no one bought it. They now had an auction in which 3 people with money that did not place a bid when the opening price was 3.1million. The price is now going to be 6.3million until Jan 1 at which point it will be increased back to 9.3million?

I'm not a realitor nor did I stay at a holiday inn express last night, but I do have a business degree. So common sense would say that if no one bought the place for over a year at 9.45million, 3people with cash didn't bid for 3.1, and if no one buys it at 6.3million then they are not going to pay 9.45.

This isn't a house or a Payday loan. You are not dealing with uneducated people who don't understand compound interest, you are dealing with people that have money. No one cares what was invested they care about what they are investing and how they can get a return on it.




revjimk
September 17, 2018 at 06:30:10 PM
Joined: 09/14/2010
Posts: 7594
Reply
This message was edited on September 17, 2018 at 06:31:44 PM by revjimk
Reply to:
Posted By: Nick14 on September 17 2018 at 05:33:27 PM

Let me make sure I have this correct. The place was originally listed for 9.45million and no one bought it. They now had an auction in which 3 people with money that did not place a bid when the opening price was 3.1million. The price is now going to be 6.3million until Jan 1 at which point it will be increased back to 9.3million?

I'm not a realitor nor did I stay at a holiday inn express last night, but I do have a business degree. So common sense would say that if no one bought the place for over a year at 9.45million, 3people with cash didn't bid for 3.1, and if no one buys it at 6.3million then they are not going to pay 9.45.

This isn't a house or a Payday loan. You are not dealing with uneducated people who don't understand compound interest, you are dealing with people that have money. No one cares what was invested they care about what they are investing and how they can get a return on it.



"This isn't a house or a Payday loan. You are not dealing with uneducated people who don't understand compound interest, you are dealing with people that have money"..... BINGO, took the words from my mouth!

Its hard to believe that press release was even real. Who is he kidding? If he was at all serious about selling, he would have shitcanned the reserve when nobody bid...

"Kind of reminds me of a T-shirt popular when I was in junior high. It featured Cheech and Chong on it and said something along the lines of "somebody's smokin' too much dope man!".......Lets not blame this on potsmokers tho! It would easily pay for itself as a plantation.... wink



everhard
September 17, 2018 at 06:43:09 PM
Joined: 03/22/2010
Posts: 281
Reply

Laugh it up all you want. Midwest sprint car is pretty much done. No weekly racing around Sioux Falls means no race cars. Special events is all we got left for sprint car racing. Pretty sad.


Still love husets 

sonoranrat
September 17, 2018 at 06:46:36 PM
Joined: 11/18/2006
Posts: 417
Reply
Reply to:
Posted By: Murphy on September 17 2018 at 02:26:13 PM

     Kind of reminds me of a T-shirt popular when I was in junior high. It featured Cheech and Chong on it and said something along the lines of "somebody's smokin' too much dope man!".

     How can you believe anything this guy says? He shows signs of being delusional. He now says the amount of money he has tied up into it is now somehow $19,000,000!!!!! It was $10,000,000 last month. Did he forget ot read his own press releases?



He got his loan from Louie the Loan shark.

 




3togo
September 17, 2018 at 07:07:08 PM
Joined: 06/14/2016
Posts: 492
Reply
Reply to:
Posted By: everhard on September 17 2018 at 06:43:09 PM

Laugh it up all you want. Midwest sprint car is pretty much done. No weekly racing around Sioux Falls means no race cars. Special events is all we got left for sprint car racing. Pretty sad.



Yep, and you know Chuck knows that as well and probably loving it.



Murphy
September 17, 2018 at 07:10:06 PM
Joined: 05/26/2005
Posts: 3261
Reply
Reply to:
Posted By: everhard on September 17 2018 at 06:43:09 PM

Laugh it up all you want. Midwest sprint car is pretty much done. No weekly racing around Sioux Falls means no race cars. Special events is all we got left for sprint car racing. Pretty sad.



     I think the original poster was pointing out that Chuck was laughing it up. At first I thought that the original poster had added the smart-assed, juvenile remarks. I was wrong, that was the actual press release.

     Local sprint car racing -and in fact most local racing- is pretty much dead here and there is only one person to blame for that.



RodinCanada
MyWebsite
September 17, 2018 at 07:25:58 PM
Joined: 07/24/2016
Posts: 1720
Reply

I guess there is always the option of buying a corn field, renting a grader and getting a few volunteers to sell tickets just to get something going again. Im sure you could get a reasonable track for under $3m.

Isnt that kind of how Husets started or am i confusing it with a track in the western part of SD?


Even though I may not know you, I 
care what most of you think!


RodinCanada
MyWebsite
September 17, 2018 at 07:30:43 PM
Joined: 07/24/2016
Posts: 1720
Reply

My post above was kind of a joke but after thinking about it for 3 minutes I seriously ask why dont the local drivers and enthusiasts get together and build a new grass roots track?


Even though I may not know you, I 
care what most of you think!

oswald
September 18, 2018 at 12:26:39 AM
Joined: 11/30/2004
Posts: 1982
Reply

So where are all of the Chuck lovers who used to come on here a brag about all the good Chuck had done for sprint car racing? Your hero seems satisfied to let one of the best short tracks in America sit idle for another year or more. 

Yup, he sure was great for sprint car racing! NOT!!



slideguy
September 18, 2018 at 06:52:37 AM
Joined: 12/03/2004
Posts: 414
Reply
Reply to:
Posted By: RodinCanada on September 17 2018 at 07:25:58 PM

I guess there is always the option of buying a corn field, renting a grader and getting a few volunteers to sell tickets just to get something going again. Im sure you could get a reasonable track for under $3m.

Isnt that kind of how Husets started or am i confusing it with a track in the western part of SD?



I was at Park Jefferson Speedway Saturday and their was a rumor that the track was for sale there for $675000, which appears to be a heck of a deal given that what all the Sioux Falls tracks are going for.  Plus it is a track that is actually racing, and runs weekly sprint cars.  So you don't really need a grader and a corn field, just drive south 60 miles.




onporch
September 18, 2018 at 07:21:18 AM
Joined: 02/12/2017
Posts: 366
Reply



MMMMMMMMMMMMM..  South Dakota Chicken.....



maddog53
September 18, 2018 at 07:29:39 AM
Joined: 03/18/2008
Posts: 1474
Reply
Reply to:
Posted By: everhard on September 17 2018 at 06:43:09 PM

Laugh it up all you want. Midwest sprint car is pretty much done. No weekly racing around Sioux Falls means no race cars. Special events is all we got left for sprint car racing. Pretty sad.



The Wisconsin WingLESS group is flying high averaging maybe 35 cars ALL year.  No, it is not the thundering herd of 900hp 410's but they are entertaining as hell.  I stopped following the overhyped IRA to stay at my home track to see these guys and gals almost every week.  I was thoroughly entertained.  There was no whining about 'lappers' being in the way, there was no politics on who has been racing with them the longest, so we should get heard before anyone else.  It was just plain fun all year.  Nothing but a huge future for this group. JMO





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