HONOLULU (AP) — A bankruptcy trustee is overseeing a fire sale of auto racing equipment originally purchased for the Hawaiian Super Prix that never happened. Organizers had planned to stage a Championship Auto Racing Teams event at Kalaeloa last November
HONOLULU (AP) — A bankruptcy trustee is overseeing a fire sale of auto racing
equipment originally purchased for the Hawaiian Super Prix that never
happened.
Organizers had planned to stage a Championship Auto Racing Teams
event at Kalaeloa last November for a record $10 million purse. But slow ticket
sales and the lack a corporate title sponsor doomed the event.
The Hawaiian
Super Prix enterprise was forced into involuntary bankruptcy, with $3.94
million in debts and just $796 in the bank. But race organizers listed about
$3.95 million in assets, mostly in the form of equipment stored at
Kalaeloa.
Bankruptcy trustee Paul Sakuda won court approval Friday to sell
more than $2 million worth of the equipment to a mainland joint venture firm,
Bleachers International, for $310,500.
The deal, expected to close by the
end of the month, includes thousands of feet of bleacher parts, outdoor
carpeting, fencing material and two large office trailers.
Sakuda said part
of the proceeds will be used to pay the state more than $70,000 in uncollected
lease rent at the Kalaeloa storage hangar.
A large clam shell-shaped tent,
priced at more than $200,000, and three shipping containers of bleacher parts
still remain unsold, along with several hundred tires that were to be used as
race barrier material, Sakuda said.
He said he will try to sell those
remaining assets before settling claims by creditors.
