Speedway bankruptcy case takes a new turn
by BRIAN GRAVES Banner Staff Writer
Feb 05, 2014 | 3648 views | 0 0 comments | 19 19 recommendations | email to a friend | print

There was to have been another event in the Cleveland Speedway bankruptcy case on Monday.

There was, but it wasn’t the one that had been scheduled and anticipated.

U.S. Bankruptcy Trustee Jerrold Farinash was supposed to have filed a brief explaining to the court why Chattanooga developer Marcus D. Lyons should be held to the proposed real estate purchase agreement he signed in November.

That agreement would have sold the Cleveland icon to Lyons for $1.1 million.

However, Farinash delayed asking the court for approval of the agreement in December, saying he wanted to hear from other prospects and was hoping the property could remain a viable speedway.

Last month, Lyons’ attorney, Ellie Hill, said the offer had been withdrawn on Dec. 10 “by hand delivery and email.”

“There is no offer on the table at this time,” Hill told the court.

Farinash disagreed, calling the filing of the agreement with the court “an act of acceptance” and asked the court to allow him to file a brief arguing his case.

Judge John C. Cook gave Farinash until Monday to file that brief.

Answering an inquiry from the Cleveland Daily Banner, Farinash said, “I am withdrawing my Notice of Sale to Mr. Lyons so there will be no brief.”

The trustee would not be specific with what might be next.

“There are a number of things going on, none of which I am currently at liberty to disclose,” Farinash said.