[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

SCVNews.com | Irwindale Speedway Files Chapter 7; Owes Money to SCV Firm | 02-15-2012
Inside
Weather
Santa Clarita CA
Sunny
Sunny
87°F
 
Calendar
Today in
S.C.V. History
October 24
1954 - U.S. Rep. Brad Sherman born in Monterey Park; represents southeastern sliver of SCV [story]


Irwindale Speedway LLC filed for Chapter 7 bankruptcy on Monday, the same day track management announced that it was canceling the race schedule for 2012.

In paperwork filed with the U.S. Bankruptcy Court, Central District California, Irwindale Speedway LLC owes creditors $331,773.11. One of the creditors is Cantrell Aire Inc. in Santa Clarita. Irwindale Speedway LLC owes $1,379 to Cantrell Aire, which is owned by Jim Cantrell, whose son Connor Cantrell won the NASCAR Super Trucks championship at the track in 2011.

Irwindale Speedway LLC leased the track and offices from a company called Nu-Way Industries Inc. in Arcadia. Jim Mnoian, the president of Nu-Way Industries Inc., said he would like to find a company or group to take over racing operations at the track and resume racing as soon as possible.

He has been in talks with city of Irwindale officials, who also would like to see racing return to Irwindale Speedway. Irwindale Speedway LLC had a 33-year initial lease with two 10-year options with Nu-Way Industries Inc., Mnoian said. Bankruptcy court papers show that Irwindale Speedway LLC owes Nu-Way Industries $55,000 in rent. Mnoian said in an exclusive interview that Irwindale Speedway is not behind in its rent.

“Just a few months back,” Mnoian said. “That was not the case.” Mnoian also said the Irwindale Speedway management team was actively seeking a partner. “OnThursday, that’s what we were told. They were looking for a partner.”

Mnoian said he had no idea Irwindale Speedway LLC was going to file for Chapter 7 bankruptcy on Monday.

“I thought Jim Williams was above that,” Mnoian said. When asked if $330,000, the estimated amount Irwindale Speedway declared it owed to its creditors in the bankruptcy paperwork filed on Monday, was a lot for Williams and his management group, Mnoian said, “Not for someone of his means.”

Williams is the majority shareholder in Irwindale Speedway LLC.

Mnoian said he would like to see another company come in and take over the racing operations of the track.

“We wanted to re-lease the site or sell it,” Mnoian said. “Our company’s intention is to find a new tenant.

“We want an operator who has experience operating a track and take it over. The people who were running it didn’t have the experience and didn’t find anyone with experience in 15 years. Anyone is better than what they had.”

Phone messages left for Irwindale Speedway vice president and general manager Bob DeFazio were not returned.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

1 Comment

  1. SNFU says:

    “Cantrell Aire Inc. in Santa Clarita. Irwindale Speedway LLC owes $1,379 to Cantrell Aire, which is owned by Jim Cantrell, whose son Connor Cantrell won the NASCAR Super Trucks championship at the track in 2011.”

    This Makes It News Worthy In Sant Clarita? So the guy lost $1,389 bucks… Who is the plug that wrote this… As for as their total debt, I know home owners who lost more money than this.. What a joke… They file chapter 7 back to work in a few months.. Or they can always turn it into a swap meet..

WATCH NOW
Loading...
LOCAL SPORTS HEADLINES
Friday, Oct 24, 2014
Brett Croft's header with 5:40 remaining to play lifted The Master's past Johnson & Wales of Colorado 2-1 in a non-conference match on Reese Field.
Friday, Oct 24, 2014
It’s Week 3 of the Foothill League high school football season. Canyon takes on Saugus in a crucial game for playoff position.
Thursday, Oct 23, 2014
COC sophomore setter Taylor Kasha has been named the Western State Conference (WSC) Female Athlete of the Week.
Thursday, Oct 23, 2014
The College of the Canyons women’s soccer team shut out Citrus College, 6-0
Wednesday, Oct 22, 2014
The Hart girls volleyball team is still rolling. The Hart girls swept Canyon, 3-0, and are undefeated in first place in the Foothill League standings.
Friend Activity

Latest Additions to SCVNews.com
Sally Van Swearingen, author of “It’s Not Over Yet!: Reclaiming Your Real Beauty Power in Your 40s, 50s and Beyond,” will appear at Local Author Night
Local Authors Night Tonight at Barnes & Noble
CalArts students held a campuswide protest Thursday, walking out of classes over claims the Valencia arts college mishandled a sexual assault report.
CalArts Student Alleges Mishandling of Sexual Assault Report
Brett Croft's header with 5:40 remaining to play lifted The Master's past Johnson & Wales of Colorado 2-1 in a non-conference match on Reese Field.
Croft’s Using His Head
It’s Week 3 of the Foothill League high school football season. Canyon takes on Saugus in a crucial game for playoff position.
SCV Sports Roundup for Oct. 24
About 35 marching bands and colorguard units, including all of the Hart School District high school teams, will join Hart for one of the most anticipated Southern California School Band and Orchestra Association (SCSBOA) tournaments of the season on November 1, 2014 at College of the Canyons Cougar Stadium.
Nov 1: Marching Bands Compete in Rampage
Measure EE is on the November ballot and intended to maintain excellent elementary schools in Saugus Union School District by providing safe, modern classrooms for local students, according to the measure’s website. The measure needs an approval rate of 55 percent to pass.
Voters to Decide on Saugus District Bond Measure
Santa Clarita Valley Sheriff’s Station deputies are also investigating the fight, the video and the circumstances surrounding it, and the fallout from the incident already resulted in one Hart district juvenile getting arrested, officials said.
Hart District Student Arrested for Threats; Teen Brawl Investigation Continues
This was the 10th year for the Santa Clarita “Top 51 Most Influential” list. The public submitted 120 names for consideration.
SCV’s Most Influential People Honored
The Santa Clarita Valley Sheriff’s Station deputies have released the crime reports for the week of Oct. 13-19.
Sheriff’s Station Releases Crime Reports, Oct. 13-19
Deputies received a reports of a suspicious open window of the 25200 block of Avenida Rotella in Valencia, and began a containment of the area, according to Sheriff’s Station reports, after receiving a report of a white van in the area.
Burglary Suspect Arrested in Saugus
The billboard agreement is the known bird-in-the-hand versus the unknown two-in-the-bush later. Of importance is that Clear Channel was invited to come in with proposals, and they have never responded. Without question, there are no guarantees of a better deal later if this one is lost.
Measure ‘S’ Pros, Cons | Betty Arenson
1954 - U.S. Rep. Brad Sherman born in Monterey Park; represents southeastern sliver of SCV [story]
Tonight on SCV NewsBreak: A man suspected of robbing a Newhall Walgreens with a shotgun Thursday is in custody.
SCV NewsBreak for Thursday, October 23, 2014
The following letter was sent to parents of Valencia High School students Thursday afternoon in regards to a fight involving several Hart District students on Friday, October 17, 2014. Dear VHS parents, We are aware of many rumors currently circulating following the fight that happened on Friday evening.
A Letter to Valencia High Parents
COC sophomore setter Taylor Kasha has been named the Western State Conference (WSC) Female Athlete of the Week.
COC’s Kasha Named Western Conference Athlete of the Week
The College of the Canyons women’s soccer team shut out Citrus College, 6-0
SCV Sports Roundup for Oct. 23
Santa Clarita Valley Sheriff’s Station deputies arrested a man suspected robbing Walgreens with a shotgun for drugs.
Suspect Arrested After Walgreens Drug Robbery
A Santa Clarita mom is making and selling eco-friendly American Girl doll clothing.
SCV Mom Creates American Girl Clothing Business
I remain concerned for the safety and security of our uniformed personnel supporting this mission. Congress will continue to provide robust oversight throughout our troops’ deployment.
McKeon Releases Statement on Ebola
Gateway Ranch is a 302-acre property located on the northern half of Las Lomas in the Newhall Pass. Once planned for a major housing development, the land is now part of the City’s Open Space Preservation District and protected from development indefinitely.
City to Cut Ribbon on Newly Acquired Open Space
The Santa Clarita WorkSource Center is partnering with the California Department of Corrections and Rehabilitation to host a Correctional Peace Officers recruitment on Thursday, Oct. 30
WorkSource Center Hosting Peace Officers Recruitment
Enjoy an evening of great live entertainment featuring music from the hills and valleys of the East to the plains, prairies and deserts of the West.
Cowboy Music Takes Over REP for WMA Benefit Concert
So far there has been about $181,700 of “grass roots” support to preserve the current billboards – of which maybe $6,500 is local (the $500 from Tony Strickland being from “out of town”). All kinds of money to stop the three electronic billboards and preserve dozens and dozens of ugly relics of a bygone era that have serious light pollution issues, too.
A ‘Tyrannt’ with Soul
The Santa Clarita Public Library, with support from the Friends of Santa Clarita Public Library, will once again sponsor the Celebration of Local Authors event on Saturday, January 17, 2015 from 10:00 a.m. to 3:00 p.m. at the Old Town Newhall branch, located at 24500 Main Street.
Library Prepping for Second Celebration of Local Authors