[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
Clear
Clear
54°F
 
Calendar
Today in
S.C.V. History
November 25
1875 - Vasquez lieutenant Cleovaro Chavez killed by bounty hunters in Arizona Territory [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
Monday, Nov 24, 2014
The College of the Canyons men’s cross country team ran to a 79-86 victory over three-time defending state champs American River College at the 2014 California Community College Athletic Association Cross Country State Championships on Saturday.
Monday, Nov 24, 2014
The College of the Canyons Athletic Department has announced its 2015 Hall of Fame class of inductees, with the college’s bi-annual Athletic Hall of Fame dinner and induction ceremony taking place Friday, Jan. 30.
Friday, Nov 21, 2014
Hart High quarterback Brady White is one of 16 high school seniors nominated by the U.S. Army All-American Bowl Selection Committee for the 2015 U.S. Army Player of the Year Award, considered high school football’s highest honor.
Friday, Nov 21, 2014
The Santa Clarita Christian Cardinals girls volleyball team will square off against Upland Christian for the CIF Southern Section Division 5-AA Championship in Fullerton Saturday.
Friday, Nov 21, 2014
The visiting Antelope Valley Marauders gave the COC women's volleyball all it could handle during Wednesday's 'sophomore night' match, but the Cougars prevailed nonetheless, capturing a 3-2 (27-25, 25-15, 22-25, 29-31, 15-6) win to conclude the regular season with an exclamation point.
Friend Activity

Latest Additions to SCVNews.com
Michael D. Antonovich said his first action as chairman of the Board of Supervisors when he takes the helm next week will be to nominate Supervisor-elect Hilda Solis as vice chair.
Mayor-Elect Antonovich Taps Solis for Vice Chair
Tonight on SCV NewsBreak: Santa Clarita residents are invited to the 10th annual Thanksgiving “Community Event” on Thursday in Newhall.
SCV NewsBreak for Tuesday, November 25, 2014
The Board of Supervisors unanimously granted final approval for full implementation of Laura’s Law, a comprehensive, treatment-based approach for the mentally ill -- many of whom are incapable of recognizing their illness.
Laura’s Law: Mentally Ill Treatment Protocol Going County-wide
The college was selected as one of 160 American institutions to host the first wave of Proyecta students, accommodating 100 Mexican students throughout the month of November for an accelerated crash course in English. The multi-year project, a cooperative of President Obama’s “100,000 Strong in the Americas” program, aims to send 100,000 Mexican students to the United States for English language education by the year 2018.
COC Selected to Host 100 Students from Mexico
The Housing Authority of the County of Los Angeles is now accepting registrants for its senior only public housing sites located throughout the County.
Dec. 31: Deadline to Get on Wait List for Orchard Arms Senior Housing
Can’t wait to see it open. Just think: “Good evening, ladies and gentlemen of the Santa Clarita Valley and all the ships at sea. We’re broadcasting from beautiful Old Town Newhall, California, all of the news, music and information you’ll ever want or need.”
On the Move | Commentary by Darryl Manzer
Newhall-headquartered Stomvi USA, one of the nation's top trumpet companies, is proud to announce the launch of its new website.
SCV-based Trumpet Retailer Stomvi Launches New Site
The College of the Canyons student-led Social Issues Forum Club will host an engaging presentation on sexual assault prevention, with students, staff and community members of all ages invited to attend.
Dec. 3: Learn How to Avoid Becoming an Assault Victim
Among other projects, the state bond funds will cover a portion of the cost of equipment for treating chloride.
CLWA Getting $16.7 Mil. from State; Covers Part of Chloride Remedy
Fire Management officials have brought down strike teams of engines and extra fire prevention patrols from northern California and pre-positioned them throughout Southern California.
Fire Danger ‘Very High'; Extra Crews on Hand
Stevenson Ranch, Zone 3 Public Safety and Crime Prevention Information Snapshot for 11/17/2014 to 11/23/2014
Blotter: Homes Burglarized in Stevenson Ranch
Castaic and Val Verde, Zone 2 Public Safety and Crime Prevention Information Snapshot 11/17/2014-11/23/2014
Castaic-VV Blotter: Another Storage Shed Pilfered
Canyon Country West, Zone 7 Public Safety and Crime Prevention Information Snapshot for 11/17/2014 to 11/23/2014
CC-West Blotter: Party-goer Attacked While Waiting for Ride From Mom
Valencia, Zone 5 Public Safety and Crime Prevention Information Snapshot for the week of 11/17/2014 to 11/23/2014
Valencia Blotter: Suspect Bashes Noisy Neighbor in Head
Saugus, Zone 4 Update Public Safety & Crime Prevention Information Snapshot: 11/17/2014 - 11/23/2014
Saugus Blotter: Boy Says ‘No’ to Robbers, Runs Away
1875 - Vasquez lieutenant Cleovaro Chavez killed by bounty hunters in Arizona Territory [story]
On Thursday he admitted there were presidents before him who broke that law, and he was going to hide behind them and break the law himself. Because he’s a “take action” kind of guy.
Revolution is Coming | Commentary by Joe Messina
Tonight on SCV NewsBreak: COC's Mens Cross Country team did something over the weekend they haven't done since 1975. They won a state championship.
SCV NewsBreak for Monday, November 24, 2014
The Santa Clarita Valley’s only local radio station, KHTS AM-1220, is moving to downtown Newhall early next year, the station’s co-owners announced Monday.
KHTS Moving to Newhall Hardware Building
The College of the Canyons men’s cross country team ran to a 79-86 victory over three-time defending state champs American River College at the 2014 California Community College Athletic Association Cross Country State Championships on Saturday.
Cougars Win State XC Crown; 1st Since 1975
Santa Clarita residents are invited to South Valley Church’s 10th annual “Giving Thanks Giving” event on Thursday.
South Valley Church to Host Feast at Newhall Library
News from the city of Santa Clarita Economic Development Department.
Santa Clarita Business News
Free training for local entrepreneurs, from the Small Business Development Center at College of the Canyons.
COC Small Business Center Offers Training for Entrepreneurs
If your resume and job search skills are landing you interviews but you never make it past the interview, join us for an informative workshop on what you should be doing before, during, and after an interview to increase your odds of success.
Free Workshops to Help Your Job Search