[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
Mostly cloudy
Mostly cloudy
51°F
 
Calendar
Today in
S.C.V. History
March 2
1938 - Great Flood of 1938 causes massive destruction across the greater Los Angeles region [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, Mar 2, 2015
Olympian and Canyon High grad Alysia Montano earned the first indoor title of her career Sunday in Boston where she won the USATF 2015 Indoor National Championship 600 meter dash in 1:26.59.
Friday, Feb 27, 2015
College of the Canyons freshman forward Monica Friedl has been named a First team All-Western State Conference (WSC) honoree after leading the Cougars in scoring, rebounding and blocked shots during the 2014-15 season. COC sophomore guard Qimmah Russo was named Honorable Mention All-WSC.
Friday, Feb 27, 2015
College of the Canyons men’s basketball players Coley Apsay and Tullio Parry have been named First Team All-Western State Conference (WSC), South honorees, while COC sophomore forward Ricardo Greaves received Honorable Mention recognition for the 2014-15 season.
Friday, Feb 27, 2015
In this official role, Jens Voigt, who has participated in all nine previous editions of the annual stage race, will serve as an advisor to race organizers in addition to other official duties leading up to and during the race set for May 10-17.
Wednesday, Feb 25, 2015
Rebounding from Saturday’s shocking 71-64 loss to the unranked Arizona Christian Firestorm, The Master’s College women’s basketball team took down Biola University 73-42 Tuesday night at Bross Court.
Friend Activity

Latest Additions to SCVNews.com
Tonight on SCV NewsBreak: Castaic Union School District officials are hosting a series of meetings to discuss the district’s financial troubles.
SCV NewsBreak for Monday, March 2, 2015
Are you a native Spanish speaker? Would you like to be in a play? Come out to the Newhall Community Center and participate with Crezca Teatro Comunitario, a new theatre project specifically for local Spanish speaking residents.
March 7: Spanish Language Theater Project at Newhall Center
Olympian and Canyon High grad Alysia Montano earned the first indoor title of her career Sunday in Boston where she won the USATF 2015 Indoor National Championship 600 meter dash in 1:26.59.
Canyon High Grad Wins National Championship in Indoor Track and Field
This week's events and activities from the Santa Clarita Valley Chamber of Commerce.
SCV Chamber This Week (3-2-2015)
We are continuing our most popular Thursday night events and offering some new and fun happenings in the coming year to bring all kinds of free entertainment to enjoy in Old Town Newhall. No need to travel “over the hill” to experience a great night life.
The Place to Be
School officials are cutting $4.1 million from the operating budget through layoffs for 30 teachers throughout the district ($2.36 million); a reduction in classified staff, the equivalent of 13 full-time positions ($417,000); reductions in administrative staff expected to save more than $340,000; $50,000 in reduced transportation services; and the aforementioned reduction of $300,000 in services each year. The district also decided to move its sixth-grade classrooms to the elementary school, from the middle school, which is expected to save a little more than $230,000.
Cash-strapped Castaic School District Implementing Cuts
The next seven-week course runs April 9 through May 21 and will teach basic survival skills that can be crucial during disasters such as earthquakes, fires, floods and other life-threatening situations.
Sign Up to Become a Certified Emergency Responder
Native Voices at the Autry, a theatre company devoted exclusively to developing and producing new works for the stage by Native American, Alaska Native and First Nations playwrights, presents Randy Reinholz’s "Off the Rails," which opened Feb. 27 and continues through March 15, at the Autry National Center.
CalArtians Behind the Scenes of ‘Off the Rails’ at the Autry
Board of Equalization Vice Chair and Jessica’s Law author George Runner criticized the California Supreme Court's decision Monday to strike down mandatory residency restrictions on San Diego County sex offenders under Jessica’s Law without providing any alternative.
Court Nixes Key Part of Sex Offender Law; Authors Cite Danger
The SCV Sanitation District will find a new site for a deep well injection plan to remove chloride from the Santa Clara River, officials said Monday.
Officials to Find Different Location for Chloride Injection Well
Attorney General Kamala D. Harris announced a package of bills Monday that will increase protections for victims and provide tools for law enforcement to prosecute the growing number of cyber-exploitation cases in California.
Legislation Would Criminalize Revenge Porn; Allow Search Warrants for Cyber Crimes
Beginning Saturday, March 7, the Jane S. Pinheiro Interpretive Center at the Antelope Valley California Poppy Reserve will be open daily from 10 am to 4 pm weekdays and 9 am to 5 pm weekends.
Poppy Reserve Opens Sat.; Red Rock Park Cleanup
Look at the lineup. Gov. Bobby Jindal, U.S. Rep. Mia Love, Carly Fiorina, Sen. Tim Scott, and the list goes on. So how is it we let the Dems paint a picture of us as the modern-day KKK? Marketing. You can lie about anything as long as you market it to the right people the right way.
Stuffy Old White Guys
1938 - Great Flood of 1938 causes massive destruction across the greater Los Angeles region [story]
How can we equip upcoming generations with the tools they need to have a sustainable lifestyle? One answer is with a 33-square-foot dumpster and a team of dumpster experts to transform a trash container into a sustainable house.
Dumpster Life
1916 - Newhall County Library established inside Robert F. and Christine Woodard's ice cream parlor [timeline]
1890 - Jenkins ranch hands Dolores Cook and George Walton of Castaic slain by rival William Chormicle and W.A. Gardener [story]
Tonight on SCV NewsBreak: Cemex is moving forward with plans to mine in Soledad Canyon, plus more local news.
SCV NewsBreak for Friday, February 27, 2015
Now nursing homes will be under increased scrutiny with targeted inspections of poorly rated facilities, tougher scoring and verification of reported data on staffing through payroll records. Facilities must perform at a 3-star level in order to receive a rating on the staffing category.
Antonovich Applauds Tougher Nursing Home Rating Standards
The median price of single-family homes sold during January in Santa Clarita came in at $480,000, up 10.9 percent from a year ago. It was down 3.0 percent from the $495,000 median of December, which flirted with the $500,000 benchmark price, a median price not been seen since 2006.
Typical SCV House Cost $480K in January
College of the Canyons freshman forward Monica Friedl has been named a First team All-Western State Conference (WSC) honoree after leading the Cougars in scoring, rebounding and blocked shots during the 2014-15 season. COC sophomore guard Qimmah Russo was named Honorable Mention All-WSC.
COC Women’s Basketball Team Has Two All-Conference Honorees
College of the Canyons men’s basketball players Coley Apsay and Tullio Parry have been named First Team All-Western State Conference (WSC), South honorees, while COC sophomore forward Ricardo Greaves received Honorable Mention recognition for the 2014-15 season.
Three COC Men’s Basketball Players Receive All-Conference Honors
MyLife.com will pay $800,000 over a period of nearly two years in civil penalties to be divided equally by the District Attorney’s Office and the Santa Monica City Attorney’s Office. MyLife.com also will pay $250,000 in restitution to its customers.
Prosecutors: MyLife.com to Pay $1 Mil., Change Its Ways
The 2015-2018 Strategic Plan highlights five service priorities for the library, including enhanced technology, facility improvements, programming for 21st-century literacy, expanded opportunities for residents to use library resources for self-enrichment and increased access to tools needed for academic success.
City Releases 3-Year Strategic Plan for Libraries