[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
56°F
 
Calendar
Today in
S.C.V. History
April 20
1874 - First train out of L.A. to reach new town of San Fernando; Newhall 2 years later [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
Thursday, Apr 16, 2015
For the third time in athletic department history, The Master’s College's Reese Field at Lou Herwaldt Stadium will be a host site for the seventh-annual NAIA Baseball National Championship Opening Round.
Thursday, Apr 16, 2015
The LA Daily News released its All-Area teams for the 2015 Boys and Girls Basketball seasons with a number of Santa Clarita players and teams being recognized.
Wednesday, Apr 15, 2015
College of the Canyons All-State wide receiver Tim White has signed a National Letter of Intent with Arizona State University and will continue his playing career as a Sun Devil.
Wednesday, Apr 15, 2015
Four members of the College of the Canyons women’s volleyball program signed their National Letter of Intent on Wednesday.
Wednesday, Apr 15, 2015
The Santa Clarita Storm failed to live up to expectations on Sunday evening in Riverside losing the opening game of their second round fixture in the United Premier Soccer League (UPSL) Admiral Cup 4-1.
Friend Activity

Latest Additions to SCVNews.com
AB 1046 would align federal and state reporting requirements for community benefit programs, streamlining paperwork requirements and allowing more resources to be devoted to community partnerships. It would also preserve the ability of hospitals to collaborate with community groups to support programs that target local needs.
Hospitals Seek Law Change to Preserve Programs, Align Paperwork
Working together, the team will develop the scientific and technological innovations necessary to enable a space-based solar power system capable of generating electric power at cost parity with grid-connected fossil fuel power plants.
Caltech, Northrop Grumman Team Up to Develop Space-based Solar Power System
Net income declined by $61,000, or 2 percent, in the first quarter of 2015 relative to the first quarter of 2014, and a higher tax accrual was the ultimate factor in this unfavorable variance.
Sierra Bancorp: Quarterly Net Earnings Dip 2%
Mark your calendars, gather the family, pack a picnic, and make a plan to get to the Rivendale site in Towsley Canyon. The LA SummerFEST is the fastest growing cultural festival in LA County, and this year promises to be great fun, and including new events, new community partners, and the premieres of new work.
L.A. SummerFest at Rivendale Announces 2015 Season
The Santa Clarita Cowboy Festival mossied its way back into to town this weekend plus the passenger in a fiery crash over the weeknd has been identified. Click the link to see those stories and more on tonight's edition of SCV NewBreak.
SCV NewsBreak for Monday, April 20, 2015
CSUN’s Associated Students’ video created as part of a campuswide campaign to educate the CSUN community about ways to to combat sexual violence.
CSUN Students Campaign Against Sexual Assault
Attend the LIMS training recruitment on Friday, April 24 to learn how you can take your current job skills and transform them into a career in movie and television production.
Want a Career in TV, Film?
In celebration of National Volunteer week, leaders and staff from Kaiser Permanente’s Panorama City Medical Center and Santa Clarita medical offices worked alongside Habitat for Humanity San Fernando/Santa Clarita Valleys on Saturday, April 18, to “Team Build” 78 homes for low-income veterans and their families.
Kaiser Employees Help Habitat Build Homes for Heroes
New solicitations have been posted by City of Santa Clarita.
Bid Opportunity: Paint SCV Metrolink Stations
The operation included 44 arrests that ranged from warrant arrests to drug related offenses. Unlicensed drivers and those driving on a suspended license were also part of the 209 citations issued, in addition to the 54 vehicles that were towed.
44 Arrested, 54 Towed in Street Racing Bust in South L.A.
Valencia resident John Chernesky has been appointed to the role of vice president, North America Sales for Princess Cruises and Cunard Line, effective June 1.
Chernesky Named VP of North American Sales for Princess, Cunard
Matthew Morris arrived at College of the Canyons in 2004 as a wide receiver on the football team. Eleven years later, the former COC Cougar is on the verge of a career breakthrough as the founder of the Morris Law Practice.
Ex-COC Wide Receiver Opens Law Practice
Santa Clarita residents are invited to attend tapings over the next 10 weeks of "Beyond A.D.," a half-hour companion series to NBC's "A.D: The Bible Continues."
Public Invited to NBC’s ‘Beyond A.D.’ Tapings at Local Church
Acclaimed director, screenwriter and producer John Singleton will help shine the spotlight next month on Hollywood’s next generation of movie makers as California State University, Northridge celebrates its 25th annual “Senior Film Showcase” at the Academy of Motion Picture Arts and Sciences.
May 4: CSUN Student Films Featured at Academy Theater
Somebody broke into a business and stole $15,000 worth of high-end paintball guns and associated equipment. Do you recognize this person?
Do You Know This Guy? Wanted for Questioning in Paintball Theft
Roughly half of the rabid bats identified in Los Angeles County over the past five years have been found in the SCV, even though the SCV sports less than 3 percent of the county's human population.
SCV Takes Early Lead in Rabid Bats
Michelle, your role as first lady is to be an ambassador for America, not a slug for America. Your husband is already getting paid more than he’s worth. Have him give you some of his money.
Paid Volunteer? | Commentary by Joe Messina
An 18-year-old Utah man was arrested Thursday on suspicion of spreading a Santa Clarita Valley street gang's graffiti “from the west side to the east side of St. George (Utah),” according to a police sergeant quoted in the St. George News.
SCV Gang Tag Shows Up in Utah; Suspect Arrested
Cemex still needs to pursue and obtain entitlements from local, regional and state agencies, which could weigh on the outcome — or at least force Cemex to re-perform some aspects of the studies with an eye toward current environmental circumstances and standards. We hope this precipitates a renewed discussion among the public, who would be significantly affected by the mega-mine next door. We hope the community becomes increasingly aware of the fact that the mine is, by no means, a done deal.
Cemex Game Changer
Investigators are still looking into the fatal crash that left two men dead after their Corvette slammed into a tree and ignited a small fire Saturday morning.
Porter Ranch Man, 69, ID’d as One of 2 Killed in Crash
Caltrans plans to implement closures April 20-25, 2015, for striping and signage work. Closures are subject to change.
April 20-25: Overnight Lane Striping in Newhall Pass
Saugus, Zone 4 Public Safety and Crime Prevention Information Week of 04/06/2015 – 04/12/2015 Santa Clarita Valley Sheriff’s Station Crime Prevention Unit
Crime Blotter: Spousal Assault, Thefts in Saugus
Valencia: Zone 5 Public Safety and Crime Prevention Information Week of 04/06/2015 to 04/12/2015
Crime Blotter: Burglaries in Valencia
Canyon Country West: Zone 7 Public Safety and Crime Prevention Information Week of 04/06/2015 to 04/12/2015
Crime Blotter: Knife Attack, Thefts in CC-West