SOLO2.ORG Ultimate Autocross

Yes they over spent on the building.  But they were meeting their needs on operating expenses and could have turned a corner.  But the BANK decided they would rather put people out of a job and have a large empty building than work with them to keep it going.  Just so they could write it off and make some money off the taxpayers.

It was a poor decision by the bank.  Banks are run by some of the dumbest and greediest people ever. I work with Citibank and numerous other banks on a daily basis and see who they lend/extend credit to and it is no wonder they are all in trouble.

So once again Commerce Bank can shove it up their A$$ and so can Lindell Bank and Trust for Fing over my cousin. 

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RandeH:

But the BANK decided they would rather put people out of a job and have a large empty building than work with them to keep it going.  Just so they could write it off and make some money off the taxpayers.

I'm not that familiar with the situation, but how exactly did the bank "make money off the taxpayers" by foreclosing on GPS? 

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Ghost of AutoXer Past

SPS banks with Commerce.  They are like any other bank, some things good, others a PITA.  But I have avery good relationship with my business loan officer which is why we are with them in the first place.  I haven't talked to her specifically about this, but (as Krek knows) banks only want one thing out of loans:  For you to pay them back on time.  

If you do that, they don't give two shits if you are making money or losing money or whatever, though making money and collateral is obviously needed to even initiate the process.

If you aren't making your payment, they need to cover thier loss as quick as possible.  They have no feeling towards or against a particular business.  They just look at the facts and decide from there.

I am sure, given the ricockulous spending that went on by the management of that place, they were in no mood to "extend" anything else to the mismanagment.  Especially in the recent financial environment.  GPS earned the treatment they got and then some.  I don't see how the taxpayers (for once) are going to be on the hook for this one beyond any unpaid taxes. 

I'm sure there was a lot of political and god only knows what else wrangling going on between banks and contractors and whoever, but the bottom line was that Commerce looked at what they thought the place was worth open and running versus what it was worth at auction and picked the latter to cut thier losses.

It is too bad, because I think they soured the St. Louis Market for indoor karting for a long time and now we have to listen to Mark Hirt go on and on about how superior Chicago is to St. Louis and the rest of the world.

DaveW

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www.solotime.com
www.sccagear.com

 

Even making the payments they may have forced payment.  My guess is they violated their equity % in the loan agreement.   Either way, they would have known it was coming.  

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Black '00 Integra 57 STS
'95 Dodge Ram Its big, its ugly,
Let a Greyhound Race into your Heart
www.rescuedracers.com

DaveW:

It is too bad, because I think they soured the St. Louis Market for indoor karting for a long time and now we have to listen to Mark Hirt go on and on about how superior Chicago is to St. Louis and the rest of the world.

DaveW

 

1. Baseball teams that have actually BEEN to a world series game: STL = a bunch, CHI = not so many

2. Race tracks within sight of downtown: STL = 1. And it even hosts great events for the club! CHI = not so many. 

Agreed on the souring of the market here for sure. I never gave the place much of a chance but there are a lot of people that did and it seemed to be a good idea.

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SLUF

krek:

RandeH:

But the BANK decided they would rather put people out of a job and have a large empty building than work with them to keep it going.  Just so they could write it off and make some money off the taxpayers.

I'm not that familiar with the situation, but how exactly did the bank "make money off the taxpayers" by foreclosing on GPS? 

 

They get to write it off their corporate taxes at the end of the year as a loss.

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DaveW:

It is too bad, because I think they soured the St. Louis Market for indoor karting for a long time and now we have to listen to Mark Hirt go on and on about how superior Chicago is to St. Louis and the rest of the world.

It has little to do with the city, they would have been fine had they not "broke the bank" building the place, I'm sure St. Louis is a very nice place.

BDSCT51:

1. Baseball teams that have actually BEEN to a world series game: STL = a bunch, CHI = not so many
2. Race tracks within sight of downtown: STL = 1. And it even hosts great events for the club! CHI = not so many.

1. As a Cubs fan I'm happy your team won with a Manager the Sox thought was the problem
   
2. Why would anyone want to race in downtown Chicago...... If we could find a site large enough the rental would probably would probably force a $250 per car entry fee. If I remember correctly (Mr. Ruth knows) the Chicago Park District will give us the large Soldiers Field lot for like $10 to $20 per parking place.

From where I live Soldiers Field would be a 45 minute drive at 6am and 3 hour ride home, Route 66 is a 55 minute drive (either way now) and Miller Park (Milwaukee) is just over an hour. Also it's just under 2 hours to Road America

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Mark Hirt
2007 MX-5 MS-R
Bowman Race Kart - rented
Webmaster Chicago Region SCCA

RandeH:

krek:

RandeH:

But the BANK decided they would rather put people out of a job and have a large empty building than work with them to keep it going.  Just so they could write it off and make some money off the taxpayers.

I'm not that familiar with the situation, but how exactly did the bank "make money off the taxpayers" by foreclosing on GPS? 

They get to write it off their corporate taxes at the end of the year as a loss.

I still don't understand.

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Ghost of AutoXer Past

krek:

RandeH:

krek:

RandeH:

But the BANK decided they would rather put people out of a job and have a large empty building than work with them to keep it going.  Just so they could write it off and make some money off the taxpayers.

I'm not that familiar with the situation, but how exactly did the bank "make money off the taxpayers" by foreclosing on GPS? 

They get to write it off their corporate taxes at the end of the year as a loss.

I still don't understand.

Krek, you need to sell off all your inventory at pennies on the dollar (to solo2'ers) and take the write off........  

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Black '00 Integra 57 STS
'95 Dodge Ram Its big, its ugly,
Let a Greyhound Race into your Heart
www.rescuedracers.com

Lose money on every deal and make it up in volume?

Banks don't want the collateral, they want to be paid back on time with interest.

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Ghost of AutoXer Past

It appears as if somebody finally figured out how to turn off the sign.

H's & K's,
Rick Ruth

http://www.grandprixspeedways.com/

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Jianxiong ("JAN-SOON") Song
1996 BMW M3 - #1 STU

I hear the building is being bought by a church.

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I'm moving to Theory, everything works there.

No trees were killed in the making of this post.... However, a large number of electrons were horribly inconvenienced.

Terec
2000 Cougar
1985 MR2, what have i done?

Terec:

I hear the building is being bought by a church.

That actually does not surprise me.  Great highway frontage.  Hopefully they won't spend $30 million to renovate it.

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Black '00 Integra 57 STS
'95 Dodge Ram Its big, its ugly,
Let a Greyhound Race into your Heart
www.rescuedracers.com

What church?

The Brethren of the Holy Asphalt?

The Church of Internal Combustion?

St. Mario of Nazareth, PA? 

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1969 Beach Solo Vee, FM

2002 Mercedes C230k SportsCoupe retired, STU