LogMeIn chief reflects on IndyCar missteps

LogMeIn chief executive Bill Wagner jumped at the opportunity to get his company involved with the IndyCar race that had been planned for streets near his company's Fort Point offices.

A lead sponsorship, he hoped, would be a perfect way for the fast-growing tech company to build its brand locally and reward employees.

So much for that idea.

As most of Boston knows by now, the IndyCar race stalled out before it even began. Promoter Boston Grand Prix filed for Chapter 7 bankruptcy earlier this month. Casey had earlier pulled the plug on the inaugural Labor Day race, blaming city officials for their permit requirements.

The race organizers ended up owing LogMeIn $390,000, according to bankruptcy documents. Wagner says there are no plans in the works for a lawsuit to get that money back. Instead, he says it's more important to ensure that ticket holders are reimbursed as much as possible.

"As someone who had their name associated with it, that's got to be what we care about first and foremost," he says. "I don't have high hopes that people like us are going to get our money back."

Auto dealer Herb Chambers, who is owed $100,000, agrees with Wagner, although he hasn't ruled out suing. Meanwhile, Waltham-based fuel distributor Global Partners has sued the erstwhile race promoter (it's owed $275,000), as has Boston engineering firm Howard Stein Hudson (money owed: $446,000).

The biggest lesson Wagner learned: work directly with city officials and the community the next time LogMeIn is involved in a big event, rather than through an intermediary.

He says: ???????I don't think we're going to be gun-shy about supporting events that make sense for the community and for us.??????? JON CHESTO/BOSTON GLOBE