Bid made for Rockingham Speedway
According to court documents, Billy R. Silas is the manager of the Florida-based limited liability company that purchased the promissory note from Farmers and Merchants Bank on Nov. 17, 2015. An initial bid of $100,000 was made at 11:12 a.m., then, after no other offers were made, Hash stepped up to announce his client's bid.
If it turns out to be the prevailing bid, then BK Rock Holdings would own the property and net proceeds from the sale would be credited toward the debt, he said.
Documents show the original loan taken out when former driver Andy Hillenburg bought the track in 2008 was for $4.2 million at 6.875 percent interest. The loan was set up to be paid with 59 monthly payments of $32,497.85 starting Nov. 16, 2008 and being paid in full by Oct. 16, 2013.
A letter sent to Hillenburg – as well as Bryan and Kim Silas, who are listed as member/managers of Rockingham Raceway Park, LLC – by Hash on Feb. 17, shows the total owed on the October note as $4,305,593.92 and that of a July 2008 note as $617,827.44. The amounts include principle and accrued interest, but not attorneys' fees and costs.
Per statute, the clock started ticking on a 10-day period for an upset bid once the bid was filed with the Richmond County Clerk of Superior Court's Office.
"Any person may submit an upset bid," Hash said. "It makes no difference whether the person attended today's sale." An upset bid – which must exceed the sale price by a minimum of five percent – must be filed with the clerk's office, with the bidder making a deposit of at least five percent, he said. As it currently stands, an upset bid of $3.15 million with a $157,500 deposit must be made by May 16. Richmond County Daily Journal