HHR's In MO
01-25-2008, 09:09 AM
#52
Senior Member
Join Date: 01-20-2006
Location: Centralia, Missouri
Posts: 1,707
I was thinking a G2G at the St Louis Mills Mall Nascar Store would be fun, and of course a meal at Chuck-A-Burger to top it off. There is also a Fastlane off 370 that could be a good place for a G2G. Just throwing out some ideas. Thoughts?
01-25-2008, 10:14 PM
#54
Senior Member
Join Date: 09-06-2006
Location: St. Louis, MO
Posts: 1,222
Yep... they filed for bankrupcy last July and closed the doors up on Dec. 28, 2007...
Actually it was a pretty cool indoor high speed course to race on.
Here's the official scoop on the closing...
Grand Prix Speedways Indoor Karting Closed
Grand Prix, which runs a 130,000-square-foot kart-racing and conference facility in Earth City, filed for Chapter 11 bankruptcy reorganization July 31 after less than a year in business. Now a foreclosure sale is set to divest its real estate, go-karts and other equipment to repay loans to Commerce Bank N.A. and settle numerous mechanic's liens filed by Don C. Musick Construction Co. and various subcontractors.
Jack Smith, one of Grand Prix's co-founders and its interim chief executive, said he continues to negotiate with Commerce and Musick in the hope of striking a deal that would let the track stay in business. He said he is talking with some of Grand Prix's original investors as well as some potential new ones to make a bid on the property and equipment.
"We are going to negotiate until the end," Smith said. "If need be, we will try to buy it at the auction."
The likelihood of a deal appears slim. Smith said Commerce and Musick already turned down an offer -- for $5 million now with $1.7 million more later.
A spokeswoman for Commerce declined to comment. Musick lawyer Bob Blitz of Blitz, Bardgett & Deutsch LC said the parties plan to go through with the foreclosure sale.
Grand Prix owes Commerce $5.49 million it borrowed to buy the real estate at 3590 Rider Trail South, according to documents filed in U.S. Bankruptcy Court for the Eastern District of Missouri. Commerce has another $967,448 claim for a loan Grand Prix used to buy equipment. Grand Prix also owes $4.61 million to Musick and its subcontractors for unpaid construction services and materials, according to the bankruptcy filings.
Commerce and Musick agreed to a settlement with the support of Grand Prix's investors. They plan to sell the go-kart facility and the land it sits on to the highest bidder at a minimum price of $6,455,000 in cash. They also will sell Grand Prix's equipment to the highest cash bidder, according to court documents.
Grand Prix's investors are backing the arrangement as the best way to recover the value of their assets. The go-kart facility has generated sufficient cash to cover operating costs, but it runs the risk of running short and being forced to close if income fluctuates in the first quarter next year. That would likely depress the value of Grand Prix's assets, according to court documents.
The foreclosure sale will mark the end of a short and rocky road for Grand Prix. Co-founders Karl Krummenacher and Smith borrowed money from Commerce in late 2005 to buy the former Cody's/Incahoots nightclub and convert it into a racing and conference facility. Grand Prix was marketed to businesses and other organizations as a place to hold team-building events and corporate meetings, as well as to individuals who wanted to zip around in Grand Prix's Italian-made electric go-karts.
In addition to the $6 million in loans from Commerce, Krummenacher and Smith took on $2 million in short-term debt, invested a combined $1 million in cash, and raised another $5.5 million from a group of 48 unnamed private investors.
But the project hit bumps early on. Grand Prix underestimated the cost of rehabbing its 25-year-old building. Krummenacher and his team budgeted $5 million to upgrade and convert the space, but the final tab came in at $9 million, Krummenacher said.
Grand Prix opened for business in fall 2006. But its construction cost overruns meant Grand Prix couldn't pay its bills. By late 2006, contractors began filing mechanic's liens against the property.
By June this year, investors had ousted Krummenacher from his role as chief executive and managing partner and replaced him with Smith, who was chief marketing officer. Investors tried to sell Grand Prix's building under a lease-back arrangement to eliminate some debt. Under growing pressure, however, Grand Prix filed for bankruptcy protection in July.
01-25-2008, 10:19 PM
#55
Senior Member
Join Date: 09-06-2006
Location: St. Louis, MO
Posts: 1,222
I also really like the idea of a cruise to FASTLANE off 370.
What an amazing selection of indoor hot rod and and custom cars in the giant garage displays and a really nice hot rodders paradise gift center.
Now if we could just get some dry warmer weather soon.
01-27-2008, 04:21 PM
#57
Senior Member
Join Date: 08-19-2007
Location: St. Louis
Posts: 778
Guess where I went today???
There was an ad in the paper but the date was wrong but hey, thought I'd get out for a cruise anyway since it was finally clean. There ended up being about 40-50 cars come through in the couple of hours I was there!
There was an ad in the paper but the date was wrong but hey, thought I'd get out for a cruise anyway since it was finally clean. There ended up being about 40-50 cars come through in the couple of hours I was there!
01-27-2008, 06:16 PM
#58
Senior Member
Join Date: 09-06-2006
Location: St. Louis, MO
Posts: 1,222
No way... a mid-January Sunday Cruise at Chuck-A-Burger?
If I would have know, I would have showed up... Angie and myself were bored so took the Surf Wagon out to Creve Coeur Lake in the 60 degree weather. Would you believe the lake was still frozen all the way across and the waterfall was frozen solid... Looked like everyone had the same idea!! The place was packed!!! No other HHRs though. Got quite a few looks from a group of Honda Club members parked along the lake...
BTW - Great picture of your HHR at CAB...
If I would have know, I would have showed up... Angie and myself were bored so took the Surf Wagon out to Creve Coeur Lake in the 60 degree weather. Would you believe the lake was still frozen all the way across and the waterfall was frozen solid... Looked like everyone had the same idea!! The place was packed!!! No other HHRs though. Got quite a few looks from a group of Honda Club members parked along the lake...
BTW - Great picture of your HHR at CAB...
02-17-2008, 11:49 PM
#59
Senior Member
Join Date: 09-06-2006
Location: St. Louis, MO
Posts: 1,222
We took our own "mini HHR St. Louis cruise" all over town this weekend and decided to take a couple photos. Here's one we took at the old Kart Tracks prior to heading home to watch the Daytona 500...
Ladies and gentlemen, start your engines...
Gateway HHR cruisin' season is about to begin...
