Just got the email from the bankruptcy advisor that TMP is back up for a forced sale.

Here's what it says:

"Please be advised that bids will be accepted on December 8th at 3:00 pm. If you have any questions or concerns regarding the information package or the bidding process please contact Peter Schmidt at 905-943-4023"

 

Is there any kind of a business plan available? Financial documentation? I might be seriously in for part of a group buy, if it's a viable business with a decent return.

 

if it was a viable business with a decent return .... i doubt it would have ended up on the chopping block in the first place.

I think it would need a whole new business plan by any investor . It is up for bankruptcy so i dont think id be looking ay any current business plans.

 

I wonder if the guys from Calabogie are looking. They seem to have it right.

 

Damn, I hope the new owner(s) can keep it afloat when the time comes.

 

Told you all something was fishy with the 'yank it off the market' the first time around. Sworn statements are made to the courts in order to petition for bankruptcy and a forced power of sale. These undertakings are not taken likely and are not entered into and then removed and then back on the table as part of some crazy 'up the ante' by banks or investors to get better refinancing terms. Actually something like that would be grounds for a disciplinary hearing in front of some professional groups... So something really weird happened here. Buyer beware.

 

I got an e-mail from them recently offering volume-discounted track days for next year...

 

It isn't that uncommon for a property to go power of sale, and then the person losing it to use some legal tricks to slow things down for some time. I have seen it happen quite a few times over the years.

I know the agent dealing with this personally, I will see what I can dig up.

 

place needs some money spent on it, its falling apart

 

I think "noise" limits/complaints have hurt that facility over the years as the area gets built up. (similar to the noise complaints Mosport is receiving by newcomers to the area). I hate to say it, but maybe they need to limit the noise of the cars if they still want to be able to run there. ie no open headers etc.
Not sure it would solve all the problems, but may make the facility seem less of an infringement on the surrounding community.
my .02 cents

 

Not necessarily if you can pick it up in bankrupcy for a low price that does make sense financially. Restaurants usually need to go belly-up 3 times before the assets have been devalued enough to facilitate profitable operation.