Possible sale puts Balmoral auction bids on hold
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The company that oversaw Wednesday's auction of property owned by the Balmoral Racing Club has notified all high bidders that those bids are now on hold as a result of a purchase offer of Balmoral Racing Club's real estate and personal property. The notification stated the offer came in on the day of the auction.
The offer does not include any property of Maywood Park, thus the action of the Maywood property is unaffected. Sources indicate that a hospital has purchased the land comprising Maywood Park's parking lot.
As for the Balmoral Park auction, the proceedings will now go before Bankruptcy Court on Tuesday morning, May 3, at 9:30 a.m.
"As a result of this offer, and the intention to appear before the Court on May 3, the Debtors have instructed us to adjourn the auctions and take no further action until the results of the Court Hearing are announced," Loeb Winternitz & Yellen Partners wrote in the notice. "Accordingly, we are obligated to proceed based on those instructions. In doing so, we will update you after we receive notification of the results from the Court hearing on May 3."
The notice noted that if the purchase offer is rejected by the Court or the bidder withdraws or fails to close as soon as reasonably possible, then all auction high bidders of the Balmoral Racing Club properties will receive an email with their respective invoices. It also noted that if the sale is approved by the Court, all high bidders will be notified immediately as well.