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An excerpt from Jason Christley's New London Day article:
Speedbowl update
• Terry Eames was relaxed as he made his way through the Waterford Speedbowl pits Wednesday evening. And for good reason.
Eames and the Seattle-based Washington Mutual Bank reached an agreement for foreclosure by sale next June. The nine-month window essentially gives Harvey Industries enough time to get all the proper zoning approval they need to purchase eight of the Speedbowl's 38.75 acres.
Eames estimated Harvey Industries, a supplier of windows and doors, needed four to six months to get everything done. Washington Mutual had asked the judge for 90 days. The court ruled in Eames favor Tuesday.
“We knew it would come to this kind of end,” Eames said. “There's always that fear that the courts won't see it the same way. And the end of the day, I had ultimate faith in my attorney. Together we felt we had a pretty good case.”
Even so, Eames admitted he didn't sleep much the night before.
Eames' attorney, Thomas J. Londregan has estimated the proceeds from the sale will cover half of the track's existing $1.6 million debt.
