Matt Smith, Rick Rick, G. M. S. President Mike Beam discussed on NASCAR on NBC

NASCAR on NBC
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They'll allow me to keep the team while you're is eventually the judge decided, no, we're gonna give it to the trustees, evaluate it and determine the best course of action which team was put up for bid in a process. You were telling me just before we get started, here was closed at the public took roughly three minutes courting to lawyer. A lawyer said in court is it was a bidding process. Now started off. They had what they call the stocking horse bid, which they took a bids and basically created the low end type of thing. And that was from g. m. s. president Mike beam was for one point, eight million dollars for the charter for fixed assets, including cars and things like that. Now, part of the deal was that you had to keep the employee's on through the rest of the season and that the employees were all able to receive a two thousand dollar bonus. If they stayed with the organization through the end of the season, this was an organization that had approximately twenty employees. So you know, you're looking at essentially forty four, you know, more than fifty thousand dollars is what was supposed to be allotted for this. You know, you have the stalking horse bid. So basically that was supposed to be an opportunity for anybody to come in. You know, Matt Smith at setting. Court at one point that he had been contacted by, you know, more than two dozen individuals interested in assets aspects of the team. While it turns out there was only one bid and that was from front row motorsports. That was for two million dollars. Everybody in the courtroom talked about how disappointing the bid was in in the sense of they were hoping for more an end to put it in perspective. You know, in this came out in the court documents that in December two thousand sixteen b racing sold one of its charters. Originally. Remember it had to charters when the charter system came out for the eighty three car and the twenty three. It sold the charter to the eighty three car in December twenty sixteen to front row motorsports for two million dollars. Now you have a bid for the charter and cars and equipment for two million dollars. So an essence front row motorsports a year and a half later paid less. You said dusk. Than the the bid was disappointing as by the courtroom. What was expected to be the number. They never said what the number was, but you know, obviously, you know, if you're the Bank and you're owed nine million dollars, you certainly want closer to that. But as you said, like the charter went from two million? Yeah, I for less assets to front row a year and a half earlier, so they couldn't have been expecting more than three or I had somebody told me they thought it only get up to about two point five. They thought that's about where the bidding would go depend who was going to be involved in it after starting as we said. But I think I think some of those in the courtroom were kind of hoping for three or more to only have one bid and where it had been stated in court. There'd been, I think, you know about thirty interested parties at one point or another. The lawyers used it. Matt Smith use the term. His lawyer used it, the judge used it. I think everybody used it is that it was a disappointing sale and they thought it could get more, but it's a mystery. And why there weren't more bidders as it. Was there any reason provided for that? No, no, no. I mean that that was that was that was the thing everybody was kind of wondering about is just where everybody goes to. Obviously they did sell some other assets that did sell some chassis and various shapes, and and I guess in various levels of full chassis, partial chassis to Abaco racing. And that was for two hundred sixty five thousand dollars. And they did sell a tractor trailer to Rick Rick ware racing for thirty five thousand, which was a trailer he'd already been leasing have been paying a little bit each week to lease the truck. So into the day, the total sales essentially two point four for for all the things that they did..

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