#Mitime
Judge Overturns Sale of Miller Motorsports Park
A Utah judge has blocked the sale of Miller Motorsports Park to a Chinese investment firm because county commissioners may have illegally lowered the price to below fair-market value, KSL reported Thursday.
In a filing, Judge Robert Atkins said Tooele county officials tasked with selling the shuttered racetrack ignored higher bids to sell the racetrack for $20 million to Geely-backed Mitime Investment and Development Group. According to the report, county tax officials estimated the value of the track at $28.1 million.
A competing bidder, Center Point Management, said it offered $22.5 million for the park. The Wyoming-based company filed a lawsuit to stop the sale because they said county officials ignored their bid based on unverified promises by the Chinese group.
Losing Bidder for Miller Motorsport Park Taking Winner, County to Court
Miller Motorsport Park is going to be caught up in a Chinese finger trap of lawsuits thanks to one butthurt losing bidder.
Center Point Management, represented by Andrew Cartwright, is taking the winner — Geely subsidiary Mitime — and Tooele County to court over the bidding process.
According to Deseret News, the lawsuit filed by Center Point Management states the county broke local and state laws by “basing its decision on future benefits of uncertain value” instead of Center Point Management’s higher bid amount.
Recent Comments