dirt racer
09-02-2007, 11:55 AM
In this thread we will examine the "real" reasons behind the closing of Hawaii Raceway Park. What was being said vs. the truth.
Before Hawaii Raceway Park closed in April of 2006, several newspaper articles had quoted the former leaseholder (Mike Oakland) as saying that the lease was going to expire:
President of HRP, Mike Oakland, stresses that the track, which has been around since 1964, is indeed closing. The five-year lease extension signed in 1999 for HRP is up and will not be renewed by Campbell Estate.
http://kapio.kcc.hawaii.edu/upload/fullnews.php?id=222
However, Campbell Estate spokesperson Theresia McMurdo told a very different story with regards to the lease:
"This is a decision made by Hawai'i Raceway Park and was not caused by
Campbell Estate," estate spokeswoman Theresia McMurdo said. "We have
not asked Hawai'i Raceway Park to leave and in fact we have been
extending the lease."
http://the.honoluluadvertiser.com/article/2006/Jan/27/ln/FP601270359.html
Then we had the shocking revelation that an affiliate of Mike Oakland's had purchased the Raceway Park:
The bad blood also is related to the fact that Campbell Estate has said
it has a contract to sell the land to an affiliate of Oakland's. A
Campbell Estate spokesman and Oakland said they are bound by a
confidentiality agreement not to name the affiliate or discuss plans for the
property.
http://the.honoluluadvertiser.com/article/2006/Apr/03/ln/FP604030349.html
The HMC affiliate company is revealed, and also their plans for the Raceway Park:
The owner of the old Hawaii Raceway Park site is asking the City Council to rezone the 66-acre property to turn it into an industrial park.
Owner H.M.C. Irongate Raceway Investors LLC wants to change the zoning of the property just outside Campbell Industrial Park from agriculture to industrial.
The racetrack closed in 2006, and the property was sold to the current Los Angeles-based owner.
Plans call for the site to be redeveloped into an industrial park with 90 lots.
http://starbulletin.com/2007/07/06/news/story10.html
Although the former leaseholder Mike Oakland had proclaimed no knowledge or involvement in the sale of HRP, the documents paint a different picture. This financing statement obtained from the Bureau of Conveyances reveals a sales agreement between Hawaii Motorsports Center (the company which was owned by Mike Oakland and Tom Enomoto) and Campbell estate:
http://i52.photobucket.com/albums/g14/dirt_racer/fin1.jpg
Also, page 3 of the Irongate deed clearly describes the same agreement and names Hawaii Motorsports Center as the "predecessor-in-interest":
http://i52.photobucket.com/albums/g14/dirt_racer/DEED3.jpg
7/31/2007 Testimony provided by Irongate representative Keith Kurahashi indicates a purchase price for the agreement as $5 million dollars:
Keith Kurahashi:
Right um the $18 million that I quoted. Again, I believe the actual cost from the seller was about $13 million or so. And then I think they had to buy out someone that had the option on it. So they had to buy that out.
Perhaps the $5 million dollar payment to Hawaii Motorsports Center is the "real" reason Hawaii Raceway Park was closed.
Before Hawaii Raceway Park closed in April of 2006, several newspaper articles had quoted the former leaseholder (Mike Oakland) as saying that the lease was going to expire:
President of HRP, Mike Oakland, stresses that the track, which has been around since 1964, is indeed closing. The five-year lease extension signed in 1999 for HRP is up and will not be renewed by Campbell Estate.
http://kapio.kcc.hawaii.edu/upload/fullnews.php?id=222
However, Campbell Estate spokesperson Theresia McMurdo told a very different story with regards to the lease:
"This is a decision made by Hawai'i Raceway Park and was not caused by
Campbell Estate," estate spokeswoman Theresia McMurdo said. "We have
not asked Hawai'i Raceway Park to leave and in fact we have been
extending the lease."
http://the.honoluluadvertiser.com/article/2006/Jan/27/ln/FP601270359.html
Then we had the shocking revelation that an affiliate of Mike Oakland's had purchased the Raceway Park:
The bad blood also is related to the fact that Campbell Estate has said
it has a contract to sell the land to an affiliate of Oakland's. A
Campbell Estate spokesman and Oakland said they are bound by a
confidentiality agreement not to name the affiliate or discuss plans for the
property.
http://the.honoluluadvertiser.com/article/2006/Apr/03/ln/FP604030349.html
The HMC affiliate company is revealed, and also their plans for the Raceway Park:
The owner of the old Hawaii Raceway Park site is asking the City Council to rezone the 66-acre property to turn it into an industrial park.
Owner H.M.C. Irongate Raceway Investors LLC wants to change the zoning of the property just outside Campbell Industrial Park from agriculture to industrial.
The racetrack closed in 2006, and the property was sold to the current Los Angeles-based owner.
Plans call for the site to be redeveloped into an industrial park with 90 lots.
http://starbulletin.com/2007/07/06/news/story10.html
Although the former leaseholder Mike Oakland had proclaimed no knowledge or involvement in the sale of HRP, the documents paint a different picture. This financing statement obtained from the Bureau of Conveyances reveals a sales agreement between Hawaii Motorsports Center (the company which was owned by Mike Oakland and Tom Enomoto) and Campbell estate:
http://i52.photobucket.com/albums/g14/dirt_racer/fin1.jpg
Also, page 3 of the Irongate deed clearly describes the same agreement and names Hawaii Motorsports Center as the "predecessor-in-interest":
http://i52.photobucket.com/albums/g14/dirt_racer/DEED3.jpg
7/31/2007 Testimony provided by Irongate representative Keith Kurahashi indicates a purchase price for the agreement as $5 million dollars:
Keith Kurahashi:
Right um the $18 million that I quoted. Again, I believe the actual cost from the seller was about $13 million or so. And then I think they had to buy out someone that had the option on it. So they had to buy that out.
Perhaps the $5 million dollar payment to Hawaii Motorsports Center is the "real" reason Hawaii Raceway Park was closed.