Hawthorne Bankruptcy Judge Agrees to Release Thoroughbred Funds from Track Bookkeeper
Hurdles Remain Before Spring Meet Begins
The judge presiding over Hawthorne Race Course's bankruptcy case today agreed that thoroughbred owners and trainers shall have access to their accounts with the track bookkeeper.
That means the money that exists in your account — but that has in recent months been inaccessible — will again be available to you so that you may draw on those funds. Additionally, according to the judge's ruling today, Hawthorne's bounced checks will be made whole.
Timeframe of Funds Not Clear
It’s not yet clear when those funds will be available. We are cautiously optimistic, based on our conversations today, that this should occur within the next 10 days. More than $1.6 million exists between the bounced checks and existing thoroughbred accounts, so securing access to these funds represents a significant victory for our members.
Funds owed to harness owners and trainers, however, will for now remain withheld. The ITHA's attorney argued in court today that owners and trainers on both the thoroughbred and harness sides should be made whole. But the judge accepted an argument, made by creditors, that the court should prioritize thoroughbred racing with the limited funds available, given the impending start of our meet.
Start Date of Spring Meet Not Yet Determined
The exact start date of Hawthorne's thoroughbred meet has not yet been determined. Today, it was moved back to a tentative start date of Sunday, April 19.
Hawthorne has indicated that it ordered the heavy equipment necessary to convert the track surface, but that equipment has not yet arrived and the conversion has not yet begun. If the conversion begins within the next couple days, it is possible that the surface may be ready for thoroughbred training in the early part of next week.
Once the start date of the meet is established, we anticipate that Hawthorne will revise the condition book previously released. Purses during the thoroughbred meet will be backed by the financing that Hawthorne has secured as part of its bankruptcy case.
Hawthorne Reportedly Exploring Racino Plan with Multiple Parties
An attorney for Hawthorne said during today’s hearing that seven independent discussions occurred in recent days with potential buyers or partners pursuing Hawthorne as a racino entity. Tim Carey has maintained that he remains determined to build and operate a Hawthorne racino necessary to ensure a competitive future for thoroughbred racing in northern Illinois.
Updates as Warranted
The ITHA will continue to keep our members apprised of important developments as warranted.