Loeb Winternitz Industrial Auctioneers and Yellen Partners announced this week that they will be conducting a two day auction to liquidate the assets from Balmoral Racing Club, Inc. and Maywood Park Trotting Association, Inc. The auction will take place online April 27 and 28.
“We are honored to be retained to manage the sale of the personal property assets of these two famous racing venues,” stated Charles J. Winternitz, president of Loeb Winternitz Industrial Auctioneers. “The auction includes all the ground maintenance equipment, vehicles, and many memorabilia items from throughout the decades. The partnership between Loeb Winternitz and Yellen Partners is the needed combination to recover the highest value for the assets.”
Principals from both firms worked together previously to liquidate the former Sportsman’s Park also known as Chicago Motor Speedway.
“We look forward to offering the public an opportunity to purchase a piece of history from these two parks, in addition to machinery and equipment at a quality value,” said Brian Yellen, president of Yellen Partners.
Balmoral Park, located just south of Crete, Illinois, closed in December of 2015. Originally Lincoln Fields from 1926 to 1968 hosting thoroughbred racing, and subsequently, Balmoral Park hosting Harness Racing. Maywood Park, located in Melrose Park, also held its last races in late 2015 after nearly 70 years of operation. Both tracks were shuttered after judgment was passed against the owners in a suit brought by the casinos, after a decision by the Illinois Racing Board to award racing dates exclusively to Hawthorn Race Course, and subsequent bankruptcy.
The auctions are being held by order of the Honorable Donald R. Cassling, for the U.S. Bankruptcy Court, Northern District of IL, Eastern Division, Case Numbers: 14-45711 - Assets of Balmoral Park Racing Club, Inc. and 14-45718 - Assets of Maywood Park Trotting Association, Inc.
Yellen Partners, LLC is a specialized, hands-on provider of asset monetization solutions focused on the acquisition and disposition of retail and wholesale inventories, as well as healthcare and industrial machinery and equipment, for businesses seeking to continue operations or sell assets as a going concern. Core activities include sourcing, acquiring and monetizing distressed and other surplus assets through transaction strategies, including, but not limited to, retail store closings, orderly liquidations of wholesale inventories and specialty assets, as well as private treaty sales and on-site and on-line auctions.
Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment.