Ron Devine, former NASCAR Cup Sequence automotive proprietor, ordered to pay $31M in chapter proceedings

Estimated read time 2 min read

Former NASCAR Cup Sequence automotive proprietor Ron Devine and his associates and trusts have been ordered to pay $31 million to the trustees dealing with his race staff’s chapter proceedings. Fox Sports’ Bob Pockrass reportsDevine was the proprietor of BK Racing, which ran a number of Cup Sequence vehicles from 2012-2018.

Based on Fox Sports activities, the $31 million judgment stems from $6 million that BK Racing paid to Divine-related trusts and corporations, plus $11 million in debt that the trustee claims is required by legislation to be repaid. It is a factor. A choose within the lawsuit dominated that Divine had did not adjust to disclosure procedures for monetary disclosure, and awarded the complete quantity and subsequent penalties to the trustee.

If the cash is out there and recovered, it would go to the financial institution that issued the mortgage, the IRS, former BK Racing workers and others who nonetheless owe cash via authorized chapter filings.

Devine testified that the funds in query have been typically for short-term loans and that he did all he may to adjust to monetary disclosure requests.

“I am attempting as exhausting as I can…to maintain up with this factor. It is amazingly overwhelming,” Devine mentioned. “…I am an trustworthy particular person.”

Devine, principal proprietor of BK Racing and franchise proprietor of Burger King, entered the Cup collection in 2012 with two full-time vehicles after buying the Pink Bull Racing property. Regardless of the staff’s restricted success, BK Racing is known for launching the careers of younger drivers similar to Alex Bowman, Matt DiBenedetto and Corey Lajoy.

Three days earlier than the 2018 Daytona 500, BK Racing filed for Chapter 11 chapter after experiencing main monetary issues. The staff’s belongings have been bought mid-season to Entrance Row Motorsport, who defended his No. 23 of BK Racing for the rest of that season.

BK Racing has achieved three high 10 finishes within the staff’s historical past, one of the best being sixth place for DiBenedetto at Bristol within the spring of 2016.

You May Also Like

More From Author

+ There are no comments

Add yours