ESPY Park in Pekin, IL

wardy

2005 Lori Nyland Award Winner

Nov 12, 1999

2,681

9

• Apr 5, 2003

• #26

It is a good way to do it, likely would work for people that own thier own property. For guys like myself that have a morgage to a land owner and not a bank, with a contract that says I have to keep it insured I am not allowed to try that type of protection. I honestly would consider that but it will be a long time before that happens.
Insurance quotes are on the verge of ridiculous.

wardy

 

K

karterron

~SPONSOR~

Mar 24, 2002

684

0

• Apr 5, 2003

• Thread starter
• #27

I don't think a setup like that would work.  The Attorneys would just go after the property itself if the company didn't have any assets.  It is against the Law to hide assets in a Court of Law and I doubt any Judge would allow a holding company to sit back and say we are not at fault because we don't own the land.  Somebody does and whoever that is would have to pay with whatever assets they have.  That means if you got slapped with a 50k judgement and told the Judge you don't own anything he would just give them the Land or ordered it sold to pay the judgement.

I can guarantee you that a Bank would not let you have a note with them without Insurance.  They know multiple trusts and holding companies will not protect hard assets.  All those do is help to prevent the true identity of the owners from being known and gone after.  Yes, the owners could avoid personal liability but not the track itself which obviously has some assets including land.

 

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Erick82

~SPONSOR~

Aug 30, 2002

443

0

• Apr 7, 2003

• #28

There would be no legal recourse against the land owners, in this case the Land Trust, thay do not operate a track. They only lease the land to the track operators. I work at a bank and have several clients that due this with there commercial rental properties and have never had a problem. It is not a holding company or a subsiderary, it would be two seperate companies, sure ownership would be similiar, but leagally not related companies. If you have good documentation writen by and attorney and signed waivors, you got a real good chance of winning in court. I am not saying they can't sue you, but it will most likely be throughen out. Unless you were grossly neglagent, ie did something that caused the injury.

This is an option to avoid high insurance, if you are going to go out of business because you can't afford the insurance, seperate your self from the track and have the track be self insured.

 

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Erick82

~SPONSOR~

Aug 30, 2002

443

0

• Apr 7, 2003

• #29

Also, make riders/racers cover there own insurance. Ie no health insurance no riding.

 

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Dianna Espinoza

Member

Aug 9, 2004

2

0

• Aug 9, 2004

• #30

Espy Park- Pekin,Il IS OPEN

Espy Park Motocross in Pekin, IL is open.
Memberships available
Open riding on Tuesdays and Saturdays
309-647-5877
cell-309-208-8141

 

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Dianna Espinoza

Member

Aug 9, 2004

2

0

• Aug 9, 2004

• #31

not just on weekends

espy park is open on 7 days a week

 

C

CPred500

Member

Aug 25, 2006

2

0

• Aug 25, 2006

• #32

Looking for investors to obtain land and build a MX track and trails, in jacksonville fl

 

S

SSmith13

• Oct 13, 2007

• #33

otha tracks

does anyone know where the other track in Pekin is??? ive heard bout it but havnt been there

 

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BUTLERraceingyz

Member

Nov 5, 2012

2

0

• Nov 5, 2012

• #34

what is the address of it?

 

Okiewan

Admin

Dec 31, 1969

29,550

2,238

Texas

• Nov 5, 2012

• #35

BUTLERraceingyz said:

what is the address of it?

Click to expand...

Uhh.. If he knew the address, maybe he'd know where it is? Just a thought.

 

B

BUTLERraceingyz

Member

Nov 5, 2012

2

0

• Nov 6, 2012

• #36

Espy motocross pekin il

Does anyone know what street it is on or what side of the street it is?