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Friday, October 22, 2004

Rosecroft Foreclosure Notice Filed

This has not yet appeared on any of the local newspaper or broadcast sites indexed by Google News.

Friday's (October 22) edition of the Baltimore Sun is reporting that Northwind Racing, the mortgage holder at Rosecroft Raceway, outside Washington, DC, has begun foreclosure proceedings against the track.

Northwind filed a foreclosure notice on Monday in Prince George's (MD) County Circuit Court.

Mark Ricigliano, who heads Northwind, contends the track is in default of payments on their $7.2 million mortgage.

He has asked the Maryland Racing Commission to appoint an outside monitor to oversee operations at the track. The Commission has asked Ricigliano to make the request in writing.

Mary Manney, spokeperson for Rosecroft Raceway, which is currently on hiatus until late November but open for simulcasting, says the track, "vehemently disputes what they base the default on. We are taking legal action to respond to this action."

Courtesy Of Harness Racing Communications, A Division of the United States Trotting Association

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