virtually 5 years after submitting for Chapter eleven chapter, former NASCAR Cup sequence car proprietor Ron Devine has been ordered to pay $31 million after proceedings.
associated firms and trusts may even should pay the financial institution that issued loans, the IRS, staff and others nonetheless owed money by way of accredited claims of the chapter, based mostly on FOX sports activities.
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Matt DiBenedetto, driver of the No. eighty three E.J. Wade constructing Toyota, proper, and BK Racing proprietor Ron Devine converse with the media at Richmond worldwide Raceway on April 22, 2016, in Richmond, Virginia.
(Matt Hazlett/Getty photographs)
Devine owned BK Racing from 2012 to 2018, which paid Devine-affiliated trusts and firms $6 million and one other $eleven million in debt that a trustee claims requires reimbursement.
A decide dominated that Devine did not adjust to discovery procedures of monetary disclosures, so he owes the whole $31 million.
The NASCAR Cup sequence Championship mannequin earlier than the NASCAR Cup sequence Championship Race on Nov. 6, 2022, at Phoenix Raceway in Avondale, Arizona.
(Kevin Abele/Icon Sportswire by way of Getty photographs)
Devine testified that the funds in question usually coated brief-time period loans, and “[tried] as laborious as [he] can … to sustain with this factor.”
Devine, additionally a Burger King franchise proprietor, filed for Chapter eleven chapter simply three days earlier than the 2018 Daytona 500. He was stripped of workforce possession in favor of a trustee.
Matt DiBenedetto, driver of the No. 10 Toyota, practices for the NASCAR XFINITY sequence meals metropolis 300 at Bristol Motor Speedway on Aug. 19, 2016, in Bristol, Tennessee.
(Sean Gardner/NASCAR by way of Getty photographs)
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BK Racing had simply three extreme-10 finishes — their best finish was a sixth-place consequence by Matt DiBenedetto at Bristol in 2016.
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