Truth & Rumors > Auto Racing

Banks battling over NASCAR office tower

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09:35 AM ET 08.28 | Regions Bank wants to foreclose on the NASCAR office tower in uptown Charlotte but claims Wells Fargo is preventing it from doing so, according to documents Regions Bank filed last month. An affiliate of Indiana-based Lauth Property Group Inc., Corporate Plaza Partners LLC, developed the 19-story tower next to the NASCAR Hall of Fame. NASCAR is the largest tenant with 118,000 square feet, followed by the Federal Deposit Insurance Corp., which has taken about 16,000 square feet.

Charlotte Observer

NASCAR Hall of Fame, Jason Smith/Getty Images NASCAR Hall of Fame, Jason Smith/Getty Images
August 28, 2010  11:34 AM ET

They are tired of all of them going up on the roof yelling YEE-HAW

Comment #2 has been removed
August 28, 2010  11:46 AM ET
QUOTE(#2):

I have no clue as to how this relates to racing.

It don't. They pay all these millions for winning but can't pay their bills.

August 28, 2010  12:22 PM ET

The building should be a lot taller than 18 storeys. Then the top 35 could be exempt from paying rent.

August 28, 2010  12:37 PM ET
QUOTE(#4):

The building should be a lot taller than 18 storeys. Then the top 35 could be exempt from paying rent.

LOL

August 28, 2010  01:49 PM ET
QUOTE(#1):

They are tired of all of them going up on the roof yelling YEE-HAW

Not bad!

August 28, 2010  02:15 PM ET
QUOTE(#2):

I have no clue as to how this relates to racing.

After 5 days of NOTHING.. the "Powers That Be" of the T&R section don't have a clue either.. but in their defense it did say "NASCAR" 3 times in the story

August 28, 2010  03:30 PM ET

All NASCAR has to do is go to TURD and they will givem' the $$ to bail that place out of debt ...

August 28, 2010  05:59 PM ET
QUOTE(#9):

All NASCAR has to do is go to TURD and they will givem' the $$ to bail that place out of debt ...

That's pretty cute coming from a big Chevy fan like you. Do you remember who owns GM?

August 28, 2010  07:03 PM ET

LMFAO

August 29, 2010  01:19 AM ET
QUOTE(#10):

That's pretty cute coming from a big Chevy fan like you. Do you remember who owns GM?

obviously the share holders will shortly when it IPO's..

August 29, 2010  09:28 AM ET
QUOTE(#18):

obviously the share holders will shortly when it IPO's..

Not really...the IPO is to sell new shares to rise capital....then the Government will start selling its 61% of GM shares...so even after the IPO...the MOST GM shares will still be Own by you & me...the Taxpayers

August 29, 2010  10:38 AM ET

NASCAR doesn't own the building. The banks want to foreclose on Lauth Property Group not NASCAR, who is just a tenant in the building. The building is only 40% full, but Lauth insists that it can still be successful. Wells Fargo has made an offer offer if 42 cents on the dollar and is trying to get the building at that discount price.

August 29, 2010  12:25 PM ET

so, let's see, the developer defaults on note, bank now owns property with 2 big tenants and nascar will now probably scoop the office building at a good price. sounds like business as usual on any day in this country. still, i can't see what it has to do with anything at or on the track.

August 29, 2010  03:40 PM ET
QUOTE(#10):

That's pretty cute coming from a big Chevy fan like you. Do you remember who owns GM?

I don't think the Japanese own GM -- they just keep flooding the US with their junk...

August 29, 2010  07:05 PM ET
QUOTE(#26):

I don't think the Japanese own GM -- they just keep flooding the US with their junk...

and have sold millions of vehicles, is that because they are selling good cars or junk? I would hope you don't think that the folks that buy the Toys aren't stupid. They know value., I think.

August 29, 2010  08:48 PM ET
QUOTE(#26):

I don't think the Japanese own GM -- they just keep flooding the US with their junk...

You must a UAW member.

August 29, 2010  08:51 PM ET
QUOTE(#18):

obviously the share holders will shortly when it IPO's..

I didn't ask who would own them in future, duh!

See Nova's post (#23) for your re-edumacation. And look up "how the Auto unions will fare in this IPO" while you're at it.

August 30, 2010  03:44 AM ET
QUOTE(#7):

After 5 days of NOTHING.. the "Powers That Be" of the T&R section don't have a clue either.. but in their defense it did say "NASCAR" 3 times in the story

LOL

 
August 30, 2010  07:56 AM ET

Hey T&R, we are still here.

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