BK Racing: Receiver hearing set
BK Racing fields the #23 car in the Monster Energy NASCAR Cup Series. They are a charter holding team with a guaranteed starting position at every race in the upcoming season.
Last week, it was reported that Union Bank & Trust placed a request with the court to appoint a receiver to seize all of the teams assets. A judge will now hear that case.
On Friday, in light of the hearing date, the court placed a temporary restraining order on all assets of the team. Next Monday, the hearing will determine whether a receiver is or isn’t necessary.
If granted, the receiver will take control of all assets of the Monster Energy NASCAR Cup Series team. In that case, it becomes their duty to collect all money possible either in cash or by value from a sale of assets.
Once assets are sold or cash is collected, the money must be turned into the court, unless otherwise noted by the court.
The court has confirmed that BK Racing owes the bank over $8 million. That in turn, has allowed this hearing to take place.
Union Bank & Trust also claims ownership of another NASCAR charter. BK Racing previously sold a second charter to Front Row Motorsports at the start of last season. At this time, a possible receiver action would not apply to that charter.
The first Monster Energy NASCAR Cup Series race is fast approaching. The Daytona Duels takes place on February 15. The Daytona 500 is scheduled for February 18, 2018.
Related: Bank opens lawsuit, seeking charters