High Rock Raceway still hunting for funding
By Jessie Burchette
More than a month after control of the planned High Rock Raceway changed hands, officials are scrambling to deal with questions and remaining issues.
Frank McGuire, senior vice president for High Rock Properties, the development company, said the focus continues to be on securing $30 million financing for the track.
And McGuire said he is also working to deal with unpaid debts left over from the Dave Risdon era.
Risdon, formerly a Boston investment banker, was ousted as chief executive officer and majority stock holder last month. Risdon had pledged his shares as security for a loan from McGuire’s daughter. Unable to pay, Risdon forfeited his shares.
In an e-mail to the Post after being ousted, Risdon said he was never able to get the needed money.
Talks continue with a New York City investment firm TMS, Inc.
Tom Sendenfelder, head of TMS, flew down last week and spent two days in the area working on the project.
McGuire said he is also looking at other ways to move the project forward.
And the partnership is also working to resolve unpaid bills.
One of those bills is for $3,919 ó the amount owed to the town of Spencer for legal work on a development agreement involving the town, High Rock Properties and TMS.
Initially, Risdon gave the town $10,000 to cover the cost of the legal work, however the bill from Charlotte attorney Anthony Fox ran $13,919.
Spencer Town Manager Larry Smith said the town paid Fox the entire amount.
McGuire said he plans to pay the town.
And McGuire confirmed that he has had several conversations with the N.C. Department of Labor about the money owed former Color-Tex workers.
Risdon, who was a board member and managing partner of Color-Tex when it closed on Oct. 1, 2000, agreed to pay the back wages.
McGuire has agreed to pay the more than $100,000 owed to the 300-plus workers, but no timetable has been set.