194 replies to this topic

[The Legend]

This guy is like Baghdad Bob. According to the article, he "still has the keys" to the property. It will be his. He is going to sue the San Francisco bank that reneged on the loan. Spoken like a man with a paper ass and a mouth full of firecrackers.

I got a news flash for ya, Mike. Even if in some one in ten thousand chance you end up buying the track, you've destroyed any credibility you might have had. You won't get any top division cars and even less fans. Stick to fantasizing.

And, I love that "portfolio". I'd wager that any ten year old kid with Internet access and Photoshop could come up with something more believable and impressive.

It's funny that he doesn't have the downpayment/ credit to buy the track for 440k but yet he's the driving force behind creating the half car half air plane lol . And when he mentions where his head quarters is he points out the building also houses a tanning salon and a beauty salon lol

[03Rocket]

Thomas told exploreVenango.com that the Tri-City acquisition deal that was originally in place was not completed by the February 28 deadline because financing from an investment bank in San Francisco was temporarily withdrawn on February 27.

Financing was withdrawn “for reasons due to the investment bank,” according Thomas, who says he has the documents to back up his claims.

The documents Thomas is referring to are currently being reviewed and confirmed by exploreVenango.com staff.

Thomas says he has funding in place from another investment bank and intends to follow through with the purchase of Tri-City.

“I intend to close the deal,” said Thomas. “I still have the keys to the property.”

Thomas also indicated that he is seeking legal action against the original investment bank for not following through on promised capital.

Hill could not be reached for further comment.

This guy must be John Spano's protege.

[BaconBits]

Read what I said. I said they look legit. Never said they were. Im not calling nobody in San Francisco to see if their legit. EV can do that.

Okay, let's say said documents are legit... all they would say is that he got denied for a loan at a bank in northern California (which doesn't make any sense to begin with). People with a track record of epic fail and piss poor credit generally get denied for loans. It's not rocket science.


I mean, the actual owner of the place says Thomas has nothing to do with with Tri City. What more do you need to see?

Edited by BaconBits, 19 March 2014 - 06:48 AM.

[The Legend]

Okay, let's say said documents are legit... all they would say is that he got denied for a loan at a bank in northern California (which doesn't make any sense to begin with). People with a track record of epic fail and piss poor credit generally get denied for loans. It's not rocket science.


I mean, the actual owner of the place says Thomas has nothing to do with with Tri City. What more do you need to see?

Banks want 40% down and excellent credit on commercial property with a building , a race track would probably be seen as just land and require 50% down ,
The only reason he was dealing with a bank in California is because he's an extreme credit risk and they were the only one willing to consider it and guaranteed it came with confiscatory intrest rates ... No businessman In his right mind would buy a race track unless he was mega loaded and wanted it as a status symbol

[BaconBits]

Banks want 40% down and excellent credit on commercial property with a building , a race track would probably be seen as just land and require 50% down ,
The only reason he was dealing with a bank in California is because he's an extreme credit risk and they were the only one willing to consider it and guaranteed it came with confiscatory intrest rates ... No businessman In his right mind would buy a race track unless he was mega loaded and wanted it as a status symbol

There are businessmen who buy/build race tracks, but that's because they actually love racing and are willing to lose some of thier money. They don't do it as an investment.

This clown had no money and no clue and was going to invest in the sport?

Only a fool would believe it.

[23wellerfan31]

I am not taking anyone's side, however, honestly how in the HELL can you trust Roy Hill? Recall what happened as to why we are where we are at anyway???

[BaconBits]

I am not taking anyone's side, however, honestly how in the HELL can you trust Roy Hill? Recall what happened as to why we are where we are at anyway???

I don't trust Hill either... but he actually owns the track, and he doesn't have delusions of grandeur and a string of failed businesses behind him. He's a class A douche, no doubt, but anything he says is going to be far closer to the truth than anything Mike Thomas has or can say.

[Fwig]

Weller fan: Are you a relation to Mr. Thomas? Are you in partnership with Mr. Thomas? Are you a lawyer or have a law degree? If you are close to this deal, and saw the "documents", wouldn't you have access to read them? Like Walt said, you're not doing him any favors, and still not. First and foremost, if you need bank financing to purchase a race track, you will fail before you can open the doors. You are already in debt and more than likely you would have to finance start-up costs. Now you are even further in debt, and haven't opened the gate yet. I personally have looked into owning a racetrack, and without private investors, it is very difficult to pull off without about $500,000 sitting around looking for a right-off! I disagree with several on this thread about banking. Business is all based on credit scores and personal/business relationships with financial institutes, and how successful you are with your business. I'm a business owner, and I can assure you I wouldn't need 40 or 50% down to purchase anything, more like 0% down or if I decide to move assets around. Very few successful businesses use cash to expand or diversify. I don't know Mr. Thomas, so I have no opinion. Coming on here bashing a guy that apparently "Jumped the gun" is ridiculous. I get the fact that a lot of fans want this place to open, and I would make a visit there if it did. I'm a fan of big tracks. But rambling on and on here isn't going to get the track open any sooner. And you all have proven with everyone's CSI, that Mr. Thomas is not going to be the person to open the former Tri-City Speedway.

[23wellerfan31]

Weller fan: Are you a relation to Mr. Thomas? Are you in partnership with Mr. Thomas? Are you a lawyer or have a law degree? If you are close to this deal, and saw the "documents", wouldn't you have access to read them?

Like Walt said, you're not doing him any favors, and still not.

First and foremost, if you need bank financing to purchase a race track, you will fail before you can open the doors. You are already in debt and more than likely you would have to finance start-up costs. Now you are even further in debt, and haven't opened the gate yet. I personally have looked into owning a racetrack, and without private investors, it is very difficult to pull off without about $500,000 sitting around looking for a right-off!

I disagree with several on this thread about banking. Business is all based on credit scores and personal/business relationships with financial institutes, and how successful you are with your business. I'm a business owner, and I can assure you I wouldn't need 40 or 50% down to purchase anything, more like 0% down or if I decide to move assets around. Very few successful businesses use cash to expand or diversify.

I don't know Mr. Thomas, so I have no opinion. Coming on here bashing a guy that apparently "Jumped the gun" is ridiculous. I get the fact that a lot of fans want this place to open, and I would make a visit there if it did. I'm a fan of big tracks. But rambling on and on here isn't going to get the track open any sooner. And you all have proven with everyone's CSI, that Mr. Thomas is not going to be the person to open the former Tri-City Speedway.

Not associated with him at all. Just on the street team deal. He scanned the documents and posted them on our page for us to see. Simple as that.
And what the Sam hell does this have anything to do with Walt? Far as I'm concerned (and like to think him too) the deal between me and him was over. Whatever spat him and mike have i personally don't care. I just know I wasn't going to be the one to take the blame for all but saying Walt was a liar. Waaay too much respect for him to do that.

Edited by 23wellerfan31, 19 March 2014 - 01:16 PM.

[Fwig]

Not associated with him at all. Just on the street team deal. He scanned the documents and posted them on our page for us to see. Simple as that.
And what the Sam hell does this have anything to do with Walt? Far as I'm concerned (and like to think him too) the deal between me and him was over. Whatever spat him and mike have i personally don't care. I just know I wasn't going to be the one to take the blame for all but saying Walt was a liar. Waaay too much respect for him to do that.

Who said Walt was a liar?

[Walt Wimer]

There is no problem between Wellerfan and I as apparently he was just reporting what Mike Thomas told him. What he was told was not true as I have had no contact with Mr. Thomas or anyone in his origination whatsoever!!! Walt

[23wellerfan31]

There is no problem between Wellerfan and I as apparently he was just reporting what Mike Thomas told him. What he was told was not true
as I have had no contact with Mr. Thomas or anyone in his origination whatsoever!!!

Walt

Thank You Walt.

[Skull]

Weller fan: Are you a relation to Mr. Thomas? Are you in partnership with Mr. Thomas? Are you a lawyer or have a law degree? If you are close to this deal, and saw the "documents", wouldn't you have access to read them?

Like Walt said, you're not doing him any favors, and still not.

First and foremost, if you need bank financing to purchase a race track, you will fail before you can open the doors. You are already in debt and more than likely you would have to finance start-up costs. Now you are even further in debt, and haven't opened the gate yet. I personally have looked into owning a racetrack, and without private investors, it is very difficult to pull off without about $500,000 sitting around looking for a right-off!

I disagree with several on this thread about banking. Business is all based on credit scores and personal/business relationships with financial institutes, and how successful you are with your business. I'm a business owner, and I can assure you I wouldn't need 40 or 50% down to purchase anything, more like 0% down or if I decide to move assets around. Very few successful businesses use cash to expand or diversify.

I don't know Mr. Thomas, so I have no opinion. Coming on here bashing a guy that apparently "Jumped the gun" is ridiculous. I get the fact that a lot of fans want this place to open, and I would make a visit there if it did. I'm a fan of big tracks. But rambling on and on here isn't going to get the track open any sooner. And you all have proven with everyone's CSI, that Mr. Thomas is not going to be the person to open the former Tri-City Speedway.

"Jumped the gun"? Are you serious?

Since you are a business owner, I have an additional question or two.

Does posting a schedule and payouts before you actually even own the facility sound like prudent business practice?

Does telling a bald faced lie to a "street team member" about the venerable and respected Mr. Walt Wimer sound like good business?

Does billing four non-sanctioned ASCoC Sprint Car events as if they were the real deal sound appropriate?

By your reasoning, anytime someone wants to open a new track or revitalize a closed one, we are supposed to never question anything? Even when it's patently absurd like this situation?

Understand, I wish we were all wrong. I really do. But the more the layers were peeled back, as it were, the more this whole deal stunk. So, on behalf of Racestud's, excuse us all for being critical of this Bozo.

[Fwig]

"Jumped the gun"? Are you serious?

Since you are a business owner, I have an additional question or two.

Does posting a schedule and payouts before you actually even own the facility sound like prudent business practice?

Does telling a bald faced lie to a "street team member" about the venerable and respected Mr. Walt Wimer sound like good business?

Does billing four non-sanctioned ASCoC Sprint Car events as if they were the real deal sound appropriate?

By your reasoning, anytime someone wants to open a new track or revitalize a closed one, we are supposed to never question anything? Even when it's patently absurd like this situation?

Understand, I wish we were all wrong. I really do. But the more the layers were peeled back, as it were, the more this whole deal stunk. So, on behalf of Racestud's, excuse us all for being critical of this Bozo.

First off, Walt posted about not doing him any favors. After reading through the thread, more and more "rumors" were started. My post was not directed to be disrespected towards Walt I have met Walt several times over the years and was very pleasant. I was asking Wellerfan about the documents, and myself wouldn't comment on them if I didn't read them.

This board is all about opinions and I was giving my opinion about looking at purchasing a racetrack.

I won't judge Mr. Thomas's business practices and nor should you. Whether you agree with or disagree with the he has handled this, none of us should judge him.

Scheduling races around sanctioned events has been going on for years, and about the only cars that show up are non-point chasers traveling past.

You can question all you want, but until you are the one paying the bills and turning the lights, the questions means nothing on this message board.

Skull with all do respect, your opinion is a "Bozo" that's fine, I don't know the man and the one thing I learned that this is a man I wouldn't do business with. That's all.

[23wellerfan31]

Some more drama. From yesterday's Derrick:

[Rick Rarer]

Some more drama. From yesterday's Derrick:

Sad thing is theres still a bunch of people that think he's going to magically get a million dollars and open Tri-City

[The Legend]

First off, Walt posted about not doing him any favors. After reading through the thread, more and more "rumors" were started. My post was not directed to be disrespected towards Walt I have met Walt several times over the years and was very pleasant. I was asking Wellerfan about the documents, and myself wouldn't comment on them if I didn't read them.

This board is all about opinions and I was giving my opinion about looking at purchasing a racetrack.

I won't judge Mr. Thomas's business practices and nor should you. Whether you agree with or disagree with the he has handled this, none of us should judge him.

Scheduling races around sanctioned events has been going on for years, and about the only cars that show up are non-point chasers traveling past.

You can question all you want, but until you are the one paying the bills and turning the lights, the questions means nothing on this message board.

Skull with all do respect, your opinion is a "Bozo" that's fine, I don't know the man and the one thing I learned that this is a man I wouldn't do business with. That's all.

hey toss off are you talking about a personal unsecured line of credit ?? Or getting a mortgage on commercial property ?? Banks do not give zero down zero collateral loans on commercial property .... Why do you think businesses rent ??? They pay more in rent than a mortgage would be because banks don't just hand out commercial loans in bam bams America ... And beyond that this dude doesn't sound like he would get approved for a Schwinn with 50% down

[theking28b]

i have $350,000 worth of commercial property and i had to have 10% down through a local bank with impecable credit and a family name that has delt with said bank since the 30's, so i can see with a high risk candidate with a high risk venture its either a huge % down or like Legend says certain wording for repo on more than just the track and land itself

[The Legend]

i have $350,000 worth of commercial property and i had to have 10% down through a local bank with impecable credit and a family name that has delt with said bank since the 30's, so i can see with a high risk candidate with a high risk venture its either a huge % down or like Legend says certain wording for repo on more than just the track and land itself

Was this before or after the 2008 collapse of the market ?

[Fwig]

hey toss off are you talking about a personal unsecured line of credit ?? Or getting a mortgage on commercial property ?? Banks do not give zero down zero collateral loans on commercial property .... Why do you think businesses rent ??? They pay more in rent than a mortgage would be because banks don't just hand out commercial loans in bam bams America ... And beyond that this dude doesn't sound like he would get approved for a Schwinn with 50% down

I'm not going to get into my business with you or anyone on here. I stated that this is a guy I wouldn't do business with. All I will say is, if you can't go out and get a commercial loan for property for 10% or less down in today's market, you need to work on your business practices. 2008 is long gone, just a few more regulations.

Edited by Fwig, 20 March 2014 - 07:17 PM.