Fox Sports’ Bob Pockrass reported last week that Ron Devine, owner of BK Racing, has been ordered to pay $31 million to the trustee handling the team’s bankruptcy proceedings.
BK Racing last fielded a team in 2018. Devine filed Chapter 11 bankruptcy in February of that year and he lost control of the organization in July.
Front Row Motorsports bought the team in August 2018.
Ron Devine & associated companies/trusts have been ordered to pay $31M to the trustee handling BK Racing bankruptcy. The $$, if available/collected, would go to bank that issued loans, IRS, employees, others still owed $$ through approved claims of the BK Racing bankruptcy. (1/3)
— Bob Pockrass (@bobpockrass) December 20, 2022
Ron Devine had testified that payments in question often covered short-term loans & he did all he could to comply with requests of financial disclosures: “I’m trying as hard as I can … to keep up with this thing. It is amazingly overwhelming. … I am an honest person.” (3/3)
— Bob Pockrass (@bobpockrass) December 20, 2022
