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DATE News (chronologically)
08/27/09
track news
State Fair Park gets victory over Milwaukee Mile money  The state Court of Appeals on Wednesday handed the Wisconsin State Fair Park Board a big legal victory in its battle with Milwaukee Mile Holdings LLC (MMH), a former race promoter at the Milwaukee Mile.

In February, state lawyers terminated a license agreement with MMH to promote races at the Mile. On Wednesday, the three-judge panel in the court's 4th District ruled against MMH. The investor group had been seeking a temporary restraining order against JPMorgan Chase Bank, which held a $2.6 million letter of credit and was prepared to pay that money to State Fair.

The decision appears to open the door to Chase paying the fair the money. Still pending is a federal lawsuit MMH's lead investors filed against the bank. It could not be immediately determined whether the outcome of the federal suit will hold up Chase's payment to State Fair.

MMH spokesman Evan Zeppos said the appeals court decision was disappointing.

"We are reviewing our legal options and will try to prevent what we believe is an improper action aimed at bailing out the racetrack," Zeppos said.

Patrice Harris, a State Fair spokeswoman, said in a statement that the State Fair Park board was pleased that the court enforced the letter of credit.

"The board insisted on a letter of credit for instances such as these, and as our Board Chair Susan Crane stated in our last meeting, the board approaches all contracts in a prudent manner to reduce risk to the Fair Park and the state. Once the monies are received they will be set aside pending any additional litigation matters with Milwaukee Mile Holdings LLC." JSOnline

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