Almost five years after filing for Chapter 11 bankruptcy, former NASCAR Cup Series car owner Ron Devine has been ordered to pay $31 million after proceedings.
Associated companies and trusts will also have to pay the bank that issued loans, the IRS, employees and others still owed money through approved claims of the bankruptcy, according to FOX Sports.
Devine owned BK Racing from 2012 to 2018, which paid Devine-affiliated trusts and companies $6 million and another $11 million in debt that a trustee claims requires reimbursement.
A judge ruled that Devine did not comply with discovery procedures of financial disclosures, so he owes the full $31 million.
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Devine testified that the payments in question often covered short-term loans and that he had done all he could to comply with requests of financial disclosures. “I’m trying as hard as I can… to keep up with this thing,” he said.
Devine, also a Burger King franchise owner, filed for Chapter 11 bankruptcy just three days before the 2018 Daytona 500. He was stripped of team ownership in favor of a trustee.
BK Racing had just three top-10 finishes; their best finish was a sixth-place result by Matt DiBenedetto at Bristol in 2016.
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