Receiver takes possession of SIST's racetrack

Shawano Leader/June 6, 2010

A court-appointed receiver took possession Friday of the Wescott racetrack property owned by a subsidiary of the Samanta Roy Institute of Science and Technology, Inc.

The property at W5901 County Road BE is at the heart of a foreclosure action filed by Southwest Guaranty, Ltd., against SIST and its subsidiary U.S. Acquisitions and Oil.

Southwest originally filed suit in December 2008 alleging the USA International Raceway, which is operated by U.S. Acquisitions and Oil, and SIST defaulted on a $2.2 million loan.

Shawano County sheriff's deputies were on scene providing civil standby as the receiver entered the property shortly after noon and spent the next few hours taking inventory.

Authorities said the process went smoothly and without incident. An apparent staff member at the track was on scene and arrangements were made to secure a ride for off the property, according to the sheriff's department.

Later in the day, another party affiliated with the racetrack picked up some personal possessions.

Steven J. Kruger, an attorney with the Van Lieshout Law Office representing Southwest, was appointed receiver. Attempts to reach him for comments about plans for the racetrack were unsuccessful.

The receivership will stay in place until at least June 14, when a motion hearing is scheduled in Shawano County Circuit Court. Southwest's original civil suit, along with all other civil action against SIST and its subsidiaries, was put on hold in March 2009 when they filed for Chapter 11 bankruptcy protection.

Last month, a federal judge upheld a Bankruptcy Court ruling issued in September dismissing the bankruptcy case and lifting a stay on any civil litigation.

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