One of the lawsuits, filed by Steven C. Wehner, who created Baltimore Racing Development in his mother's Rodgers Forge basement five years ago, says the company owes him $575,000 in exchange for his 10.2 percent stake. Another early investor, Sean Conley, filed suit alleging he wasn't paid $320,000 for selling his shares to the company.
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"BRD has significant financial issues," Shapiro said. "After we see discovery, it will be very clear whether they were doing fiscally sound management or whether these were people in over their heads trying to pull this off."
Baltimore Racing Development also got an unprecedented $500,000 loan last year from the Maryland Economic Development Corp., another quasi-public agency. Executive Director Robert C. Brennan said Wednesday that the race organizers are up to date on their payments on that loan.
Frenz, of the stadium authority, also noted that the company, a tenant in that agency's building, is current on its rent payments.
A spokesman for Rawlings-Blake didn't respond to requests for comment.
Cole said he viewed the Baltimore Grand Prix as "incredibly successful." The city is expected to release an economic impact report. Organizers had projected the event would generate about $70 million in spending, though a study from two professors recently estimated that attendees only spent as much as $25 million.
"It's frustrating," Cole said of the race's financial situation. "This is a private company. There's not a lot I can do at this point. There's no reason somebody can't make it work if this group can't."