A trustee will be assigned to the bankruptcy proceedings for the closed Rosecroft Raceway in Prince George's County, according to a court ruling issued today.
Last month, the trustee for the U.S. Bankruptcy Court's Greenbelt division requested that the harness racetrack be converted from a reorganization to a liquidation. The trustee also offered an alternative: to assign a Chapter 11 trustee to the case.
Judge Paul Mannes wrote in his decision that "although grounds exist for converting the case … this Court determines in its discretion that appointment of a Chapter 11 Trustee is the better course."
The racetrack filed for bankruptcy protection in June 2009 and closed its door on July 1 after running out of money to operate.