Nearly 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 the loans, the IRS, employees, and others who still owe money through bankruptcy claimsaccording to FOX Sports.
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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 says requires repayment.
A judge ruled that Devine failed to comply with discovery procedures for financial disclosures, leaving him owed the full $31 million.
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Devine testified that the payments in question often covered short-term loans and “[tried] as hard as [he] can… to keep up with this thing.”
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.
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BK Racing had just three top-10 finishes; his best result was a sixth-place finish from Matt DiBenedetto at Bristol in 2016.