Newton Independent
District Court Judge Darrell Goodhue today set trial in the multi-million dollar legal fight over the sale of the Iowa Speedway more than a year out, online court records indicate.
The 10-day jury trial is set for July 16, 2013 at the Jasper County Courthouse.
Earlier this year, the Clement family filed suit against former Iowa Speedway majority owner Manaco, Corp., and Manatt's, Inc., claiming the road building company breached the terms of the purchase agreement the Clements entered into in June 2011 when they assumed the majority stake in the Newton track.
This month, Manaco filed a counter lawsuit petitioning the court to require Conrad Clement, Stan Clement, Tracy Clement and Eric Clement to pay the roughly $6 million due to Manaco as part of the purchase agreement entered into last June.
In assuming majority ownership last summer, the Clements agreed to a $19.2 million purchase price that was financed by a $13 million mortgage taken out by Conrad Clement. The remainder of the purchase price was secured by two promissory notes, one guaranteed by Conrad Clement for approximately $2 million and the other for about $4.3 million and guaranteed by all four Clements.
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