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Bank asks court to allow receiver to take over BK Racing’s assets

Union Bank & Trust, which filed a lawsuit in North Carolina court in November claiming ownership of two NASCAR charters originally controlled by BK Racing (with one now controlled by Front Row Motorsports), has asked a federal court in Virginia for injunctive relief and to immediately appoint a receiver take over all the team’s assets and property. The bank alleges BK Racing owes it more than $7 million in unpaid loans and fees, and already has had $210K worth of assets seized by the N.C. Department of Revenue for unpaid taxes. Classic Auctions, a North Carolina auction house, is advertising that it will auction off three BK Racing haulers and a passenger car. BK Racing also owes more than $1.59M to its engine supplier and more than $667K in federal tax liens, according to N.C. court records.