Ross Mantle for The Wall Street Journal
T.J. Hellmuth, left, with Corbin Bernsen on the set of '25 Hill' at Derby Downs in Akron, Ohio.
Posted on 04/28/2010 2:58:04 PM PDT by afraidfortherepublic
AKRON, Ohio—The All-American Soapbox Derby has fallen on hard times.
In November, the organizer of the race, in which kids ride cars they build down a hill, was sued by its hometown bank, FirstMerit Corp. The bank was demanding repayment of two loans totaling $623,000. The derby couldn't pay.
That led to a bailout: The city of Akron guaranteed the debt of the nonprofit derby group. And the bank restructured the loan on favorable terms.
The uproar caught the eye of Corbin Bernsen, the actor best known for his portrayal of sleazy lawyer Arnie Becker in the 1980s TV series "LA Law."
(Excerpt) Read more at online.wsj.com ...
Maybe if they let the kids text while coasting downhill....
Ross Mantle for The Wall Street Journal
T.J. Hellmuth, left, with Corbin Bernsen on the set of '25 Hill' at Derby Downs in Akron, Ohio.
How does this type of race end up costing hundreds of thousands of dollars? Did insurance jack up the expenses?
Haven’t a clue. They do give some nice prizes. I think that there is a large cash prize for the winner.
How do you blow $630K on gravity-powered karts?
ping
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