| International Speedway announced that it entered into a definitive agreement to sell its 676-acre parcel of property located in Staten Island, New York, to KB Marine Holdings. The Agreement contemplates KB Marine's purchase of 100% of the outstanding equity membership interests of 380 Development LLC, a wholly owned indirect subsidiary of ISC and owner of the Staten Island property, for a total sales price of $80M. The agreement also calls for the transaction to close no later than February 25, 2010; the closing would be subject to certain conditions. Upon execution of the Agreement, ISC received a $1M initial payment, which is non-refundable subject to limited conditions of ISC performance. KB Marine has the opportunity to receive a $5M credit to the sales price if the closing date occurs on or before December 31, 2009. :theflyonthewall.com |
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