Carey Family Properties

In a move that could establish a minimum price for another entity to bid on keeping racing alive at the financially troubled Hawthorne Race Course, the track's owner, Carey Family Properties, LLC, has secured what is known as a "stalking horse" bid of $90 million to potentially sell the 108-acre property to a relatively anonymous and obscure Delaware limited liability company that was just created June 22. Hawthorne Race Course, Inc., controlled by the Carey family, has been seeking federal Chapter 11 bankruptcy protection since Feb. 27 in an attempt...