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LIME ROCK PARK • THE EARLY YEARS 1955-1975
Floyd Aaskov in second spot. Jordan King took the Unrestricted Class win, while John Field was first in the Formula Three class.
In the final race of the day, for modified cars, Gerry Georgi’s Lister- Buick worked its way up from thirteenth spot to threaten the Lister- Jaguar driven by Bob Grossman. They ran a wheel-to-wheel duel in the final laps of the twenty-lap contest with Georgi finally squeezing past Grossman in the Big Bend on the penultimate lap, and held on to take victory.
In an attempt to bring some meaning to the complex legal proceedings that were taking place effecting Lime Rock Corporation, reference to the Lakeville Journal has been made. If there are errors in the interpretation of the facts, they have been made by the author.
There were two suits taking place simultaneously, but it was not always clear at first glance as to which suit was being referred to in the text of the newspaper. The first suit on May 8 was made by a minority of stockholders, while the second suit, which was a civil suit, was made by the Lime Rock Corporation dated May 26. Through all of this though, one fact emerged quite clearly; John H. Norwood, president of Autosport Properties Inc. became the owner of Lime Rock race track on May 8.
MINORITY STOCKHOLDERS vs LIME ROCK CORPORATION INC.
What must have been the end game of an internal dispute within the Lime Rock Corporation came to light in an edition of the Lakeville Journal May 11, 1961.
“A $250,000 suit was filed against Mr. & Mrs. B. Franklin Vaill, Mr. & Mrs. James Vaill, Autosport Properties Inc., the Lime Rock Sand & Gravel Company, Newton B. Davis and majority stockholders of the Lime Rock Corporation
The suit came on the heels of the sale of the Lime Rock track late on Monday (May 8) afternoon by B. Franklin Vaill to Autosport Properties Inc. Stamford, of which John Norwood is president.
In a series of complex legal transactions filed with the Town Clerk’s Office on Monday, May 8, Mr. B. Franklin Vaill sold Lime Rock race track to Autosport Properties Inc.. Mr. John H. Norwood then leased the same property back to Mr. Vaill, who said he was subleasing it back to the Lime Rock Corporation (James Vaill, president), which would continue to operate the track and races. Franklin Vaill first gave an agreement and quit claim on real estate and buildings at the track to his wife on May 4. Mrs. Vaill then transferred the property back to her husband on May 8. Mr. Franklin Vaill then immediately sold the property to Mr. John Norwood. Also filed on Monday, May 8 at the Town Clerk’s office was a quit claim deed of James Vaill to his wife, Ethel, on his Wells Hill Road property.”
The suit was filed by a group of minority stockholders of the Lime Rock Corporation in the Litchfield Superior Court. The suit alleged mismanagement, awarding contracts without bids, and accepting work not done, (a contract to build three miles of track, but only a mile-and a half stretch was built), stock and notes issued improperly and fraud. Named in the suit as Directors of the Lime Rock Corporation was Peter Brazzale Jr. Clement A Bauman, Samuel Whitbeck, Edmund A Marquette, Nils Harring, Jack Webb and Henry Belter.
In the case brought about by the minority stockholders, subpoenas Duces Tecum were served on May 24 by Sheriff Elton T. Nolan on James Vaill and Newton Davis ordering them to appear in court on May 26 and present all minutes of Directors and Stockholders meetings, all books of accounting, all records of stock owned and construction contracts between the Lime Rock Corporation and the Lime Rock Sand & Gravel Company.
Suffice it to say that the case was extremely messy, with arguments regarding the amount of stock in place (10% required) to bring about
action to appoint a temporary receiver, as plaintiffs were being added, and some dropping out. Having heard evidence from both sides, Judge Herbert S. MacDonald deferred the hearing regarding the appointment of a temporary receiver until June 7 when it was expected that the stock holding of the minority stockholders would be firmly established.
At that hearing on June 7, he dismissed motions by three stockholders to intervene as plaintiffs, which left the minority stockholders with less than the required 10% of stocks necessary to bring suit. The motion for a temporary receiver was, therefore, dismissed. At this point in time, there was no date set to hear the remainder of the suit.
It turned out that it would not be until 1964, that the suit was finally resolved.
MAY 13, 1961
“The exceptional performance of Rune Svensson in his Volvo PV 544 sedan brought the spectators to their feet.”
Lime Rock played host to LISCA’s first club racing event of the year, which was well supported by eighty-seven entries. Apart from the third race, each of the five races were combination events where two or more classes were run concurrently.
In the first race for Class 1 and 2 cars, John Barber, in a Turner and Bob Sharp in an Austin-Healey Sprite battled their way through the fifteen laps, each taking the lead at one point or another. Finally Barber took control to claim victory over Sharp, both drivers lapping the third place car, an MG TD driven by Bill Rainey.
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CHAPTER SIx • 1961: INTERNAL POLITICS
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