Commission Wants Colonial Officials at Meeting

An official with the Virginia Racing Commission has confirmed that two representatives of Colonial Holdings Inc., the company that operates Colonial Downs, were subpoenaed to appear Oct. 18 before the Virginia Racing Commission.

A subpoena was issued for Jeffrey Jacobs, chairman and chief executive officer, and Ian Stewart, president and chief financial officer, to appear to discuss the nature of the recent refinancing transactions with PNC Bank. A separate subpoena was issued for documents related to those transactions to ensure all information would be available.

It is not the first time subpoenas have been issued by the racing commission. Subpoenas were issued for applicants applying for the unlimited license in 1996 to assure that all applicants would be in attendance. The commission has been concerned about the attendance of high Colonial Downs executives at regular commission meetings, and wanted to guarantee their attendance at the meeting.

Commission officials were in Nelson County Thursday to hold a public hearing to consider the issuance of a limited license to Oak Ridge Racing Associates, which would like to offer live racing at a farm near Charlottesville.

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