Liquid Asset Partners is buying the assets of Skip Barber Racing School, a 40-year-old institution whose alumni includes racing drivers Michael Andretti, Danica Patrick, Juan Pablo-Montoya, Bill Elliot, Jeff Gordon and Kyle Petty, MLive.com reported. The school, which filed for chapter 11 protection in late May, will be sold to the Grand Rapids firm for $830,000 under an agreement approved by a New York bankruptcy court on Tuesday, Aug. 8. The school was founded by race car driver Skip Barber in 1975. Barber sold the school and its name in 1999. Based outside Atlanta, the firm operates racing schools, driving schools, racing championships, corporate events and special projects. According to TheDrive.com, the school owed more than $10 million to its creditors while claiming assets worth $5.3 million when it filed for chapter 11. Bill Melvin Jr., owner of Liquid Asset Partners, said he hopes to revive the Skip Barber brand name after selling off most of the school's physical assets, which includes a fleet of race cars and related equipment.
