Bankruptcy filed for Speedway

Greg Risling

NEWPORT BEACH -- Two disgruntled vendors and a partner owed about

$1 million have filed bankruptcy on behalf of the Speedway Restaurant.

The involuntary petition for Chapter 11 bankruptcy was filed in

federal court in Santa Ana on Aug. 27. The petition basically asks for

money to be given to the complainants by Speedway’s owners.

One of the owners, Richard Marcosi, has loaned his partners about $1

million over a series of months but reportedly hasn’t been recompensated.

“He has put in a lot of money and he has stopped loaning cash because

he hasn’t been paid back,” said Arnold Wuhrman, who filed the paperwork

on behalf of Marconi and the vendors. “We are attempting to put the

restaurant into bankruptcy against their will.”

Nobody representing the restaurant, which remains open, could be

reached for comment Thursday. Wuhrman said the restaurant owners haven’t

been given a summons yet, so it’s possible they might not even know.

The two vendors, Robert Arranaga of Los Angeles and Sun Meat of

Placentia are reportedly owed nearly $70,000 from Speedway.

The restaurant on East Coast Highway was approved for operation by the

city in February 1997. The building, which has gone through many eatery

evolution, now sports a Formula One race car hanging from the front. A

live entertainment permit was granted by the city in August that also

allows alcohol to be served on a patio until midnight on weekends.