orecl()sutoe Threat By MAX MCHLEMAN chows' awl sports Writer A threat Of foreclosure and subsequent auction of Charlotte Motor Speedway by second mortgage holder James McIlvaine of Alexandria Va forced the resignations of Curtis Turner and Bruton Smith as president and vice-president of the year-o I rare track yesterday The action which came at a board of directors meeting removed Turner who conceived the million-dollar plant and carried it through its first three major races from all connections with the apeedway other than as a stockholder Turner and Smith also resigned their positions as directors after which remaining director's Ellington Lewis Patterson of Concord Nalley of Easley SC Allen Nance of Charlotte and Smith of Big Island Va appinted Nance 38-year-old local business man president and Ellington vice-president No steps were taken to fill the board seats vacated by Turner and Smith Smith was not entirely removed from the picture He was contracted by the new speedway management to serve as promotional director i Lr D' 1 CURTIS TURNER Turner who says he plans to return to Roanoke Va and en ter the timber business again explained the action which prompted his resignation as follows: "Monday I received notice from Mr Mclivaine and his partner Henry Morgan that they were about to foreclose on $235000 loan they had made us BOB QUINCY'Sports Editor Ronald Myers CHARLOTTE Juno 9 1961 -Bees Come Home Harried Keeper Clary Is Minus Another Stinger SPECIAL TO THE NEWS PORTSMOUTH Va Frantic Ellis Clary keeper of Charlotte's buzzless Bees had a couple of more good reasons to bemoan the club's pitching woes today First of all the parent Minnesota Twins yesterday called up Gerry Arrigo 19-yearold right Charlotte lb bl Portsmouth hander who seemed to be the zsVi stsf Drake cf "3t1112b only Hornet flinger with anything leonine 3b 4010 Alomar so 3 working of late Loots ltf 1:1 "I was glad to learn that Gerry is going up but when 1 asked who they (Minnesota) were going to send to take his place they said nobody right now My pitching is really hurting" said Clary after last night's 4-2 loss to Portsmouth here SECONDLY CLARY is disturbed about Jack Taylor's two-game losing streak Taylor off to his best start in his 13-year pro career had posted a 7-0 rec ord in the month of May and named Sally League Player of Charlotte lb bl Portsmouth V'Pze't as 3 1 1 0 ab bl Cl'ss'r's flu 1 1 Drake cf 3121 Rollim 3b 4110 Alomar sa 3301 Coles lb 3 0 1 0 Brown If 4 1 1 0 Moans If 4 0 betanc't lb 4021 Cattle Ill 4 0 1 01 Hamner 3b 4 0 0 0 Antoine 3000 Bennett rf 4110 Mondote lb 4030 Allis lb 3013 Taylor 2 1 0 It'rnh'rdt 3 Iii Click 1 0 I 0 Johnson 3 0 0 0 Hernric II Wyatt 0 0 0 I Totals 31 2 7 1 Totals 31 4 9 4 surmidi for Taylor in ith hailotto 002 000 000-2 Portsmouth 003 100 00x-4 2441 Portsmouth 2113 and Coles Alomar Allis end Betancourt 2 Johnson Allis and Betancourt 6 Portsmouth 7 Clessuras Brown Drake Rollins HRillernhardt Draluit hum Collie IP SI It lit 1115 SO Taylor 73) 1 4 4 3 4 Heinle 2 7 I 1 2 Johnsen I 711 7 1 2 4 4 Wyatt 124 I 1 2 Hansric 1 and Nowt DUKE ELLINGTON They said they intended to pay off all the creditors who come ahead of their second mortgage and then sell the track at sue tion unless Bruton Smith and I resigned I "I CALLED a directors meeting for Thursday and in the meantime went to New York to make another attempt at getting a $750000 loan which would enable the Speedway to meet all its obligations including the second mortgage which Mr Mc Maine and Mr Morgan hold "I was successful in obtaining a commitment for such a loan on a 10-year basis but McIlvaine and Morgan refused to withdraw and I resigned "They had said that they would go along with our mort gage if we would make Duke Ellington general manager and a director which we did but of coarse that is not the way it turned out "McIlvaine and Morgan said they were prepared to pay the approximate $800000 in obligagations which would have been necessary for them to foreclose on their mortgage "If they had done this of course the speedway stock would not have been worth wallpaper I asked McIlvaine what he would do if I resigned He said he would withdraw the foreclosure and make every effort to obtain a loan for the speedway However the only committment whichl showed up at yesterday's board meeting was the one which I hal obtained in New York ''So in order to protect the hundreds of people who had invested in the track and to protect my own stock which is the only thing I stand to ever get out of the speedway I rebigned" Turner concluded MCILVAINE contacted this morning in Alexandria Va confirmed the fact that he and Morgan had obtained the resignations of Turner and Smith by threat of foreclosure Said McIlvaine 'lire felt that with good management and we don't think we've had good management we could get a better loan for the stockholders than the one which Turner cameup with "We gave Turner and Smith a year to get such a loan and they couldn't: We felt it was time to do something in order to save the track" lit'71111 rea rec osure army '1111 By MAX MCBLEMAN of chirion Nws seerte Writer 07 A threat Of foreclosure and Al 0 I 111 0 0e- 4f i '-014- 1 "i ipoo op 'it' 40 4 A 1 4 4 i 4 R( 1 4e'e' '''4 It ili and zii -'''41 1 lot te i 4' nort- 4' le of 'y -1-4 res- i and 1 41 and It tt i 'o I '2 70 -1' NI -iii 1' ol: ii" '4 at a 41t 'i tl''' 6'6' i-'44r: i 1'7 r'44 I d' 44J 7" 40-41 -44 ear Ih- r' or' 1 -7' I 44 tins I Ar 4: i it as 4 'S' i'- Zned w4-1- zi' 4 i' t- 1 4 -k- die i tii '-1'-' gi't 0 t4 kti! 4" to of t'l 01 l''''111-'' I t''''' iley a 4'13S nsiat '414- 2 0 rl 4 ct 4 '4ik --foft fitt ISTII i Mat.