Kenneth Noe Jr., president of Calder Race Course in Miami, said his track may go bankrupt if its troubled insurance company cannot pay a $5 million or $10 million judgment.

His lawyers will ask the state Supreme Court for a rehearing this week.

"If the judgment is upheld or we don't get a new trial, there is a very good possibility we may go to Chapter 11," he said. "I call it bankruptcy or belly-up."

Chapter 11 allows businesses to reorganize while protected from creditors.

Jockey David Carl Ashcroft fell during a race in 1981 when his mount veered toward an exit from the course. Ashcroft was trampled by a trailing horse, leaving him a quadriplegic.

He sued, charging that Calder had placed the exit negligently. The jury awarded him $10 million but the judge cut that to $5 million and offered him a new trial if he wouldn't take the $5 million. With the track already $12 million in debt, Noe says it cannot afford to pay Ashcroft if the insurance company can't pay him. . .

Darby Dan Farm's Proud Truth, a 4-year-old colt who won the 1985 Breeders' Cup Classic, has been retired to stud because of tendon damage. A son of Graustark, he won 10 of 21 races, including the Florida Derby, Fountain of Youth and Peter Pan.