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By Wandering Eyes · Posted
One day after the latest hearing in a federal Bankruptcy Court in Chicago over Hawthorne's insolvency dealings, a slight equipment delay puts a question mark over the start of training in preparation for a Spring Thoroughbred meet, but there appears to be movement over important simulcast signals going back online. According to Illinois Thoroughbred Horsemen's Association (ITHA) President Chris Block, the trucks to haul the dirt surface to the track have been rented, but the loaders needed to move the dirt into the trucks have yet to arrive. “The conversion of [the track] is on hold until all the equipment arrives and then the project can start,” said Block, Wednesday. “We don't know which day that'll happen, but we're hopeful that will happen the next couple days.” If the necessary equipment can be hired and in action by Friday, then the track could be ready for training by next Wednesday, Block speculated. A tentative start date for the meet has been pegged at Sunday, Apr. 19. “That's just a very uncertain timeline, for sure,” said Block. It's also the latest twist in a story that has unfurled since Hawthorne, and its related companies, filed for a Chapter 11 business reorganization at the end of last month. The filing is built around a “debtor in possession” financing mechanism, which is when a debtor “keeps possession and control of its assets while undergoing a reorganization under Chapter 11.” Hawthorne has secured temporary funding of around $16 million from JDI Loans, with a 120-day term limit on these funds. During Tuesday's bankruptcy hearing, Judge Timothy Barnes agreed that Thoroughbred owners and trainers will soon have access to monies in their track bookkeeper accounts (previously frozen), which includes earnings as well as funds submitted in advance of the meet. Block said he was unsure exactly when those accounts will be unfrozen. “We're going to stay on top of it daily,” he said. According to Hawthorne's initial bankruptcy filing, the company's estimated assets are between $50 million and $100 million, while the estimated liabilities are between $100 million and $500 million. The list of creditors who have the 20 largest unsecured claims are led by Fanatics LLC, a digital sports platform licensed in Florida, which has an unsecured claim of $8.75 million, according to the filing. There are several entities that had stopped sending its simulcast signal to Hawthorne because of unpaid bills. This includes The Stronach Group (TSG) owned Monarch Content Management with an unsecured claim of $7.13 million, Casears with a claim of roughly $750k, and Penn National with a claim of slightly more than $491k. During Tuesday's bankruptcy hearing, said Block, it was discussed that these companies could turn their signals back on pending a written agreement with the track that would see a portion of these monies paid back. Indeed, Block added that track management had told him Wednesday that on Thursday and Friday, the simulcast signals for Gulfstream Park, Santa Anita and Hoosier Park were scheduled to go back online. Hawthorne is also responsible for a significant amount in bounced checks between dozens of individuals from the Harness racing world. More than $1.6 million exists between the bounced checks and existing Thoroughbred accounts, said Block. But coming out of Tuesday's hearing, the funds owed to harness owners and trainers will remain withheld for now. “The ITHA's attorney argued in court today that owners and trainers on both the Thoroughbred and harness sides should be made whole. But the judge accepted an argument, made by creditors, that the court should prioritize Thoroughbred racing with the limited funds available, given the impending start of our meet,” the ITHA wrote in a Tuesday press release. If the necessary track renovations are conducted and a Thoroughbred meet is approved, there remain questions over what that meet might look like. According to Block, there are about 200 Thoroughbreds currently stabled at the track. Other trainers are waiting to potentially ship in. During last year's meet, there were roughly 640 horses stabled at Hawthorne. “And it was tough to maintain it at that,” said Block, about the meet. Does he expect that same number of horses this year, if indeed the meet goes ahead? “To be honest with you, I don't think so,” he said. Since last year's meet, Illinois horsemen and women haven't reinvested in young stock like they used to, he said. “Not to mention all the negative talk around this. It's probably pushed some horsemen the other way. “I'm sure there's some new ones here and there,” he added. “But I can't imagine that number's going to go up anywhere over 650. And from my thinking, it's probably going to be under that.” The next hearing in Hawthorne's bankruptcy proceedings is scheduled for Mar. 17. The post Hawthorne Latest: Slight Track Renovation Equipment Delay, Possible Movement On Simulcast Signals appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article -
Are you the President of Porn-Watchers United? -
To be honest CS, racing administration has bought on a lot of the opprobrium it gets through the mismanagement of the projects it takes on. Delay in addressing Hastings, problems with the Awapuni track, the development at Alexandra Park that went belly up, even Ellerslie's new track in the early stages, and other issues to do with the allocation of spending and programming You could be well excused for coming to the conclusion that the people in charge are not very competent. I don't know the reasons why these things go wrong, social media is not reliable in giving you an accurate picture Anyway back to Mr Botherway. It's not like the running of racing in NZ has a whole heap of runs on the board, so they need to stop digging holes for themselves. Issuing this guy a trainers license for example may have not been to the liking of some, but he was offered a job as an adjudicator on integrity, which as I have said before is not appropriate because his own integrity is in question Racing admin needs to stop shooting itself in the foot if it wants to be respected by the industry it administers. You can't keep defending a regime that does not help itself, and that is what you are doing -
By Chief Stipe · Posted
Sorry why is this guy a "piece of shit"? The Law Society don't consider his crime to be as serious as you infer. He was watching porn on his computer in his office of the company he was the sole proprietor of. His staff caught sight of snippets for six years and then complained to the Law Society. Obviously when they had finally decided to leave. He copped the punishment and has served the penalty. -
By Chief Stipe · Posted
Alleged drug positives. Sorry I'm not privy to the full rum medicated discussions at the Racecourse Hotel. As for employing those with a record of sexual abuse? It can't be this person who is the subject of this Topic as they haven't committed any sexual abuse let alone been convicted of it. I note that the RIB employee referred to in this Topic is now free to practice law with his suspension having been completed. The penalty was very low in severity which is commensurate with the indiscretion. But no let the sanctimonious preach holier than thou... I see the journalist has scored yet another headline with the person in quesion being suspended from rugby referring. I guess there was a real risk that he would look at his laptop during an injury break. No wonder the All Blacks are stuffed!
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