-
Available Subscriptions
RIU
1,716 topics in this forum
-
- 0 replies
- 647 views
-
- 0 replies
- 594 views
-
- 0 replies
- 635 views
-
- 0 replies
- 613 views
-
- 0 replies
- 632 views
-
- 0 replies
- 782 views
-
- 0 replies
- 633 views
-
- 0 replies
- 657 views
-
- 0 replies
- 707 views
-
- 0 replies
- 657 views
-
- 0 replies
- 639 views
-
- 0 replies
- 710 views
-
- 0 replies
- 674 views
-
- 0 replies
- 660 views
-
- 0 replies
- 3k views
-
- 0 replies
- 678 views
Announcements
-
Posts
-
By Wandering Eyes · Posted
Three Chimneys Farm's homebred Ottinho, a half brother to 2017 Horse of the Year and leading sire Gun Runner, scored in a maiden special weight Dec. 31 at Aqueduct Racetrack. The son of Quality Road prevailed by a head over stablemate Hadrian's Wall.View the full article -
By Murray Fish · Posted
For those that don't like A.I. please look the other way!!! To the question "can you please summarize this case? is one party in a a stronger position than the other?" ### **Summary of the Case** This is a judgment from the New Zealand High Court concerning an application to place two companies, **Karaka Estate Limited (KEL)** and **Byerley Park Limited (BPL)**, into liquidation. The key points are: 1. **Parties and Dispute:** The plaintiff, **Henriette Nakhle** (the mother), and her son, **Daniel Nakhle**, are the sole directors and shareholders of the two companies, which act as trustees for family trusts. They are in a complete **deadlock** over the management of the companies and how to respond to existing High Court litigation (specifically, a claim for the recovery of millions of dollars in loans and distributions from a related family entity). 2. **The Applications:** * Mrs. Nakhle applied to liquidate the companies on the grounds of **insolvency** and that it is **just and equitable** to do so. * Mr. Nakhle applied to **stay (pause)** the liquidation proceedings and prevent their public advertising. He argued that the trust deeds contained an **Alternative Dispute Resolution (ADR) clause** requiring the directors to mediate/arbitrate disputes before going to court. 3. **Court's Decision:** Associate Judge Brittain **dismissed Mr. Nakhle's application** and allowed the liquidation proceedings to continue. The key findings were: * **Jurisdiction:** The ADR clause does **not** strip the Court of its statutory jurisdiction to order liquidation. While such clauses are a factor to consider, they do not prevent a party from seeking liquidation. * **No Stay Justified:** The Court declined to stay the proceedings to force mediation because: * The **deadlock was fundamental and irretrievable**, with a complete breakdown of trust. * The underlying dispute was already before the Court in other proceedings, and the parties' positions were "diametrically opposed." * There was **no reasonable prospect** that mediation or arbitration could resolve the core governance deadlock. * There was **expert evidence of insolvency**, and an insolvent trustee company should generally be liquidated. * **Next Steps:** The liquidation proceedings will proceed to a substantive hearing. Advertising of the proceedings was temporarily restrained to allow time for Mr. Nakhle to inform lenders. ### **Assessment of Relative Strength** Based on this interlocutory judgment, **Henriette Nakhle (the Plaintiff/Mother) is in a significantly stronger legal position than Daniel Nakhle (the Defendant Son).** **Reasons why Mrs. Nakhle's position is stronger:** 1. **Won the Immediate Legal Battle:** The court **rejected all of Mr. Nakhle's key arguments** (the jurisdiction protest and the request for a stay). Her application to proceed with liquidation remains on track. 2. **Court's Factual Findings Favoured Her:** The judge accepted her evidence on critical points: * The deadlock was **"fundamental and irretrievable."** * There had been an **"irretrievable breakdown of trust."** * The expert evidence of **insolvency** was persuasive, whereas Mr. Nakhle's solvency arguments depended on him winning other litigation and continuing to fund the companies unilaterally. 3. **Public Policy Leans Her Way:** The judge affirmed the principle that **insolvent trustee companies should "almost invariably" be liquidated** to protect the trust. This strengthens her "just and equitable" argument. 4. **Costs Award:** The judge indicated a preliminary view that **Mrs. Nakhle is entitled to costs** for successfully opposing Mr. Nakhle's applications, a typical indicator of the winning party. **Mr. Nakhle's Weaker Position:** * His primary defensive strategy—relying on the ADR clause to derail the liquidation—**failed**. * The court found his proposed solution (more mediation) was **futile** given the depth of the dispute and the existing litigation. * His arguments on solvency were viewed as **contingent and speculative**, relying on his success in other cases. **Conclusion:** While the final decision on liquidation is still to be made, this judgment is a substantial setback for Daniel Nakhle. The court's reasoning strongly aligns with Henriette Nakhle's view of the dispute as an unmanageable deadlock requiring the statutory solution of liquidation. She holds the clear upper hand moving toward the substantive hearing. -
By Wandering Eyes · Posted
By Mike Love Ashburton trainer Wendy Stevenson takes three good each-way chances to Phar Lap Raceway in Timaru for their summer twilight meeting this afternoon. In Race 1, the Brosnan Transport Passing Lane Mobile Pace over 2050 metres Gotta Lather Up ($10.00FF) will be looking for a more economical run after having a couple of torrid trips since breaking maiden status at Oamaru three starts ago. “We were pleased with him at Motukarara after drawing 16. Even though he only ran seventh he just couldn’t get in, and he’s still pretty green,” said Stevenson. Today’s field of just seven runners should help Gotta Lather Up regain a bit of confidence. “The small field will be nice for him. He’s a bit of a goof and has some maturing to do. He’s got a lot of speed and he’s a nice horse with plenty of ability.” The Lather Up four-year-old has won once from five starts. Race 4, the South Canterbury Hydraulics Ltd Mobile Pace over 2050 metres will see Hughes To Me ($7.50FF) give Stevenson her second chance of the day. The 24-start maiden has been racing in great form this campaign – placing in three of his four outings. “I was hoping for a better draw,” said Stevenson. Hughes To Me has drawn the outside of the front line which will be a tough ask, but is racing in terrific form. “He’s better suited to the stand, but he will pick one up – he’s really come solid this time in.” The last of Stevenson’s chances comes when Not Over ($6.00FF) lines up in Race 5, the Think Water Timaru Handicap Pace over 2600 metres. The 10-year-old Changeover gelding will be having his 110th start today but Stevenson suggests Not Over is none the wiser. “He thinks he’s a young lad. He’s a super horse. The stand suits him. He runs well on the track. He could be a sneaky one.” Stevenson suggested that Not Over may be her best chance on the day, but Gotta Lather Up is the one to follow. “Not Over would probably be my best chance of the day, but Gotta Lather Up has the most ability going forward.” Robbie Close will take the drive on all three runners in what is a busy day for the Canterbury reinsman with seven drives in total – the most favoured being Hugo ($3.70FF) in Race 3, the Southwest Refrigeration Mobile Pace over 2050 metres for trainer John McDermott. View the full article -
He made an appearance at Omakau races with Unhinged interviewing him! We get next to nothing out of him or HRNZ and only trading off Entain’s cash splash! Unfortunately the industry is in serious financial trouble and yet they seem to have their heads buried in the sand? If we are wrong about what is happening then you would think that someone would come on BOAY and tell us that we are wrong, wouldn’t you?? Not a single person has defended what HRNZ has been doing in the last few years! You just can not run any business like they have been and expect it to survive! I challenge anyone from HRNZ to come on and defend the decisions they are making to make harness racing flourish! -
Yes. I've been looking at that. Although there may be an alternative, it seems liquidation is highly likely, if not inevitable.
-
-
Topics
-