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Yes. I've been looking at that. Although there may be an alternative, it seems liquidation is highly likely, if not inevitable. -
By Wandering Eyes · Posted
Eleven of the most memorable events from Thoroughbred racing in North America last year have been nominated for the 2025 FanDuel Racing NTRA Moment of the Year, a distinction determined by fan voting and recognized at the annual Eclipse Awards.View the full article -
By Chief Stipe · Posted
For those who like to read legalese - The Judgement from Judge Brittain. Nakhle vs Byerley Park 3 November 2025.pdf -
By Chief Stipe · Posted
Wealthy Auckland family in $17m legal fight, mum accuses son of 'misappropriating' funds www.nzherald.co.nz 07 January 2026 https://www.nzherald.co.nz/nz/auckland/auckland-nakhle-family-in-17m-court-battle-judge-clears-way-for-liquidation-case/ A High Court decision from November sets out the history of the financial fracas, which is linked to a complex group of companies associated with the Nakhle family.https://bitofayarn.com The family have interests in a diverse portfolio of industries, including horse racing, property investment, quarrying, early childhood education and a luxury charter launch. They are also politically connected - National MP Rima Nakhle is a member of the family through marriage (there is no suggestion she is involved in the court action). The Nakhle family have featured on the 2018 NBR richlist and were estimated to be worth $200m. But their financial success has been marred by infighting and costly legal action, which has driven a wedge between mother and son. “There is a significant dispute among the family members that has resulted in multiple proceedings in the High Court,” the November ruling by Associate Judge Grant Brittain says. Henriette Nakhle and her son, Daniel Nakhle, are the directors of defendant companies, Karaka Estate Ltd (KEL) and Byerley Park Ltd (BPL), both linked to South Auckland thoroughbred racing facility Byerley Park. Henriette, who is Honorary Consul for Lebanon in New Zealand, and Daniel are in a “deadlock” regarding management of the two companies and associated trusts, and ownership of their assets, the decision says. The deadlock is described as “fundamental and irretrievable”. Last year Henriette applied for orders to put KEL and BPL into liquidation on the grounds they were insolvent. The Honorary Consul of Lebanon in New Zealand, Henriette Nakhle, MNZM, QSM, with Foreign Affairs Minister Winston Peters. Daniel challenged the application, arguing the court did not have jurisdiction to hear the liquidation proceedings. He applied for a stay and an order restraining advertising of the proceedings, primarily on the basis of a clause in the trust deed that provides for alternative dispute resolution, including mediation. He argued that liquidation proceedings could harm the companies and put them in a difficult situation with their lenders.https://bitofayarn.com However, Associate Judge Brittain dismissed Daniel’s application in November. “I do not consider that there is any reasonable prospect of Mrs Nakhle and Mr Nakhle resolving their deadlock by utilising the dispute resolution process. “The issues between Mrs Nakhle and Mr Nakhle go further than a management deadlock. There has been an irretrievable breakdown of trust. “I am satisfied that the balance of convenience favours these proceedings continuing.” Financial feud divides family Henriette and her husband, Elias, arrived in New Zealand from Lebanon in the 1960s, raising three boys. The decision says the couple operated a successful business during the 1980s and 1990s which enabled them to establish a group of companies and “generate significant wealth for the family”. In 2004, the trusts were established to acquire land in Kingseat. BPL and KEL each acquired neighbouring property and entered into a joint venture. BPL operates the Byerley horse breeding and training facility on both properties, which operates at a loss. In 2008, the Nakhle Treasury Trust was established to act as a treasury for the group, with Nakhle Treasury Ltd (NTL) its sole trustee. Lebanese Honorary Consul Henriette Nakhle (centre left) surrounded by family after being recognised as a Member of NZ Order of Merit in the 2023 New Year's Honours for her contribution to the Lebanese Community. The decision says Henriette and Daniel are the directors of NTL and that Daniel has had primary responsibility for managing the group and operating NTL. Daniel “fell out” with his parents in 2014, Brittain’s judgment said. This was followed by a period of reconciliation the following year “and negotiations among family members” regarding division of the group’s assets.https://bitofayarn.com Daniel claims “binding terms of settlement” were agreed in 2015, making him the beneficial owner of both KEL and BPL assets. Henriette and other parties deny they are bound by the 2015 agreement. The decision says NTL has made “significant distributions and advancements” to KEL and BPL. Henriette refused to approve further advances in 2023. “Mr Nakhle has been funding the operating costs of KEL and BPL since 2020, resulting in a related party loan account.” In December 2022, Daniel filed High Court proceedings against various group and family members seeking to enforce the 2015 agreement. Several other proceedings have taken place, including claims by NTL to recover distributions and advances to BPL and KEL totalling more than $17m. Daniel says the funds are not repayable. Attempts at a facilitation process ended without resolution in December 2024. “Mrs Nakhle says that the deadlock is fundamental and irretrievable, and she has lost all trust and confidence in Mr Nakhle,” the decision says. “She says that she and her husband placed significant trust in Mr Nakhle to manage the group for the interests of the wider family and their trust was misplaced. She alleges that Mr Nakhle has misappropriated a significant amount of money.” Dispute heads to formal liquidation hearing The judge considered the resolution procedures set out in the trust deed, but ruled the matter could not be settled through arbitration or mediation due to the entrenched and opposing positions of the parties. The ruling said Henriette filed expert evidence suggesting both BPL and KEL were insolvent. Daniel’s assertion that both companies were solvent assumed his success in other litigation and his willingness to continue injecting funds into KEL and BPL to meet operating expenses and losses, the decision said. However, his funding meant both companies incurring further debt to a related party that had not been approved by the boards, the judgment said.https://bitofayarn.com Sybelle Nahra Nakhle and Daniel Nakhle. Photo / Norrie Montgomery In declining Daniel’s application for a stay, the judge ruled it was not inevitable the companies would be liquidated, which was a “last resort”. There might be another option such as a receiver and manager being appointed. These decisions should be made during a substantive liquidation hearing. The judge said there was no evidence to support claims the companies could face difficulty with their lenders should the proceedings continue and be advertised. The proceedings were subsequently posted in a public notice on December 1 and have now been set down for a High Court hearing on April 29. The Herald approached Henriette and Daniel through their lawyers but both declined to comment. -
By Wandering Eyes · Posted
Amplify Horse Racing is accepting applications until Tuesday, Jan. 27 for the Spring 2026 session of its mentorship program, an educational initiative connecting youth and young adults with experienced professionals across the Thoroughbred racing and breeding industry, the organization said via a press release on Tuesday. Designed as a three-month hybrid experience for ages 15 to 25, the Amplify Mentorship Program provides structured career exploration, individualized guidance, and direct exposure to the Thoroughbred industry. No prior horse experience or specific academic criteria are required. Applicants must reside in the United States, U.S. territories, or Canada. Click here for more information. The post Amplify’s Youth Mentorship Program Now Accepting Applications For Spring appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article
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