You probably have better access to those facts than most of us...however, my understanding is that the loan often referred to was advanced much more recently than Diane's one, and has been paid back.
Regardless, we can argue forever about what Hokitika could have, and should have, done ; but, at no stage can anyone, hand on heart, have confidence that NZTR will do as they promise. So, now, under the new racing act, it is legal to usurp club/community assets should they wish to, how can anyone blame Westland R.C for doing what they did?
As Reefton said, if NZTR had shown a bit of patience and a lot less big stick they would have got the lot may be correct from a legal point of view - but is it morally right? I don't think so.
Using their capital to enrich West Coast racing is a sop when West Coast racing may not exist under the centralisation agenda...and all NZTR has to do is deny permits, and the whole show falls over.