Dean McKenzie-Time for some truth mate

[Weasel]

On 27/05/2020 at 11:56 AM, boobybec said:

yet more doom and gloom.

Racing was f.....d before covid, even more so after it.  Does anyone have anything positive to say about racing?

PS Dean McKenzie has inherited a lemon, give him a chance

no way. He was vaunted as the ideal guy to sort out the sh*t and when the going gets tough he's very low-profile...havent see him on TV News through this bailout promoting the industry/jobs/people/horse welfare/owners or breeders interests ..nothing ..and to allow the demise of TRACKSIDE RADIO, one of the pivotal media platforms to keep industry alive and well-informed is bloody criminal.

[Chief Stipe]

19 hours ago, JJ Flash said:

McKenzie head hunted to sort out  Addington massive cash losses and more latterly Original foods and thats only him . Suggest you look at Birnies background , oh in fact dont bother as you have already made up your mind

 

JJ - google the following for a start and tell us what you find:

Bergdoff Investments

Bernie Capital Property Partners

Then join dots to:

South Canterbury Finance

Hanover Finance

etc. etc.

[Weasel]

On 2/06/2020 at 2:18 PM, JJ Flash said:

You love answering for others, i even stated my reply was to Kopia , whats a polite way of saying butt out . I ignore you most of the time because you talk a lot of biased rubbish IMHO and normally quote old stats. And before you rave about  no half year report why bother as it would be largely irrelevant given Covid, just ask any NZX listed company analyst.Further look no further than above re facts . RITA only came into existence with effect from say November last year when they produced a budget and announced the departure of the total failure J Allen.

Nobody or group at board level could realistically sort out the mess they inherited from NZRB with 12 months minimum.As you and others kept saying costs needed to be cut . Well , you all got what you wanted and now your all moaning because it effects you in some  way. Track closures were carried out by the codes, not RITA, they decided who was going and where. I'm certain they would  have had to make tough choices and trade offs to downsize the operation, eg no TAB Radio or higher stakes. What would Kopia and others prefer.

Let the pros do their job WP appointed them for. Whinging for whinging's sake on here wont achieve anything. Ill give them 12 months till Christmas say to implement the changes they see as necessary to keep the place afloat and give stakeholders some certainty about distributions. Obviously you and a few others are impatient or simply  dont understand how long it takes to restructure/downsize an oversized business.

 

Greg

And before you rave about  no half year report why bother as it would be largely irrelevant

The very late Half-Yearly Report  Aug 2019-Jan 2020 covers the pre-Covid performance and would give us an accurate comprehensive picture of the State of the Industry just before Covid impacted on Revenue. Besides, I expect the delivery of the Report is a statutory requirement for obvious reasons. What possible excuse can they have for not having delivered it to the Minister and/or publishing it to their Stakeholders?

Edited June 3, 2020 by Weasel

[KickintheKods]

There is only one reason the report has not surfaced to this point in time. My info is that it is an absolute disaster. a complete and utter fark up that if presented by any other government department, would result in removal of all current senior management and replaced by a statutory manager.

I understand that Peters is fully aware of this, was solely instrumental in getting the $72 million bailout and yesterday, extending the time this current lot have to try and save the situation.

You will not see these last six months books and I am offering odds of $1.01 to that end.

You can test my opinion yourselves. Ask Peter Vela or any of the others and see what response you get. Don't bother asking Deano McK. He has quickly developed a side step to match Beaudy Barrett and the parliamentary vernacular of Winstone. 

How quick they change to suit the roll.

[curious]

2 hours ago, Weasel said:

And before you rave about  no half year report why bother as it would be largely irrelevant

The very late Half-Yearly Report  Aug 2019-Jan 2020 covers the pre-Covid performance and would give us an accurate comprehensive picture of the State of the Industry just before Covid impacted on Revenue. Besides, I expect the delivery of the Report is a statutory requirement for obvious reasons. What possible excuse can they have for not having delivered it to the Minister and/or publishing it to their Stakeholders?

Where is it a statutory requirement? I don't think so.

[Weasel]

It doesn't matter whether or not it's a statutory requirement - my thinking was that under the circumstances of RITA's existence in the first place, there'd be some rigorous reporting procedures back to the Minister who brought them into being, for all the right reasons - not the least of which is finding out the true state of the finances.

My understanding is that an unaudited Report was given to the heads of the racing codes in mid-March, that's just prior to lockdown. Did they not continue with the process? The half-yearly Report (audited) is typically made available at the end of April/early May.

Has RITA released an audited Half-Yearly Report to the heads of the codes since mid-March, or has Covid been used to justify not doing so? We know about the bailout, of course, but surely Stakeholders are entitled to see the stats as at the end of January 2020 ?

[Chief Stipe]

26 minutes ago, curious said:

Where is it a statutory requirement? I don't think so.

No as far as I'm aware there isn't any statutory requirement apart from the 5 year performance review.

However it has been custom and practice for many many years to release a half yearly report.  Considering the number of stakeholders that depend on the revenue RITA generates you would think that it would be at least a courtesy to release regular financial statements.

I've heard that the Minister wasn't particularly happy with the lack of progress by RITA prior to his bailout funding.

[eljay]

Winston's just given him another year!

[Kopia]

2 minutes ago, eljay said:

Winston's just given him another year!

Winstone is part of a govt ( which he backed ) which rewards non-achievement. Just ask any of the recipients of the billions of dollars ardern has handed out in the past few weeks. So of course he's going to back McKenzie. To sack or criticize him at the moment-within a few months of an election-would be an admission that he ( Peters ) had backed the wrong horse. Or is that dead horse..again?

[Huey]

I can see no reason why he wouldn't give them another year, racing is not getting sorted out in a short period of time, if its to be fixed its going to take 2-3 years to turn around in its simplest form.

It can't be rectified over night, I only hope DM takes a very close look at those at RITA who got the venture into the position it is in today. 

I hope there is something in place to sort out NZTR/RIU and their  proliferate problems.

[Chief Stipe]

31 minutes ago, eljay said:

Winston's just given him another year!

Politicians would rather throw money at a problem than admit they were wrong.

What surprises me is that Peters appointed Birnie who was knee deep in the infamous "Wine Box" inquiry through being the CEO of Fay Richwhite.  If you start following some convoluted trails you start to find some dodgy connections in all sorts of things going on at the moment not just in racing.

https://www.nzherald.co.nz/sharemarket/news/article.cfm?c_id=316&objectid=12689

It is primarily through through the transactions referred to in the article that Birnie made his money.

[Chief Stipe]

4 minutes ago, Huey said:

I hope there is something in place to sort out NZTR/RIU and their  proliferate problems.

That's going to be a bit tricky when the brief that RITA has is to devolve most of its functions to the codes!

9Functions of Agency

(1)The functions of the Agency are—

(aa)to lead and manage the reform of New Zealand racing during the transition period, including (without limitation) by—

(i)implementing a fit-for-purpose organisational structure for the governance of the racing industry:

(ii)preparing for the transfer of the Agency’s functions to the racing codes and its successor organisation:

(iii)supporting sustainability of the racing industry by undertaking initiatives to ensure efficiency and drive revenue growth:

(iv)carrying out any other things necessary or desirable to promote the objective of reforming New Zealand racing:

[Huey]

1 hour ago, Chief Stipe said:

That's going to be a bit tricky when the brief that RITA has is to devolve most of its functions to the codes!

9Functions of Agency

(1)The functions of the Agency are—

(aa)to lead and manage the reform of New Zealand racing during the transition period, including (without limitation) by—

(i)implementing a fit-for-purpose organisational structure for the governance of the racing industry:

(ii)preparing for the transfer of the Agency’s functions to the racing codes and its successor organisation:

(iii)supporting sustainability of the racing industry by undertaking initiatives to ensure efficiency and drive revenue growth:

(iv)carrying out any other things necessary or desirable to promote the objective of reforming New Zealand racing:

I didn't say RITA  sorting them out, I meant in general.

[curious]

2 hours ago, Chief Stipe said:

No as far as I'm aware there isn't any statutory requirement apart from the 5 year performance review.

 

No. There is a statutory requirement to produce audited annual financial reports and present them to the minister who must present them to the house. No statutory requirement for a six  monthly report.

That said, the Minister's Letter of Expectation to Mr. McKenzie said:

Reporting

RITA is to provide written financial and non-financial reports to the Minister for Racing and the Department not later than 4 weeks following the end of each quarter. I may alter this frequency depending on RITA's performance and risks. The Department will specify the requirements for these reports. In addition, there is a "no surprises" expectation, under which RITA is required to inform my office and the Department of any material matter that arises and respond promptly to information requests received from the Department or my office.

I made an OIA request to the DIA for the second and third quarter reports. However, the DIA responded saying these were not held by the DIA. Presumably, that means RITA have not submitted them as required by the Minister.

 

[Kopia]

It is quite clear that the NZ racing industry is incapable of carrying on in the same way that it has in the past. It's also clear that the financial crisis facing RITA is worse than anyone anticipated, including all of us who read/post here.

I understand that there are negotiations underway for the NZ  TAB to be ' bought' 'taken over' or whatever the vehicle used. And if these negotiations fail, the industry is effectively history. So you all better keep something crossed if its important to you. Here in NSW prizemoney has been restored to the level it was prior to the crisis. And racing continues to boom.

The best scenario is for a fixed sum to be paid to NZ Racing/TAB/RITA or whoever by the purchaser of the TAB. And then its up to the industry here to survive or die. By the way RITA has acted so far, i.e. stopping radio broadcasts, making it difficult to bet on course, no newspaper fields etc, you'd think that they have a death wish for the industry. Because on track betting would be the business of local racing entities, and RITA seem to think it doesn't matter?

[Bloke]

4 hours ago, Kopia said:

Winstone is part of a govt ( which he backed ) which rewards non-achievement. Just ask any of the recipients of the billions of dollars ardern has handed out in the past few weeks. So of course he's going to back McKenzie. To sack or criticize him at the moment-within a few months of an election-would be an admission that he ( Peters ) had backed the wrong horse. Or is that dead horse..again?

Mate your lot had Nathan Clown. His big contribution to thoroughbred racing was stating that Addington's all weather track would solve thoroughbred racing's problems in the The South.

I have little time for Winston but he has done 100 times more than Nathan Clown would ever have any knowledge about. 

Look at the idiots that we suffered under Nathan Clown's watch. Bonkin Bayliss and John (Clease) Allan. 

 

[Chief Stipe]

Just now, Bloke said:

Mate your lot had Nathan Clown. His big contribution to thoroughbred racing was stating that Addington's all weather track would solve thoroughbred racing's problems in the The South.

I have little time for Winston but he has done 100 times more than Nathan Clown would ever have any knowledge about. 

Look at the idiots that we suffered under Nathan Clown's watch. Bonkin Bayliss and John (Clease) Allan. 

 

Bloke - how many times have you posted this?  Getting bloody boring.

[JJ Flash]

6 hours ago, curious said:

Where is it a statutory requirement? I don't think so.

It isnt but dont tell the nutters as they know better- not

 

Greg

[Chief Stipe]

2 minutes ago, JJ Flash said:

It isnt but dont tell the nutters as they know better- not

 

Greg

It's irrelevant if it is or it isn't a requirement.

However it has been custom and practice for decades.  The industry stakeholders should be shown transparency.

[Kopia]

13 minutes ago, Bloke said:

Mate your lot had Nathan Clown. His big contribution to thoroughbred racing was stating that Addington's all weather track would solve thoroughbred racing's problems in the The South.

I have little time for Winston but he has done 100 times more than Nathan Clown would ever have any knowledge about. 

Look at the idiots that we suffered under Nathan Clown's watch. Bonkin Bayliss and John (Clease) Allan. 

 

Fuck off bloke. I've never defended nationals performance. It was abysmal. Your love affair with ardern is clouding your reasoning. You m ight change your mind a tad when the story about her ' first partner' and his stray rooting hits the news.

[Bloke]

1 hour ago, Chief Stipe said:

Bloke - how many times have you posted this?  Getting bloody boring.

Yes a few and I will keep reminding  you that the  Tories  were  useless for the 9 years that they  were in control. 

[Bloke]

1 hour ago, Kopia said:

Fuck off bloke. I've never defended nationals performance. It was abysmal. Your love affair with ardern is clouding your reasoning. You m ight change your mind a tad when the story about her ' first partner' and his stray rooting hits the news.

Your hate of Ardern is eating you up. You are a Wanker Roo now, are you not?  Why do you care about NZ having turned your back on us?

 

[Chief Stipe]

15 minutes ago, Bloke said:

Yes a few and I will keep reminding  you that the  Tories  were  useless for the 9 years that they  were in control. 

No the NZRB was useless.  Peter's didn't do much when he was Minister previously.  Now get back on topic.

[Chief Stipe]

On 2/06/2020 at 5:59 PM, JJ Flash said:

Suggest you look at Birnies background , oh in fact dont bother as you have already made up your mind

I owe you an apology JJ Flash.  I've done as you suggested and thoroughly looked into Birnies background.  Yes he is well suited for the job of selling RITA off to Australia.

His experience coming from his involvement with the sale of the assets of BNZ, Post Bank, Telecom, Tranz Rail and others to overseas interests.  Oh and more recently the sale of Purerua Peninsula in Northland to the Swiss.   Mmmm I wonder if Shane and Winnie had a role in that?

 

[Joe Bloggs]

DM is a hoodwinker, today's diatribe a perfect example. Turnover is better than expected??? Hello Dean, we've, you've been down this track before, you can't trust figures released by anyone, auditors included and they have either received doctored books or are ''in on it', I'd believe the former to be frank.

The lunatics that believed the race fields legislation was the holy grail? remind us again who they were/are........no one in Oz gives a tuppence about NZ racing, even mug money will dry up, what I do know is there are countless trainers in Oz drooling about buying hundreds of good Kiwi horses and whisking them across to race for 22k maidens and then onward and upward. You're dreaming Dean, how does that old saying go fella? ''You can fool some of the people some of the time, but not all of the people all of the time''.