Jooste relinquishes his colours

what is a polo steek?

Mac wrote: what is a polo steek?

Someone he is intimate with (steek), plays polo

bayern wrote:

Mac wrote: what is a polo steek?

Someone he is intimate with (steek), plays polo

Aaaah, I get it now.

Over the Air wrote:

Len Sham wrote: Mr H if I understand the application if successful it will be back dated to the banks request date therefore to me training fees will be for the liquidators account. I am Not a legal expert.

Len nothing is ever for the liquidators account, they charge they don't pay. In essence and simplistically, a liquidator is appointed to manage the financial affairs of a business/entity that is in financial trouble. This is done to protect creditors and ensure that further fraud is not committed. So in the Mayfair case, controls over funds coming in and going out will occur. Then Markus, Derek, or his polo steek, will not get paid unless there is good reason to. Maintaining the Camps Bay love nest will not qualify. All suppliers in the racing chain from trainers to transporters then are treated as creditors, and after due diligence is done on a creditors claim, payment occurs, if funds are available.

This is the reason that monies from stakes and sale of horses needs to be regulated.

I agree with Len. From the court date daily expenses will probably be set against current income and so trainers running accounts from then will probably be covered to the extent of stakes to preserve the asset value of the horses, while getting rid of the "dead weight" a.s.a.p and organizing the best way to sell. I would imagine a fire-sale auction is the worst way, and that the "best" will be disposed within the yards that have them and/or partners. . They have a resident expert in their nominee and the director of the company for their valuations.

....in the rules of the NHRA.....I believe that the only way to "dissolve a partnership" is by owner consent or public auction.....since Jooste has now relinquished his rights at the NHRA.....he can no longer consent....therefore the horses will be required to be placed on auction..... ...

Muhtiman wrote: ....in the rules of the NHRA.....I believe that the only way to "dissolve a partnership" is by owner consent or public auction.....since Jooste has now relinquished his rights at the NHRA.....he can no longer consent....therefore the horses will be required to be placed on auction..... ...

The laws of the land supercede the rules. The rules are racing rules not commercial law. On no planet does not having colours force you to sell via an auction.

....then how does the liquidator determine fair value....if any person or business is sequestrated
.....then surely the assets are sold.....on an auction.... :huh:.....I do however know that when the goods/stocks or property are industry specific....only the principal applicant for liquidation and with consent of secured creditors can sell off goods and property at fair or market value....

Most of the time, the best stuff is sold privately. By the time you are at auction then often as a seller you have thrown yourself to the dogs. Would they have gotten those prices at auction for Edict or Legal? The people who wanted them got them, who would the under bidders have been?

When top stallions and mares change hands, why on earth would you do it at an auction? And anyone who really wants to lose money, a "dispersal" auction is an awesome way to lose lots. I would guess that of the list of Mayfair horses to be sold, that the top part will be sold privately, and what is left dispersed. And we shall see. If I'm wrong, the whole lot gets sold on auction. And wow.

Dissolving a partnership when the parties can't agree can come down to public auction in a hostile way where partners try to buy each other out. But selling or owning property (horses) is outside the authority of the NHA was my point and not having colours only means you can't race them. If ownership gets awkward, the NHA will tell you quickly it's a civil matter, sort it out yourself because they have no authority from anywhere beyond the law that applies to us all anyway.

....but it is not up to Jooste or Derek or whoeva to do any selling just yet....a liquidation order has to still be granted by the court....ABSA the principal applicant will be required appoint a liquidator once the order is granted.....in my experience our local banks generally just dont understand this type of business.....and may just simply auction it all......since Investec are also involved they may be able to sway ABSA to get an industry appraisal or valuator to price the stock.....

I'm not a farmer, but I know if I need to collect I have to wait for harvest. Maybe ABSA can lend a quarter billion to a racing business and have no idea, then they deserve what's coming. For everything there is a time, and if they dump at the first opportunity then that's brilliant for bargain hunters.

I can't see smart people doing that though. I can't imagine anyone giving advice like take everything and sell in in a tent in 6 weeks time... 5 hours and you will put the whole thing to bed. Still, we've seen stranger shit.

I found it a bit odd that in the colorful world of horseracing that this pic printed in the Financial Mail should be in black and white until I read that “he (Jooste) sees the world in black and white”.
Is that Hollywood Boulevard with Figgy?



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going to look silly but it doesnt look like a grey