Legal Eagle Sale hits the times

Over the Air wrote: Flaunt perhaps you could give your opinions on some questions that I have regarding this as you seem to have your finger on things that are not out in the public domain as yet. I do not share your apparent faith that transactions concluded are above board. I have some questions I would appreciate your views on

1. The ABSA matter against Mayfair has been postponed to early February as Judge Desai has decreed that this swindle affects a lot more entities than just ABSA. Investec and SANLAM are owed vast amounts too, and it is more probable than possible that other creditors will make their voices heard before the case resumes. Why do you believe that ABSA are currently involved in the sale of racehorses, seeing that there is no legal reason for them to be doing so at this moment in time.
2. Where are the monies being paid for horses sold, and who has control over this?
3. As you have alluded to, Tekkie Town was mainly a paper purchase funded by inflated value Steinhoff shares. BvH has in effect lost 90% of the value of the shares that were used to purchase his business. What sane man would continue doing business with the swindler who has on paper, decimated his material wealth? I personally cannot believe that money changed hands for Legal Eagle, it goes against all logic.

Looking forward to your response

I do not have any information other than what I read and what I understand, we all have opinions and are entitled to see things as we want.

to answer your questions:
1)ABSA were first to move, the matter was heard in the high court on 22/12/2017
it was agreed per the court order that Acc number 9321616585 would be used as a deposit account for all assets realized. These amounts would be used to the benefit of the creditors.
Acc number 9322191815 was set up as an operating expense account for Mayfair speculators to service ongoing operating expenses at the scrutiny of the bank
Mayfair speculators has to submit weekly budgets in terms of forward looking operating expenses that the bank will approve
Yes there are other creditors and who knows what else may appear. ABSA by virtue of setting up the accounts and controlling budgets I am pretty sure have oversight of sales or pending sales and it would positively or negatively affect the various cash flows etc. Do you really believe that the 3.2 m never changed hands for the sale of Legal Eagle which has been so publicly hyped and I am pretty sure that the various creditors would be aware of? A bank does not have to have legal reasons to collect money, if you are in breach of an overdraft or a debt covenant, the bank would ask you nicely to rectify the matter before taking further steps. The creditors I am sure are well aware that there are many racehorses, a stud farm and breeding stock and or property, hence my reason for saying that ABSA would be in some way involved. They want cash not horses on their books!
2) The monies are being paid into the account mentioned above, again its in the public domain, read the order,ABSA requires weekly budgets and information.
3) I am an not sure what BVH has lost but have access to share registers if I so wished to waste my time calculating other peoples losses or bad fortune. I have no interest in that. He did not do business with a "swindler"as you allude to, he did business with a bank/creditors! Somebody would have bought the horse somewhere at a price! Perhaps BVH is happy with a fraction of his original wealth , enjoys horse racing and in fact in a dying industry in SA punters should be happy that there are still people around who can can spend money on bloodstock. The fact that you cannot believe money changed hands for Legal Eagle is your opinion, but that would infer that you do not believe the court order is being adhered to nor do you think ABSA is acting in the interests of creditors or perhaps even that Tony Millard never got his buyer of Edict of nantes to transfer or pay 850 k$ for the horse.

who says that BVH has not sold his Steinhof shares long ago at the inflated price

How do we know that those shares BVH got for his business was not immediately sold when the price was still at a high......then he would have made a killing.

This is very interesting. So who is paying Brugman if he is not being paid by the banks?

Jurgs wrote: This is very interesting. So who is paying Brugman if he is not being paid by the banks?

I'm sure he gets paid from the account that is used to pay for keeping the horses in training - It's an expense necessary to keep the operation going and to dispose of the horses at best price.. same account obviously pays trainers vets ...- he is no different to those people

aluminium wrote: who says that BVH has not sold his Steinhof shares long ago at the inflated price

go check the register, he did not

I hear he got a figure of between 600-800k for three PE horses (Plano. Leaderman, Starburst Galaxy)

A van Vurren type fire sale would have realised a quarter of that amount!

Muhtiman wrote: ....we forget that CvN was also a partner here.....he must have been in agreement with the offer and then sold out his share...therefore there is no dispute on fair value on this particular sale...

i cant recall cvn ever being a partner in legal eagle

pirates wrote:

Muhtiman wrote: ....we forget that CvN was also a partner here.....he must have been in agreement with the offer and then sold out his share...therefore there is no dispute on fair value on this particular sale...

i cant recall cvn ever being a partner in legal eagle

.....Oops sorry....my bad..... :blush: .....being with Tarry thought it had a CvN connection....

Bob Brogan wrote: I hear he got a figure of between 600-800k for three PE horses (Plano. Leaderman, Starburst Galaxy)

A van Vurren type fire sale would have realised a quarter of that amount!

If that's the truth I hope he has negotiated a strong commission because he deserves every cent. Those prices are way above market value and I agree would never be realised at auction.

There's a sucker born every minute it seems

Jurgs the buyers are not suckers as you make out but top owners in the racing industry..

Len Sham wrote: Jurgs the buyers are not suckers as you make out but top owners in the racing industry..

I looked at those three horses and I don't think overpriced at around 600K- Plano could well win a number of staying races in PE and being by Silvano has much improvement to come over ground - Starburst will make a nice broodmare and she still has wins left while Leadman has only just started showing and also could turn out to be a nice stayer racing off a 68