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-   -   Lake bankrupty (http://www.derbytrail.com/forums/showthread.php?t=28397)

freddymo 03-14-2009 07:10 PM
Byk have a heart please

Danzig 03-14-2009 08:33 PM
Quote:
Originally Posted by phystech
http://www.drf.com/news/article/102254.html

"Cause I'm the taxman, yeah I'm the taxmaaaannnn...."

This is exactly why I am a freak about transparancy in financial reporting as it relates to horse ownership/partnerships. I want to trust all of my business partners but the best way for me to remain trustful is to show me the money trail. In the partnerships I manage, I scan bills and send them to my partners. They see where each dime is spent. I scan the bank statements so they can see every bill is paid. Any manager of a stable that doesn't want to do a full accounting on a monthly basis shouldn't be a manager.

I had heard of Lake's tax problems 3 or 4 months ago. I didn't know the reason until today.

I feel for the guy - he trusted a friend that swindled him. That's the lowest of the lows.
a guy who takes you for that kind of money is no friend. i can't believe lake is still up in the air about filing charges on the guy.

SCUDSBROTHER 03-15-2009 12:40 PM
He's done nothing for the typical player, but shove chalk down our throats for years. Simply ruins cards, and I am sure could care nothing about the entertainment value of the sport. All they do is take, take, take. Doesn't seem like trainers have a clue about that. There gunna say it's not their job, but if they all keep saying that, then you have very little industry, because you have very little entertainment to sell. This guy and the Catalano/Callabrese duo have been examples why they need to have an entertainment plan in this sport. The races need to be about putting on entertainment. Figure that out, and you'll save your sport. Keep ignoring it, and see where the sport ends up.

Riot 03-15-2009 02:10 PM
Quote:
Originally Posted by sumitas
Hard to comprehend that legitimate expenses "doesn't take long ... to run up a quarter million in day rates, vet , and shoeing." I'd have to question if the owner was getting fleeced .
(edit): Figure $30,000 - $40,000 a year, per horse, in training, on average. For a healthy horse without issues. If an owner has 5 horses, if one is sick for a while or has an extra lameness issue, or you want to fly it once to a race, it adds up fast.

Split Rock 03-15-2009 08:50 PM
Quote:
Originally Posted by Kasept
There is a trainer that frequents this Forum who was stretched to $400,000 in training bills by an owner. I know another who was stretched to nearly $700,000. Both likely faced professional bankruptcy as an option.

Since none of us know one iota of the circumstances surrounding Scott Lake's professional financial situation, I'd suggest withholding any judgement about the 'classiness' of the parties involved.

If you don't care for Lake because of his record of rules violations, that's fine, but it provides no insight into whatever forced him into the situation he's dealing with. I've met Lake exactly once and don't know enough about him to have an opinion.

And as an aside, when it comes to 'classlessness' there isn't much worse than kicking a guy when he's down. I'll venture to guess that within the next 12-24 months, there won't be a single one of us that aren't familiar with at least one friend, family member or business associate that will be in the same position as Lake is today.
While I agree with taking the high road in similar situations, Scott Lake is hardly deserving of such compassion. This man singlehandidly set a torch to the game of horse racing with his complete disregard to rules or animal welfare.

Not sure how or why the man got into this situation but one must consider Karma to play a part.

Basically, it is hard for me to root for a guy to prosper under the conditions in which he works from. Since he cheats and has done so at unprecedented levels for many years, he, for lack of a better term...deserves what he got.

Kasept 03-15-2009 08:57 PM
Quote:
Originally Posted by Split Rock
While I agree with taking the high road in similar situations, Scott Lake is hardly deserving of such compassion. This man singlehandidly set a torch to the game of horse racing with his complete disregard to rules or animal welfare.

Not sure how or why the man got into this situation but one must consider Karma to play a part.

Basically, it is hard for me to root for a guy to prosper under the conditions in which he works from. Since he cheats and has done so at unprecedented levels for many years, he, for lack of a better term...deserves what he got.
I understand your point and it's well taken, but I disagree. By your reasoning, I guess Karma was handing out the Eclipse Awards this year.

blackthroatedwind 03-15-2009 09:00 PM
I thought horse racing thoroughly disproved the entire notion of Karma.

Suffolk Shippers 03-15-2009 09:30 PM
Fact of the matter is, none of us, if we were in the same shoes, would want our dirty laundry out for co-workers, friends, and others to read and judge.

I don't know Scott Lake, and I doubt anyone out here, or who reads Bloodhorse has a knowledge of his finances. Which is exactly why, no one should be passing judgment. It's just a case of throwing stones. If you are out there and you don't have a friend, relative etc who has been affected by the economic situation, or you yourself have not, you're pretty lucky.

Fact is, this happens to plenty of people, and their names aren't put in the papers, or on blogs, or websites for others to pass judgment on. Lake should have been afforded similar privacy. If you don't think so, then I guess you don't have an issue that if the same circumstances afflicted you, your name be dragged out for judgment, either.

Split Rock 03-15-2009 10:34 PM
Quote:
Originally Posted by Kasept
I understand your point and it's well taken, but I disagree. By your reasoning, I guess Karma was handing out the Eclipse Awards this year.
True enough. However, in the current state of the game, those awards are as valuable and worthy as a WWF championship belt.

Hate to be so skeptical and negative but the actions of these trainers, and Scott Lake most notably, has totally ruined the game for me. And I am hardly alone in that feeling.

chucklestheclown 03-15-2009 11:25 PM
Quote:
Originally Posted by Danzig
hmmm


When contacted by telephone, Lake told The Blood-Horse: “For you to print something in your magazine about this is a classless move.”

ok-so if he ends up not having to pay all his debts, is that classy?
That avatar leads me to question your classiness. What does it represent?

Bigsmc 03-16-2009 04:36 AM
Quote:
Originally Posted by Suffolk Shippers
Fact of the matter is, none of us, if we were in the same shoes, would want our dirty laundry out for co-workers, friends, and others to read and judge.

I don't know Scott Lake, and I doubt anyone out here, or who reads Bloodhorse has a knowledge of his finances. Which is exactly why, no one should be passing judgment. It's just a case of throwing stones. If you are out there and you don't have a friend, relative etc who has been affected by the economic situation, or you yourself have not, you're pretty lucky.

Fact is, this happens to plenty of people, and their names aren't put in the papers, or on blogs, or websites for others to pass judgment on. Lake should have been afforded similar privacy. If you don't think so, then I guess you don't have an issue that if the same circumstances afflicted you, your name be dragged out for judgment, either.
No. Those people aren't in the "papers" every day. Lake was. He is one of the biggest personalities in the game, how can you not report his filing?

It has nothing to do with my friends or family having financial difficulties. My family and friends have not been in the BH, TT and DRF non stop for the past 10+ years. If they had been, then I would expect those publications to report it.

Cannon Shell 03-16-2009 05:54 AM
Quote:
Originally Posted by chucklestheclown
That avatar leads me to question your classiness. What does it represent?
A clown with a cowbell?

Cannon Shell 03-16-2009 05:56 AM
Quote:
Originally Posted by Bigsmc
No. Those people aren't in the "papers" every day. Lake was. He is one of the biggest personalities in the game, how can you not report his filing?

It has nothing to do with my friends or family having financial difficulties. My family and friends have not been in the BH, TT and DRF non stop for the past 10+ years. If they had been, then I would expect those publications to report it.
Agreed. Once you achieve a certain "celebrity" of sorts you become a public figure. Public figures have their laundry aired, good and bad.

Suffolk Shippers 03-16-2009 09:28 PM
Quote:
Originally Posted by Bigsmc
No. Those people aren't in the "papers" every day. Lake was. He is one of the biggest personalities in the game, how can you not report his filing?

It has nothing to do with my friends or family having financial difficulties. My family and friends have not been in the BH, TT and DRF non stop for the past 10+ years. If they had been, then I would expect those publications to report it.
Agree to disagree. This is something you let someone get out there on their own terms, not sideswipe them for comment. I don't care if people have graced the pages of magazines, papers etc. it has no bearing on if they should again for this reason.

Somethings are just not the business of the world at large right away. Making oneself a public figure does not give the public the right to any and all information about said person.

Linny 03-16-2009 10:56 PM
Quote:
Originally Posted by sumitas
Hard to comprehend that legitimate expenses "doesn't take long ... to run up a quarter million in day rates, vet , and shoeing." I'd have to question if the owner was getting fleeced .
Many of his owners have 20+ horses. I know he owns alot of his own but in NY (where day rates are very high) most are not running under the Home Team banner. lake ships alot of horses and van companies are not cheap. remember how high fuel was last summer? He was moving horses all over the place even at those prices. It adds up fast for a big operation.

Like I said, I don't know Lake. I met him once. If he was swindled I hope he presses charges but since the person was like "a member of the family" and now "has nothing" he probably wont. It's his choice, not mine. His effect on the game in terms of betting opportunities is irrelevant to the issue.

The Indomitable DrugS 03-16-2009 11:25 PM
Quote:
Originally Posted by Suffolk Shippers
Somethings are just not the business of the world at large right away. Making oneself a public figure does not give the public the right to any and all information about said person.
Yeah - the Bloodhorse or DRF didn't publish anything when his wife got arrested for attacking him with a baseball bat last year.

It's a shame he didn't marry Albert Pujols.

pointman 03-17-2009 12:14 AM
Quote:
Originally Posted by Suffolk Shippers
Agree to disagree. This is something you let someone get out there on their own terms, not sideswipe them for comment. I don't care if people have graced the pages of magazines, papers etc. it has no bearing on if they should again for this reason.

Somethings are just not the business of the world at large right away. Making oneself a public figure does not give the public the right to any and all information about said person.
Bancruptcy is public information, anyone filing knows that going into it. Lake had to have known that this would be in the media. I fail to understand why he didn't offer that explanation right away instead of taking the type of reaction that indicates something to hide.

Danzig 03-17-2009 10:15 PM
Quote:
Originally Posted by chucklestheclown
That avatar leads me to question your classiness. What does it represent?
nothing. but then, i never got the point in lit class when you had to try to decide what the author was 'really trying to say' with his novel. i thought most of them were just trying to tell a story.
as for the avatar, my son saw the pic and called my attention to it. i found it humorous.

as for people getting put in print for declaring bankruptcy, everyone who filed in this state is put in the newspaper.

chucklestheclown 03-18-2009 01:25 AM
Bankruptcies are federal actions. The publication laws do not differ from state to state. What did you find hunorous about the cowbell avatar? Does it have a special meaning in your state?


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