Lake bankrupty

[cowgirlintexas]

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.

Amen...... Unfortunately I don't have to wait that long.

Damn that George Bush to hades!!

Obama will take care of Mr. Lake.

[Danzig]

i think everyone can sympathize with those who are hurting, or have to go this route. but someone has to eat those debts as well. bankruptcy might solve a person's problems, but it creates problems for others in turn.

[Linny]

I agree with Steve. The sorry fact is that there an awful lot of people in this biz that don't pay their bills. It doesn't take long for an owner with several horses to run up a quarter million in debt on day rates and vet and shoeing etc. The trainer puts up his money to feed and care for the horse (that often is not worth the amount expended) in the hope that if it earns something that the trainer will get paid.
If the trainer has physical custody of the horse he is expected to provide at least basic care. Not to do so will bring the authorities on cruelty charges. In many cases that care is provided and not reimbursed until legal action or threats are involved.
I don't know Lake or anything about his situation but I wouldn't be surprised if his problems stemmed from an inability to collect on money owed to him. I have met him only once and don't know anything at all about how he runs his business so I have no comment about it.

[phystech]

Originally Posted by Linny

I don't know Lake or anything about his situation but I wouldn't be surprised if his problems stemmed from an inability to collect on money owed to him. I have met him only once and don't know anything at all about how he runs his business so I have no comment about it.

Lake owns a lot of his own horses via Home Team Stables.

[sumitas]

Originally Posted by Linny

I agree with Steve. The sorry fact is that there an awful lot of people in this biz that don't pay their bills. It doesn't take long for an owner with several horses to run up a quarter million in debt on day rates and vet and shoeing etc. The trainer puts up his money to feed and care for the horse (that often is not worth the amount expended) in the hope that if it earns something that the trainer will get paid.
If the trainer has physical custody of the horse he is expected to provide at least basic care. Not to do so will bring the authorities on cruelty charges. In many cases that care is provided and not reimbursed until legal action or threats are involved.
I don't know Lake or anything about his situation but I wouldn't be surprised if his problems stemmed from an inability to collect on money owed to him. I have met him only once and don't know anything at all about how he runs his business so I have no comment about it.

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 .

[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.

[SCUDSBROTHER]

I just think people are a lil amazed that someone who has constantly shoved chalk down our throats doesn't have enough money to pay his bills.

[freddymo]

Byk have a heart please

[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.

[Danzig]

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.

[Riot]

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.

[Linny]

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.