Attractions Hippiques went from insolvent to officially bankrupt this morning when its proposal to creditors was rejected at a creditors' meeting in downtown
Montreal.
The Quebec racetrack operator's proposal consisted of an offer to share in any proceeds from an intended lawsuit by the company against Loto-Quebec and the provincial government.
Two government agencies -- Loto Quebec and SONACC, the provincial horseracing body -- were among the creditors and voted against the proposal, which needed the backing of creditors representing two-thirds of the cash value of the $8 million in claims registered at the meeting. Together with the City of Quebec, which also voted against, they had the numbers to defeat it.
Senator Paul Massicotte, owner of Attractions Hippiques, said he still intends to sue Loto-Quebec and the government, but will now do so individually and on his own behalf.
"It's really unfortunate because it hurts those punished by our financial difficulties," he said. "The process we followed would have allowed (creditors) to share in our possible success, but Loto-Quebec, despite its obvious conflict of interest, voted against."
(A Trot Insider exclusive by Paul Delean)
Since the opening of the
Since the opening of the montreal casino back in 1993, the racing industry in montreal slowly began to die. People lost interest in betting on the horses, and decided to gamble in casino's.the horse racing industry in montreal was on life support by the government for many years.many, many, years, the industry was being supported by taxpayers dollars. Enough was enough, throwing public money away just to support. A click of horse people, who are now making a living in the u.s.a and racetracks in ontario.
That being said, the only way to return horse racing back to its Glory years in montreal is to have a private owner investing millions of his own dollars into rebuilding an industry that loto quebec and the goverment does not want to have.no competition is good for loto quebec. Any future private owner must disassociate themselves with the goverment.yes, get your permits and license etc. Through the government agencies etc. But doing business with these goverment bodies will result in a failed business partnership, just ask senator massicotte.
It's sad to see how the gov.of quebec does business with its own people in their own province. On the other hand, ontario's gov.is doing fairly well supporting its 16 racetracks While 'la belle province' had a hard time managing, just four racetracks. How sad!
I truly wish nothing but a victory for senator massicotte against these bully's.
Thank you! And god bless the racetracks in ontario.
An amazing swindle, imagine
An amazing swindle, imagine fellow horsemen Vincent Lacroix,Earl Jones, and Paul Massicotte. Glad to see you go..Ok boys and girls lets get the party started
In reply to An amazing swindle, imagine by michael perzow
i agree whit you mr perzow
i agree whit you mr perzow its time to turn the page and looking in front of us
In reply to An amazing swindle, imagine by michael perzow
that's it, lets get the
that's it, lets get the party started, lets all pack a lunch and bring $5 to get in and bring our horses out in the middle of nowhere...
woohoo,.....so much better than the offer that was refused,...i can hardly wait to party !!!!! when does the party start, Mr. Perzow !!!!
would love to see racing
would love to see racing back where it use to be. Let's go back to racing standardbreds at Hipp.de Montreal on a part time of the year with Thoroughbreds coming in once again and then the standardbreds going to another local track like it once did with Richelieu Park.Changes have happened since, but I do feel that if it takes both standardbreds and thoroughbreds to be successsful in Montreal ...Then let it be!!
Just do it WEG!!!!
Not to worry Massicotte will
Not to worry Massicotte will not be out a dime. If only it were the same for trainers, grooms, drivers, and crediters!!
what a big mess this turned
what a big mess this turned out to be,...
wish that offer would have been taken by ATAQ,
we would have 3 small tracks racing right now,
now we are 100 years behind if not further ...
Now Hopefully the newly
Now Hopefully the newly formed jockey club can try to bring back racing in quebec .
With a new business plan i am sure we will see quebec return to its elite status in the years to come.It wont happen overnight but at least now there is hope .