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Smith Looking For Baymount Answers


Published: December 21, 2011 5:05 pm ET

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It has been reported that Prince Edward-Hastings MPP Todd Smith has contacted Ontario Minister of Finance Dwight Duncan for information as to what is going on in regard to Baymount Incorporated and the 'New Quinte Exhibition and Raceway.'

After years upon years of delays in regard to the proposed racetrack, the Investment Industry Regulatory Organization of Canada announced this past weekend that it had halted the trading of Baymount Inc. (BYM) at the request of the company pending news.

Following the IIROC announcement, Baymount apparently issued some sort of press release --- which Trot Insider has yet to see --- indicating that it is, "in the course of non-exclusive negotiations with Macallan Equity Inc. .... concerning the sale of all of its assets and properties pertaining to its Belleville racetrack project and related lands and the restructuring of its currently outstanding debts and obligations."

An article by The Belleville Intelligencer has quoted Smith as saying, "We've been beating the bushes trying to find out where things are at, financially, as far as the track goes and if there are some problems with the finances or with the Ontario Lottery and Gaming Commission that need to be addressed. So far, we haven't received any answers."

According to the article, Baymount President and CEO Graham Simmonds did break his silence and communicate to The Belleville Intelligencer via email that, "We (Baymount) have a policy not to comment beyond what's stated in the press release and further information will be disclosed as its available."

Belleville Mayor Neil Ellis was quoted in The Belleville Intelligencer article as saying, "…the OLG has confirmed the project is still there."

(With files from The Belleville Intelligencer)

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