Quebec’s horsemen and breeders have been dealt another stinging setback.
In a Superior Court judgment dated Feb. 27 and posted on the website of racetrack operator Attractions Hippiques, Judge Chantal Corriveau rejected the request by horsemen and breeders
that the company be forced to honour the terms of the agreement it signed with Quebec’s racing agency when it took over the four provincial racetracks in 2006.
Judge Corriveau said that when a company is in creditor protection, as Attractions Hippiques has been since June, contracts can be put aside or modified. Similarly, the court can temporarily suspend the control over it of a regulatory body Quebec’s Regie des Alcools, Courses et Jeux, which bestows racing permits.
“We are pleased by the following decision issued today by the Honorable judge Chantal Corriveau of the Quebec Superior Court,” stated Ian Wetherly, President and Chief Operating officer, Attractions Hippiques.
On the evidence presented, Judge Corriveau said she could not conclude the purse amounts stipulated in the original agreement constituted a guaranteed payout.
She also noted the original agreement specified that if racing is halted or purse payments fall short of specified minimums, Quebec’s finance minister can order Loto-Quebec to withhold sums due to Attractions Hippiques and instead direct them to the racing industry. (To date, that has not been done).
Judge Corriveau also rejected the appeal by horsemen and breeders for $200,000 from the company to cover their legal costs, and added that since they don’t have the status of suppliers, employees or lenders, there’s little likelihood their legal challenges will succeed.
Attractions Hippiques is due back in court March 9 to present its restructuring plan.
(Trot Insider exclusive by Paul Delean)
ouch better business
ouch better business managers and business men,..................
guess another association will be forming up soon and you's are the one's that will be out ,............