Another day, another roundup of the Vlahos debacle...
Racing identity Bill Vlahos' emails reveal fear of attack, and warn of club collapse
It seems Billy has had troubling paying out for many months, since the start of 2013. Apparently this came from boasting about exorbitant returns (46% profit) in the last quarter of 2012. Rather than serving as a great advertisement to the scheme to bring in more members, all it did was encourage existing members to start enjoying the benefits of their new-found wealth, thus creating a major cash flow problem for the fund. And then the slow pay went on, and on, and on, throughout the year. One of his many excuses was they were now 'having difficulty placing their bets' and 'big mouths have made it hard for us again'. No wonder he moved to Singapore for several months - in a top end luxury hotel no less!
Then Billy got desperate, the ego couldn't be stopped. He had to find the missing money, so he was in discussions with a Michigan-based funding group for a loan of around US$178m. This just sounded like a massive sum of money when I first read that article, but listening to Andrew Rule's interview on RSN Sports Radio this morning...lo and behold, what does US$178m equate to? Something very close to AU$194m... now where have we seen that number before...? The Michigan firm will be thanking their lucky stars they didn't press the button on that loan. If it was due diligence that halted the deal, then those guys should be rewarded with massive bonuses - their firm probably would have gone bust without it...
By November 20, i.e. the end of the spring carnival, there was nothing left to salvage, hence the ''I WANT THIS TO BE OVER,'' he told club members in an emotional email.
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Once upon a time I was very active on internet forums, now I just do it all on Twitter. Unfortunately that meant I missed a thread like this:
The Edge
Some punters on that thread can hold their heads high, others will look back and cringe at their own naivety.
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Fraud squad detectives are now getting involved, and very interested in whether Vlahos has been destroying evidence.
Vlahos gets police 'please explain' over bashing and missing $194m
According to News Ltd journalist Andrew Rule, there are some long-serving policemen who have been stung as investors - do you reckon they might go that extra yard to crucify him?
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The town of Yarrawonga will suffer the effects of this for a long, long time. Not only having lost so much money, but also having most of the nation look at them as "Australia's Most Gullible". Footy clubs now have to make public statements to deny involvement...
Yarrawonga Pigeons distance themselves from Vlahos' failed syndicate
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What about the horses a few people have asked? Inglis have removed at least eight horses from the BC3 Connewarre property. Inglis CEO Mark Webster said it wasn't about reclaiming unpaid thoroughbreds but in concern for their welfare. Debts for yearlings are not uncommon, the sales firm holds the registration papers for each horse until such time as they are fully paid for, so there was no chance of 'Jimmy' running in a race or official trial or even being named before that took place. Whether 'Jimmy' is part of that group of horses, or even his current health is unknown.
Racing identity Bill Vlahos' emails reveal fear of attack, and warn of club collapse
It seems Billy has had troubling paying out for many months, since the start of 2013. Apparently this came from boasting about exorbitant returns (46% profit) in the last quarter of 2012. Rather than serving as a great advertisement to the scheme to bring in more members, all it did was encourage existing members to start enjoying the benefits of their new-found wealth, thus creating a major cash flow problem for the fund. And then the slow pay went on, and on, and on, throughout the year. One of his many excuses was they were now 'having difficulty placing their bets' and 'big mouths have made it hard for us again'. No wonder he moved to Singapore for several months - in a top end luxury hotel no less!
Then Billy got desperate, the ego couldn't be stopped. He had to find the missing money, so he was in discussions with a Michigan-based funding group for a loan of around US$178m. This just sounded like a massive sum of money when I first read that article, but listening to Andrew Rule's interview on RSN Sports Radio this morning...lo and behold, what does US$178m equate to? Something very close to AU$194m... now where have we seen that number before...? The Michigan firm will be thanking their lucky stars they didn't press the button on that loan. If it was due diligence that halted the deal, then those guys should be rewarded with massive bonuses - their firm probably would have gone bust without it...
By November 20, i.e. the end of the spring carnival, there was nothing left to salvage, hence the ''I WANT THIS TO BE OVER,'' he told club members in an emotional email.
----
Once upon a time I was very active on internet forums, now I just do it all on Twitter. Unfortunately that meant I missed a thread like this:
The Edge
Some punters on that thread can hold their heads high, others will look back and cringe at their own naivety.
------
Fraud squad detectives are now getting involved, and very interested in whether Vlahos has been destroying evidence.
Vlahos gets police 'please explain' over bashing and missing $194m
According to News Ltd journalist Andrew Rule, there are some long-serving policemen who have been stung as investors - do you reckon they might go that extra yard to crucify him?
------
The town of Yarrawonga will suffer the effects of this for a long, long time. Not only having lost so much money, but also having most of the nation look at them as "Australia's Most Gullible". Footy clubs now have to make public statements to deny involvement...
Yarrawonga Pigeons distance themselves from Vlahos' failed syndicate
------
What about the horses a few people have asked? Inglis have removed at least eight horses from the BC3 Connewarre property. Inglis CEO Mark Webster said it wasn't about reclaiming unpaid thoroughbreds but in concern for their welfare. Debts for yearlings are not uncommon, the sales firm holds the registration papers for each horse until such time as they are fully paid for, so there was no chance of 'Jimmy' running in a race or official trial or even being named before that took place. Whether 'Jimmy' is part of that group of horses, or even his current health is unknown.
Is it true BC3 tried to poison Jimmy to claim the insurance money?
ReplyDeleteDon't know for certain yet Zepp, but my market would have it odds-on....
Delete