Tony 159 Report post Posted March 27, 2020 Racing.com 1 hr · VRC Staff to be stood-down from Monday, executive team to work three days a week on reduced pay. We are hearing about 50% reductions of pay etc for some Sporting Officials. Will our Leaders at Potone continue on their inflated salaries. TurnyTom 1 Quote Share this post Link to post Share on other sites More sharing options...
Stables 577 Report post Posted March 28, 2020 They had better, no income for the TAB no work for its staff Quote Share this post Link to post Share on other sites More sharing options...
Nukkledragga 229 Report post Posted March 28, 2020 2 hours ago, Stables said: They had better, no income for the TAB no work for its staff They are deserving of bonuses for maintaining their productivity in such trying times. Quote Share this post Link to post Share on other sites More sharing options...
Robert Best 175 Report post Posted March 28, 2020 No racing surely no JCA? Quote Share this post Link to post Share on other sites More sharing options...
eljay 1,711 Report post Posted March 28, 2020 Shouldn't be Robert but the RIU will still be lurking! Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted March 29, 2020 On 3/28/2020 at 4:26 PM, Nukkledragga said: They are deserving of bonuses for maintaining their productivity in such trying times. How brutally correct. Anyone or group that can maintain their own income or salary in these devastating times deserves substantial bonus. They are obviously geniuses. nomates and Tauhei Notts 1 1 Quote Share this post Link to post Share on other sites More sharing options...
Nerula 1,389 Report post Posted March 29, 2020 Even before the CV the situation here is worse than imagined. TAB now has no money to the Codes and some of the codes execs are now working for no pay. It would be unkind to bag them. Trust me. Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted March 29, 2020 1 hour ago, Nerula said: Even before the CV the situation here is worse than imagined. TAB now has no money to the Codes and some of the codes execs are now working for no pay. It would be unkind to bag them. Trust me. Certainly not bagging any exec working for no pay or substantially reduced. Thats the whole crux. Any exec doing no work and getting paid is a criminal. Quote Share this post Link to post Share on other sites More sharing options...
Nerula 1,389 Report post Posted March 29, 2020 Slammy the CRUX is that there will be NO Money coming from the TAB . It is BROKE and will need a massive bailout. that will see it go into administration. Lets keep the discussion sensible and not points score. Please be aware there will people and horses welfare and ability to have a decent life.seriously under stress. Trust me I know! Pam Robson, JJ Flash and Leggy 3 Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted March 29, 2020 1 hour ago, Nerula said: Slammy the CRUX is that there will be NO Money coming from the TAB . It is BROKE and will need a massive bailout. that will see it go into administration. Lets keep the discussion sensible and not points score. Please be aware there will people and horses welfare and ability to have a decent life.seriously under stress. Trust me I know! I can't see what you are getting at other than some point score. My message is straight forward. Any exec or whatever that was creaming massive undeserved salaries should not now be adding to the burden. Had they performed in line with their salary TAB would actually have SOME money. mike28, Nukkledragga and Insider 2 1 Quote Share this post Link to post Share on other sites More sharing options...
Insider 3,874 Report post Posted March 29, 2020 4 hours ago, Nerula said: Even before the CV the situation here is worse than imagined. TAB now has no money to the Codes and some of the codes execs are now working for no pay. It would be unkind to bag them. Trust me. I don’t trust you, not one little bit. Prove it. Quote Share this post Link to post Share on other sites More sharing options...
Tony 159 Report post Posted March 29, 2020 I agree Insider. Nerula should name them and we will all applaud these people Quote Share this post Link to post Share on other sites More sharing options...
mike28 182 Report post Posted March 29, 2020 i hope they get the wage subsidy 585 per week Quote Share this post Link to post Share on other sites More sharing options...
Trump 2,741 Report post Posted March 29, 2020 2 hours ago, Nerula said: Slammy the CRUX is that there will be NO Money coming from the TAB . It is BROKE and will need a massive bailout. that will see it go into administration. Lets keep the discussion sensible and not points score. Please be aware there will people and horses welfare and ability to have a decent life.seriously under stress. Trust me I know! If it’s broke, when did they know about it and what did they do about it - apart from SFA ? Quote Share this post Link to post Share on other sites More sharing options...
tasman man 11 979 Report post Posted March 29, 2020 1 hour ago, Trump said: If it’s broke, when did they know about it and what did they do about it - apart from SFA ? Looking back....as recent as the 'talk' John Allen gave at Ellerslie May 2019 I believe then he must have known they were close to 'broke' or 'trading while insolvent'. He gave a few hopeful COULDS ,SHOULDs and MAYBES about more revenue from Racefields ,International fees and Abolition of Gambling Duty etc. But revenue was down plus they had lost a few elite punters and costs only down a slice of cheese. All his hopes seemed on RITA and Messara report.....looking back he was very hopeful about new REFORMS. But the numbers were bad. Revenue down and dropping ,equity gone from $70mil to $23 mil in past 2 years and distributions paid to Codes were more than the profit. In addition in past year the credit line from bank had been drawn down an extra $25mil taking it to $35 mil. So he must have known that even if he hit every jackpot , realistically possible , that Bank loan had to be paid back by 2021. He must have known he was 'Trading while Insolvent' or very close to it. Funny that several of these guys are now associated or have been associated with both NZ Racing Board AND ATC financial disaster......and they continue to be ! I don't feel sorry for them....as Sandry said "NZ racing people very resilient ".....he meant to say mugs ! Huey, slam dunk, dock leaf and 1 other 4 Quote Share this post Link to post Share on other sites More sharing options...
Insider 3,874 Report post Posted March 29, 2020 12 hours ago, Nerula said: Even before the CV the situation here is worse than imagined. TAB now has no money to the Codes and some of the codes execs are now working for no pay. It would be unkind to bag them. Trust me. Nerula, I may have misread you earlier. You say that some of the codes execs are now working for no pay. I originally took that to read that it was some of the execs of the TAB (RITA)! My apologies. So going back to exactly what you say. Is it some of the execs of NZTR, Harness NZ or Greyhounds NZ? Correct me if I am wrong, but they are the codes. (I think) So if it is NZTR, please tell us who it is, as I certainly wouldn’t bag them. Quote Share this post Link to post Share on other sites More sharing options...
Tony 159 Report post Posted March 29, 2020 Can we expect Bernard's next update to include "we are reducing salaries of all NZTR employee's who's names appear in the front of the Monthly Racing Program including RIU, Investigators etc by 50%. I doubt that there will be any reducing of Salaries. As Winston quoted me, "NZTR are the peak" There is nobody above them. Nobody can tell them to reduce salaries or do anything. This would have to come from with in and this will not happen. Our only chance is the TAB is declared Bankrupt and we start a whole new organisation. Otherwise there will be no change. Just more pain. Pam Robson 1 Quote Share this post Link to post Share on other sites More sharing options...
Phillipe 81 Report post Posted March 29, 2020 Is anyone aware of what collateral this $25m bank loan is secured with? Quote Share this post Link to post Share on other sites More sharing options...
Nerula 1,389 Report post Posted March 29, 2020 4 hours ago, Insider said: Nerula, I may have misread you earlier. You say that some of the codes execs are now working for no pay. I originally took that to read that it was some of the execs of the TAB (RITA)! My apologies. So going back to exactly what you say. Is it some of the execs of NZTR, Harness NZ or Greyhounds NZ? Correct me if I am wrong, but they are the codes. (I think) So if it is NZTR, please tell us who it is, as I certainly wouldn’t bag them. Yes I meant Codes not Sector groups. I dont want to repeat what I have been told and name the people. It is their business not mine - or ours. What I wanted to do was to do had a reason and it is not about me. I respect Leigh for the effort, integrity and money he has put into Cafe. Because of my position in a sector group (unpaid like Leigh) I know things sometimes before others. In part I wanted to stop tyre kickers and titillators running around and pissing like Hairy McClary's dogs on the site. But in the main I wanted to talk past them to people who have 'skin in the game' (Pretty sure you do) to apprise them of the dire situation. I have shares in some young horses. Three are hundreds of kilometres away. I am told they are now in a paddock. As an owner I am paying our bills but in a partnership there is no way of knowing if others will do the same. Will there be enough money to sustain the carer of the horses in the property. and enough income to feed and care for the animals. The good times have stopped, there is no trickle down. Lets hope Owners, the bill payers can hang in for the welfare of horse and the carer. As regards your question - I'm sure you can join the dots. Leggy and Insider 2 Quote Share this post Link to post Share on other sites More sharing options...
Nukkledragga 229 Report post Posted March 29, 2020 12 hours ago, mike28 said: i hope they get the wage subsidy 585 per week It is more than they deserve Quote Share this post Link to post Share on other sites More sharing options...
Huey 2,037 Report post Posted March 29, 2020 28 minutes ago, Nerula said: The good times have stopped, there is no trickle down. Lets hope Owners, the bill payers can hang in for the welfare of horse and the carer. When we're the good times ? It's always been a massive struggle in NZ kept alive by the commitment and love of the game of many. Pam Robson 1 Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted March 30, 2020 3 hours ago, Nerula said: Yes I meant Codes not Sector groups. I dont want to repeat what I have been told and name the people. It is their business not mine - or ours. etc etc Nerula you are using John Allen or Dean Mckenzie method of answering a question. i.e. bring up a lot of unrelated stuff and confuse the questionaire. Could I put your mind at ease about the horses. Every syndicate has a manager and its his responsibility to organize the habitat. There are teenage girls up and down the country who seem to organize grazing OK for their pony or hack on next to zero budget. Farmers everywhere willing to help out. It just a question of finding them. Grazing is far cheaper than training so should not be a burden. Not quite right describing website owners as unpaid after all people like Jeff Bezos, Mark Zuckerberg, Larry Page didn't start up with the intention of being "unpaid" even though going long periods in the red. I take it you have some financial information on the industry but if you look at tasman11 posting I presume it can't be all that different. Quote Share this post Link to post Share on other sites More sharing options...
Nerula 1,389 Report post Posted March 30, 2020 Slammy in any large discussion group there may be outliers, contrarians or alternative planet dwellers and half cockers. I have you in the last group I tried to point out the train in the tunnel, Can I ask you. Do you have a ownership interest. Do you work in the industry? If not, that would reflect your value in this discussion. JJ Flash 1 Quote Share this post Link to post Share on other sites More sharing options...
slam dunk 1,317 Report post Posted March 30, 2020 1 hour ago, Nerula said: Slammy in any large discussion group there may be outliers, contrarians or alternative planet dwellers and half cockers. I have you in the last group I tried to point out the train in the tunnel, Can I ask you. Do you have a ownership interest. Do you work in the industry? If not, that would reflect your value in this discussion. If you want to get personal start by outlining your involvement. Quote Share this post Link to post Share on other sites More sharing options...
Nerula 1,389 Report post Posted March 30, 2020 Ok then I will if you will promise to answer the Question I asked. If you renege you get kicked into touch! JJ Flash 1 Quote Share this post Link to post Share on other sites More sharing options...