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Barry Lichter

Members unaware ATC had already signed exclusive agreement on land sale

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The Auckland Trotting Club was in such dire financial strife it was secretly negotiating to sell its land on Green Lane Rd more than three months before it sought approval from its harness racing members.

When the ATC’s board put a motion to the annual general meeting on October 21, 2020, authorising it and a three-man committee to sell the land, none of the members knew that just one day earlier the club’s CEO Mauro Barsi had signed an agreement which gave exclusive rights to Sydney finance company Gleneagle Securities.

The deal, instigated to prevent a possible fire sale of the club’s assets, was not disclosed to members but was already well underway.

Read the full story here: https://harnesslink.com/new-zealand/members-unaware-atc-had-already-signed-exclusive-agreement-on-land-sale/

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3 minutes ago, We're Doomed said:

This should be a lesson to all clubs that decide they would like to become property developers because it seems like an easy way to make money. If they can't run their core business properly it is surely stretching it to think they can successfully run a totally new venture.

And all of this in a booming property market. Imagine the losses if the market was in recession!!!

The question remains, Is the ATC capable of finding its way out of this hole?

BTW, selling Franklin Park seems absolutely ridiculous to me, surely by the time you purchase a new property and set up the required infrastructure at said property (assuming somewhere suitable can be found closer to Auckland, than Cambridge) the proceeds of sale will be used up, plus some?

Happy to hear others thoughts

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thanks @Barry Lichter@We're Doomed@Navitas

We see the wider family name Rosenberg is tied in with Gleneagles Securities in NSW.

Is Justin Rosenberg the son of Lance Rosenberg who was involved in controversial property deals around 10 or so years ago in Australia?

@Memphis2@Peter Jenkinsand those in Aussie do you know or have you heard about these people?

We see Gallen were also tied up in controversy also in Australia in the last year - if you look them up on Google there's  a huge trial of dishonesty and failed ventures.

Maybe it's time these matters were reported to the appropriate authorities bc of the ongoing destruction they are doing to our Reserves and Green fields we should be ensuring are protected in Perpetuity as was wisely undertaken for our betterment under Racecourse Reserves Acts in the 1800's.

 

Is it also true the Maruo Barsi is a former lawyer?

We see he has a background in various projects in other areas of Racing.

Did he have any involvement with the USA deal ?

May we assume he and others know they have legal obligations as Board Members and can be held to account.

Is the Mark Sumich the same one who got into hot water for bowling Workers Cottages in Remuera Road and operated an unlawful carpark?

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