Stakeholders were treated to a fine display of the modern era Victorian Freak Show at Kenilworth yesterday evening. To say that I was dumbstruck by what unfolded versus what I expected would be no exaggeration.
My expectation was that 4Q was going to present their strategy to enlighten the industry, not just the Western Cape, but everyone as to what their strategy is, where they are having challenges, what are their successes and most importantly, infuse some confidence into an audience that has been shell shocked by questionable and absurd decision making and conduct of 4Q since their takeover.
True to their form, they walked into the room, fully extended both hands with their palms facing the ceiling and gently lifted up both middle fingers to the audience – then informing the audience that this is a road show for 4Q to present their strategy for Cape Racing – as 4Q is a great partner, who has CERTAINTY TO BE AROUND FOR EVER versus any other potential partner. Apparently there is some family / benefactor behind 4Q, who is the best and most loved investor/s in the world that never walks away from anything and are the most caring bunch. The name of this family/benefactor is top secret and one would need to sign a confidentiality agreement if disclosure is to be made.
Here's the irony of this freak show – 4Q is telling the audience (from the Cape Flats) that they need to pull finger and decide how to sort out Kenilworth Racing. However, the audience has no vote nor any say at the table and can do jack shit to stop 4Q/MOD’s strategy to take over Kenilworth Racing. Was 4Q mocking this audience?
MOD got rid of Bloomberg from the Kenilworth Racing Board to deploy their people to implement the first phase of their takeover strategy (give KR a loan that they cannot afford to repay and take their properties as security, as confirmed by Bloomberg and the KR directors in their letter dated 9 May 2022). Then the MOD vultures start hovering to feed shamelessly. Remember, KR is owned by the Thoroughbred Horse Racing Trust. Majority of the trustees have been appointed and deployed to do the MOD bidding. These trustees were appointed by the RA Board who were at one stage, all MOD deployees, but for one director. The Cape Flats have been played and the vultures have returned to pounce.
Fortunately for the Cape Flats, the directors of KR in their letter to stakeholders dated 9 May 2022 confirmed the following (in writing, nogal):
1- That they committed MULTIPLE acts of insolvency,
2- They confirmed that they have been and continue to be FINANCIALL DISTRESSED – having to borrow money to pay salaries and operating costs;
3- They confirmed they breached the provisions of section 129(1) and 129(7) of the Companies Act by not placing KR in business rescue when the company was financially distressed following Evan’s actions against KR.
4- The KR directors confirmed engaging in reckless trading ever since, and
5- MOD directors engaged in reckless lending and the KR directors were willing participants in acts of reckless lending and bonding properties in favour of MOD;
Fortunately, the Companies Act is clear that the directors of both MOD and KR can be held personally liable for the losses suffered by KR as a consequence of these acts.
TIME TO SAVE RACING AND SET AN EXAMPLE WITH THESE MOD DEPLOYEES AND MOD WHO TAKE US FOR FOOLS!
THESE HALFWITS.
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