Wednesday, May 28, 2008

The Theft Continues

I wasn't sure where to take the blog next. My thought was I would wait until I go down to the track tomorrow and post about basking in the afterglow of victory and where we go next. Then the Partnership Who Must Not Be Named (PWMNBN) reared it's ugly head with a vengeance.

As you know, I've been banned from their forum because in the immortal words of the managing partner when I dared question where the money went - "All you ever wanted to do was harass us!" Who knew that wondering where the money is and when we get it paid out to us was harassment?

As a quick refresher, this partnership, based in California which was my entree into horse ownership closed the claiming group I belonged to on January 31, 2008. As of today, no money has been returned to the partners even though there is $12,683.15 in the bank account...errr, in the partnership....errr, SUPPOSED to be in the partnership as of the last accounting statement. There are 2 OTHER groups in the partnership company that have closed - long before mine did and those are not paid out yet either.

OK, back to my rant. I've heard that these yahoos are opening up another claiming group and are starting to publicize it and collecting money from people. In the meantime, they have no financial ability to pay out what they already owe!! One of the members asked the question on the message board: Does this mean the other three groups are paid off so folks can invest with confidence? Do you know what he got in return? BANNED FROM THE BOARD AND HIS POST DELETED!!!!!! How in God's green Earth can these people be allowed to operate if they can't answer a straightforward question like that? Not only can't answer, but try to stuff it away!

On May 1 I took action and wrote to the California Horse Racing Board. I outlined the details of the PWMNBN actions over my 18 month involvement and what they are up to now. They referred me to the stewards at a track where they run. I e-mailed and then printed out and sent a hard copy of my complaint to the Stewards at Hollywood Park. To date I have received nothing. Not even so much as a "Thanks for you letter" and then blow me off. Now I learn that these yahoos are setting up a new group to steal money from people. I use the word steal because the three partnerships that are "closed" still have money outstanding. Everyone was told back in September and then again in April that a letter of credit was oh, so close and when they got it everyone would be paid, but not before. It's over a month and still not a single word from them since we received the "LOC is coming in a matter of weeks" e-mail. In my view, if you can't pay your obligations and start collecting money from other people - you're stealing, because you have not proven that you can keep your word to others already. What guarantee do these people have that they will get paid off if the group is successful?? WHAT GUARANTEE?

This is not fair and I'm disgusted with these people and I hope that the Stewards are looking into them. I'm not sure what to do next, but I hope that the people that still have their money stuck with these people ask the hard questions and complain to the Stewards as well. One guy is a whiner. A group of screwed over clients can maybe get something done. The best thing I can tell people is avoid this ownership stable like the plague.


Jeff said...

nice use of italics. =) I really hope the CHRB does something about these people. There are dishonest, and like you said literally stealing money from people. We have enough problems in horse racing as it is, we don't need crooks like these making it any worse.

Anonymous said...

geez ted, i wonder what group your talking about. sure glad i'm out of that mess. renpher stable is so much better, we went to fasig-tipton sale 3 weeks ago, and got 4, 2 year olds. our newfoundland filly is allready turning heads at penn nat. really feel bad for some of the nice people i've met or emailed that belonged to ---. how's your group doing. take care, mike stroh