Lake bankrupty
 

http://www.bloodhorse.com/horse-raci...for-bankruptcy


Wonder how this happened?

Wow.

hmmm


When contacted by telephone, Lake told The Blood-Horse: “For you to print something in your magazine about this is a classless move.”

ok-so if he ends up not having to pay all his debts, is that classy?

I saw that too..When you are a fairly high profile person in a profession that has a Trade Magazine and you declare bankruptcy..yeah..it's appropriate to cover. That doesn't fall under "Personal" problem.

I agree. A classless move.

You agree with Lake? He reaps the benefits of positive publicity from these publications, he needs to deal with them reporting the truth no matter how bad it makes him look.

I don't see a horse racing publication reporting that one of the sport's biggest brightest stars has filed Chapter 11, is classless. Calling him for a statement is also part of the territory. A "no comment" would've sufficed.

This paragragh alone makes it newsworthy:

The largest 20 unsecured creditors filed with the petition are listed with a combined $1,177,479 in claims, including those with a feed company and veterinary groups, among others. The petition claims there are between 50 and 99 total creditors. The street address used for the debtor is the same as Belmont Park.

especially since the owners were most likely paying their bills to Lake. Anyone interested in the actual owed parties-amounts?

Not worried about the Vets. They will just s-u-c-k someone else dry.

Isn't it interesting that Lake just moved to Belmont "recently" too.

I wonder why he didn't use a barn in Delaware where laws [from what I understand] are better.

LOL.

that's what i think. he's high profile in the sport the magazine covers, of course they're going to report it.

i just hope he structures every thing in such a way that everyone owed gets paid. feed stores and vets shouldn't be left holding the bag.

Yeah, well, good arguments. I guess I can see publishing it regarding the racing stable entity. But not personal.

if he owes vets and feed stores, how can it be personal? seems like it would be involving his job...

edit~just re-read the article, this is the last paragraph:

Chapter 11 bankruptcy is generally described as a court option that allows the debtor to continue to operate his or her business while a reorganization plan with creditors is developed and approved

Guess it depends upon how the legal entity is structured.

You are kidding right? I hope you meant by Lake. This guy has been first or second in wins for quite awhile. There are thousands of trainers who win much less in purse money but somehow pay their bills. Seems to most likely he pissed his money away, and his classless comment makes that even more likely. Unless, of course, he invested all his money with Bernie.

I haven't seen Lake get much positive publicity from any publication.

Not lately, but he was the golden boy when he first started winning at an impossible clip. Just publishing his stats over the last decade has surely gotten him more business.

Who can forget those old stories about how he would have the 2 hotdogs for $1 special at a gas station next to Penn National for his dinner every night.

The guy probably salted away a couple hundred grand in cash - declared - and is now just going to operate in cash for the next several years.