OCT 29, 2012 - Paulick Report - “Mark Simon - Thoroughbred Times owner Norman Ridker testimony wrong, incomplete or misleading”
Mark Simon, former editor of the now-bankrupt Thoroughbred Times magazine, accused the publication’s owner Norman Ridker of giving “wrong, incomplete or or misleading” statements about the company while under oath during an Oct. 16 bankruptcy hearing in Lexington, Ky.
In an email to the National Thoroughbred Writers and Broadcasters, many of whose members had not been paid by Thoroughbred Times for their services over a lengthy period of time, Simon accused Ridker of providing “wrong” information on how “some of the massive debt of (Ridker’s) related companies got on the books” of Thoroughbred Times.
Since the bankruptcy was announced, Simon has been hired by Daily Racing Form to head up a division of the company called “DRF Breeding.”
Simon also indicated that “Ridker and his related companies are in line to get 90% of any money collected after priority claims because he is claiming $4.7-million of the $5.2-million in debt.”
If approved, that means free-lance writers and others listed among the many Times creditors will be hard-pressed to collect on money owed them for services provided to Simon and Ridker.
After a recent discussion with the bankruptcy trustee, Simon said he believes an auction of the company’s assets could take place as early as mid-December.
The bankruptcy sale will be for maximum revenue so the trustee will likely separate out each asset group (intellectual property, furniture, library, photo file prints, photo file digital, artwork) and sell separately. There will be five to seven groups of assets auctioned. His goal is to raise as much money as possible, not sell an ongoing concern.
