Court action avoided

Press, 3 December 1987, Page 48

Court action avoided

PA Auckland Embarrassed owners, Mr Alt Wallis and Mr Len Glraud, have staved off High Court attempts to have their champion pacer, Race Ruler, seized and sold. Die business partners guaranteed a friend’s business venture which failed dismally and as a result they found themselves in debt for a sixfigure sum to financiers NZ Insurance. “NZI took judgment and tried to seize the horse,” Mr Wallis said. “They went about it publicly and a bailiff turned up at Joe Goodyer’s (the.

gelding’s trainer), doorstep asking for the ownership papers. “We got in touch with their solicitor and we've done enough to satisfy the sheriff about repaying the debt We’ve accepted the debt and worked out a deal over the next six months to repay the outstanding money,” Mr Wallis said. “It’s something that we both didn’t expect to happen,” he said. “But there was no way they were going to get the horse. “If they’d taken Race Ruler and he’d injured himself, then they would have been liable.” The finance company

had intended uttering Race Ruler, the winner of over SMMM» at a special Wrightcon Bloodstock auction at Alexandra Park on December 22. Wrlghtxon Bloodstock manager, Mr Michael Floyd, said an NZI solicitor had approached him to set up the sale. Mr Wallis said a High Court ruling this morning should resolve the horse’s ownership, and bring an end to the dispute. “When Race Ruler lines up on December 19 (at Alexandra Park in Auckland), he will be racing in our names, and no-one elses.” he said.