Dispersal sale date confirmed

Press, 27 July 1989, Page 38

Dispersal sale date confirmed

NZPA-AAP Sydney The New Zealand firm, Wrightson Bloodstock, will join Sydney agents William Inglis and Son in overseeing the September 10 dispersal sale of thoroughbreds held by Tommy Smith’s ailing Tulloch Lodge, Ltd. Confirming the date, Reg Inglis, joint managing director of William Inglis and Son, said Wrightson Bloodstock will disperse yearlings purchased by Tulloch Lodge Ltd, in New Zealand. As much as sAust3.B million may be outstanding from the company’s buying spree at the Wrightson Karaka

Premier and Magic Millions sales across the Tasman. William Inglis and Sons are owed more than sAusts million and will hold meetings with Smith and Tulloch Lodge directors today to achieve a solution. “Around about 50 yearlings will be on offer with perhaps 40 tried stock making up the catalogue,” said Mr Inglis. “No horses scheduled for the dispersal will change hands before the sale.” The collapse of Tulloch Lodge and the failure of Bart Cummings’ tax-shel-ter packages have forced William Inglis and Son to

rethink their attitude toward buyers. “Things have got to change,” said Mr Inglis. "People we have dealt with in faith in the past have let us down and there will have to be changes across the board to avoid a similar situation in the future.” The sell-off of Tulloch Lodge stock will also include horses purchased by Smith on behalf of the company at the Inglis Easter Sales, Gold Coast Magic Millions Sales and the Dalgety Premier Sales in Victoria. In all 66 yearlings were bought by the company between January and April for a cost of

! more than sAustll million. • Smith announced the forced sale last Sunday evening when it was revealed that the public float of his Tulloch Lodge stables had fallen through and the company faced a sAust9 million plus debt. It is expected the yearlings will be greatly devalued when they go under the hammer as two-year-olds in September. Directors of Smith’s company were to release a statement on its financial position yesterday but Smith is unlikely to com-, ment until after today’s talks with Inglis.