https://www.thoroughbreddailynews.co...tronach-group/
Excerpt"
By Bill Finley & T. D. Thornton
Exactly one month after Frank Stronach sued his daughter in a $520-million (CDN) civil suit claiming she is mismanaging the family’s financial empire while forcing her father out of control of the fortune he built, the son of the 86-year-old Thoroughbred magnate has now launched his own lawsuit against his sister alleging malfeasances that mirror many of his father’s claims.
A chief allegation made by Andrew Stronach, 50, against Belinda Stronach, 52, claims that he is suffering because of a “complete breakdown in trust and confidence” between family members over control of trust finds and business operations.
The point where this power struggle crosses the line from private family spat to a public item of importance within the horse racing community centers on The Stronach Group (TSG), a complex tangle of 253 family-owned businesses and trusts whose portfolio includes six United States tracks–Santa Anita Park, Golden Gate Fields, Gulfstream Park, Laurel Park, Pimlico Race Course and Portland Meadows.
Andrew Stronach, in his Nov. 1 lawsuit that TDN obtained from the Ontario Superior Court of Justice, claims that as a result of his sister’s “serious misconduct,” TSG is currently embroiled in a “liquidity crisis and is actively attempting to sell off valuable real estate and other assets in order to meet the obligations of its constituent companies.”
Belinda Stronach, the chairman and president of TSG, said in a Monday statement emailed by her attorney’s office that “The filing on behalf of my brother is an extension of my father’s legal proceedings against me and my children, and the allegations remain just as untrue. We will be responding formally in due course. It saddens me greatly that we have reached this juncture in our family.”
