Evans on his way out

[ponypro]

Why Seth Hancock Quit

http://billyreedsays.com/2008/06/25/...sons/#more-399

8-5 Evans out by the end of the year. He started this entire fiasco. A stock price in the low 30's or even 20's should do it for this idiot. Money will eventually talk . I certainly respect Mr Hancock for bailing

[Javagold]

it cant happen soon enough

[discodog]

The horse racing game is going downhill faster than the worlds fastest rollercoaster. Veternarians started the ball rolling 40 years ago, and management just turned a blind eye. Bring in the lawyers and the downward spiral gets even faster.

[andicap]

Now i'm a purist from way back and am appalled at what's been going on at Churchill and the whole ADW thing.

BUT, we have on this board a lot of hard-core free-market capitalists. And I'm not judging them or getting into politics at all.

Here's my question: If you truly believe a company has to serve the interests of its shareholders -- or indeed face liabilitity for negligence -- how do you not back a company whose interest is soley on the bottom line? That is a company, Churchill Downs, whose only apparent interest is maximizing its profit and by extension its stock price,

Wouldn't to do otherwise by Evans invite a slew of shareholder suits and takeover threats?

Is the thinking a little hypocritical in this area?

Now, I will answer my own question since I'm not trying to trick or insult anyone.

The only answer to the question posted above is if you truly think that operating CDI for short and medium-term maximum profitability was in the LONG-TERM a huge detriment to the company and thus shareholders.

If this is true then philosphically as a free-market advocate you would always (OK, there are always exceptions) believe that companies should act, not with the current or intermediate stock price in mind, but with the long-term (even if that long-term is pretty long) interest of the company and shareholders.

[Tom]

What you say makes sense, but from my point of veiw, it is about customers, not shareholders. They, of course need to suck up to who they need to suck up to. But as a customer, I, too, have the right to say screw them and take my business elsewhere. Customers have no incentive to worry about sharerholders. And this one sure doesn't! One tining for sure, CD and Caleder will never see another bet from me - they screwed me, I will never deal with them again. Hopefully, enough other people will feel that way, too.

Andy, I have not watched a full BBall game since the strike. I hold a grudge.

[highnote]

I can buy Coca-Cola stock from hundreds of brokers. How many companies will broker my bet on races from Churchill Down?

I'm not convinced that limiting the amount of people who can wager on the product is really in the best interest of the shareholders.

Maybe a central bet clearinghouse that all brokers can access is what is needed. Then an individual can choose to go to a discount bet taker or a value-added bet taker.

[Javagold]

Originally Posted by andicap

Now i'm a purist from way back and am appalled at what's been going on at Churchill and the whole ADW thing.

BUT, we have on this board a lot of hard-core free-market capitalists. And I'm not judging them or getting into politics at all.

Here's my question: If you truly believe a company has to serve the interests of its shareholders -- or indeed face liabilitity for negligence -- how do you not back a company whose interest is soley on the bottom line? That is a company, Churchill Downs, whose only apparent interest is maximizing its profit and by extension its stock price,

Wouldn't to do otherwise by Evans invite a slew of shareholder suits and takeover threats?

Is the thinking a little hypocritical in this area?

Now, I will answer my own question since I'm not trying to trick or insult anyone.

The only answer to the question posted above is if you truly think that operating CDI for short and medium-term maximum profitability was in the LONG-TERM a huge detriment to the company and thus shareholders.

If this is true then philosphically as a free-market advocate you would always (OK, there are always exceptions) believe that companies should act, not with the current or intermediate stock price in mind, but with the long-term (even if that long-term is pretty long) interest of the company and shareholders.

you must be joking , but just to play along how are the shareholders doing since the sausage man has taken over and made millions for himself, while practically no one can bet $2 on CD very own product on CD very own ADW

[Grits]

http://www.thoroughbredtimes.com/nat...direction.aspx

Many of us are concerned about CDI's direction but given the fact that most of CDI's stock is in the hands of an extremely small number of shareholders, with Mr Duchossois owning the greatest piece of the pie, its not surprising that he would be pleased with clueless Wayward Bob's bottomline.

Seth Hancock has integrity, obviously, his fellow shareholders . . . not so much. And this is pretty unfortunate for racing fans.

[Grits]

And I forgot to add this part. Here's the last paragraph of the piece, guys. It reveals the approved bonuses paid to management.

Now, we're gonna p**s and moan, and b*t*h and whine regarding our fair share of our racing product, (our signal, our ADW's, etc,) while we blow the heads off our horsemen, and YOU, the wagering public. You all surely understand, we have to take care of our in-house leadership.

Yep, lets keep shoving our money through the windows of CDI. Caring bunch that they are!

* Shareholders approved performance bonuses for Churchill executives, including $675,000 for Evans, $384,000 for Chief Development Officer Bill Carstanjen, $348,000 for Chief Financial Officer William Mudd, $360,000 for Executive Vice President of Technology Initiatives Vernon Niven, and $360,000 for Churchill Downs Racetrack President Steve Sexton.

[Kelso]

Originally Posted by ponypro

http://billyreedsays.com/2008/06/25/...sons/#more-399

I don't know, or much care, who this Billy Reed clown is ... but his article is just a sophomoric puff-piece for greedy Kentucky horsemen.

From the article:
"It could have been Churchill’s declaration of war against its own horsemen over how the profits from account wagering are divided.

"When the track refused to get its way, it retaliated by slashing purses 20 per cent across the board and filed a suit against the Kentucky Horsemen’s Benevolent and Protective Association, which represents the majority of the owners and trainers. It was old-fashioned union-busting, pure and simple, and the result has been a lot of short fields at the current meet because of horsemen defections to other tracks."


<<Aside: "When the track refused to get its way???" What the hell does THAT mean?>>


Evans is a lousy businessman and deserving of much criticism thereof; but at least he had the insight and guts to oppose the owners' naked money-grab.

"Declaration of war" my ass! CDI effected a logical response to a sleezy effort by an outside interest group to sieze a major revenue stream to which it has no right whatsoever. You bust that greedy union good, Bob, and make it last!!

[Grits]

Billy Reed has forgotten more about Churchill Downs and Kentucky horseracing, Kelso, than you will know in your lifetime.

You may not agree with him, but I assure you, you will not no more than this man does regarding what is beneficial for the sport, certainly, in Kentucky.

This clown, as you called him, is one of the most respected journalist (now retired) in the sport.

Originally Posted by Kelso

I don't know, or much care, who this Billy Reed clown is ... but his article is just a sophomoric puff-piece for greedy Kentucky horsemen.

From the article:
"It could have been Churchill’s declaration of war against its own horsemen over how the profits from account wagering are divided.

"When the track refused to get its way, it retaliated by slashing purses 20 per cent across the board and filed a suit against the Kentucky Horsemen’s Benevolent and Protective Association, which represents the majority of the owners and trainers. It was old-fashioned union-busting, pure and simple, and the result has been a lot of short fields at the current meet because of horsemen defections to other tracks."


<<Aside: "When the track refused to get its way???" What the hell does THAT mean?>>


Evans is a lousy businessman and deserving of much criticism thereof; but at least he had the insight and guts to oppose the owners' naked money-grab.

"Declaration of war" my ass! CDI effected a logical response to a sleezy effort by an outside interest group to sieze a major revenue stream to which it has no right whatsoever. You bust that greedy union good, Bob, and make it last!!

[Tom]

Chuchill? They still open?
I thought they burned down or something...meth lab in the Derby barn blew up, or something like that.

Oh well, who cares

CD = must miss racing. Forever.

[Kelso]

Originally Posted by Grits

Billy Reed has forgotten more about Churchill Downs and Kentucky horseracing, Kelso, than you will know in your lifetime.

Well ... certainly more than I'll ever care to know, anyway.

Originally Posted by Grits

you will not no more than this man does regarding what is beneficial for the sport, certainly, in Kentucky.

That might very well might be but, if so, one could not conclude such from his article. All he demonstrated, therein, was his knowledge of what's beneficial for his greedy, racehorse-owning cronies. Such is NOT, definitively, what is "beneficial for the sport," in Kentucky or anyplace else.

Originally Posted by Grits

This clown, as you called him, is one of the most respected journalist (now retired) in the sport.

Ahh, that 'splains his problem. He wrote as a hack advocating for a greedy special-interest. He made no apparant effort, with his rant, to conduct himself as a "journalist." It was transparant propaganda in behalf the self-indulgent group under whose spell he clearly labors.

[Grits]

Kelso, I'm sorry I spoke up. Your shots are cheap. Just simple, and cheap.

Get your hands on CDI's proxy, then come back and tell me, whose making the money here.

The horsemen, I don't think so.

[jillybeans]

Bob Evans. Bill Carstanjen.