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Author Topic: Where did DI get the $20,000,000 to buy the NJC note ?  (Read 5113 times)
Sir Blockheadd
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« on: July 12, 2006, 10:30:49 AM »

If DI bought the NJC note from Harris Bank, where did they get the $20,000,000, was it on their balance sheet, or did DI borrow from someone to buy this note, and if so, from whom?
it would seem to me whomever lent the money to DI, if that is what occurred, is the force behind DI.
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emp
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« Reply #1 on: July 12, 2006, 10:43:52 AM »

If DI bought the NJC note from Harris Bank, where did they get the $20,000,000, was it on their balance sheet, or did DI borrow from someone to buy this note, and if so, from whom?
it would seem to me whomever lent the money to DI, if that is what occurred, is the force behind DI.

Pocket change
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David
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« Reply #2 on: July 12, 2006, 10:45:21 AM »

exactly just took it out of petty cash, they are a private company so they don't need to answer to anybody
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Sir Blockheadd
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« Reply #3 on: July 12, 2006, 10:59:21 AM »

Pocket change

in the 6th year of the republican regime, i dobt $20,000,000 is pocket chnge to anyone, cept haliburton.

sure they are a private company,but they still need to answer to the board of directors of that company, and more importantly, if I were on the IRB I would want an answer to that question, as it is at the crux of who is controlling the company. Privatr companies wrapped in public regualted industries still have to answer to the public.
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David
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« Reply #4 on: July 12, 2006, 11:48:20 AM »

I'm sure they have a Board of Directors, but so what? It's the mans company and if he wants to buy this debt he can go right ahead, as far as who controls the company it again is controlled by Mr. D, and the IRB or nobody else has ever had a problem with him, DI actually owns a whole ton of those shares in Churchill from the buyout so in fact they are already in the horse racing business in this state.
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Jim C
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« Reply #5 on: July 12, 2006, 01:32:31 PM »

Since it is only the bank note and not the business per say it is a totally private transaction and therefore DI has no reason to tell anybody. But as I have said before, DI and all its sub companies amount to a multi BILLION dollar business and from what I have been told by other sources they are for the most part debt free, so 20 million, 30 million or whatever he paid I am sure they paid in cash.

Now lets see what happens to Hawthorne.....will Magna make a play for them as they are on the ropes financially too??
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edwarren
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« Reply #6 on: July 12, 2006, 01:45:00 PM »

If DI bought the NJC note from Harris Bank, where did they get the $20,000,000, was it on their balance sheet, or did DI borrow from someone to buy this note, and if so, from whom?
it would seem to me whomever lent the money to DI, if that is what occurred, is the force behind DI.

Harris bank, for what it's worth, is the in-the-pocket bank of the Bank of Montreal, run by the Bronfmann's. That's what I've read anyway.
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Sir Blockheadd
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« Reply #7 on: July 12, 2006, 02:00:58 PM »

Since it is only the bank note and not the business per say it is a totally private transaction and therefore DI has no reason to tell anybody. But as I have said before, DI and all its sub companies amount to a multi BILLION dollar business and from what I have been told by other sources they are for the most part debt free, so 20 million, 30 million or whatever he paid I am sure they paid in cash.

Now lets see what happens to Hawthorne.....will Magna make a play for them as they are on the ropes financially too??


the accounting for this transaction is most important.
where did they get $20,000,000.
i doubt seriously if DI has $20,000,000 in current assets.
they borrowed this money from somebody.

debit cash $20,000,000
credit Note payable - lender to DI of the $20,000,000

debit - Investments (buy note)$20,000,000
credit cash $20,000,000

remaining balance sheet accounts after cash entries offset.

Investment in note $20,000,000
Note payable (where DI money to buy note came from) $20,000,000

now you have a new assets on the balance sheet of DI, and a corrsponding new liability for $20,000,000.

unless the lender who gave DI the $20,000,000 is made public, i would not give AP any racing dates, this could be mob money.

full disclosure of this transaction is needed.
as a taxpayer of the state of illinois, i demand to know who is behind this deal.
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big wally
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« Reply #8 on: July 12, 2006, 02:05:40 PM »

Come on.. DI is one of the largest privatley held CORPORATIONS in the country.. you really think they dont have $20 million..
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Stat Man Steve
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« Reply #9 on: July 12, 2006, 02:08:33 PM »

Harris bank, for what it's worth, is the in-the-pocket bank of the Bank of Montreal, run by the Bronfmann's. That's what I've read anyway.

Bank of Montreal bought Harris Bank in 1984, and is their U.S. based Retail and Commercial bank.
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Sir Blockheadd
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« Reply #10 on: July 12, 2006, 02:15:50 PM »

Come on.. DI is one of the largest privatley held CORPORATIONS in the country.. you really think they dont have $20 million..

i haven't seen their balance sheet, but believe me i have seen thousand s of others, $20,000,000 in cash ..

totally preposterous, DD may want you to think he has that, but i doubt it.

i don't know for a fact that DI is one one of the largest privately owned companires in the country, what do they own ??

i have never seen their name on a Crains list as a top company.
or at least i don't recall seeing it.

someone find a crains chicago business article that lists the top privately held companies in the country.

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big wally
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« Reply #11 on: July 12, 2006, 02:55:29 PM »

http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=24629&bt=duchossois&arc=n&searchType=all

READ
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edwarren
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« Reply #12 on: July 12, 2006, 03:07:04 PM »

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« Last Edit: July 12, 2006, 03:19:50 PM by edwarren » Report to moderator   Logged
Sir Blockheadd
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« Reply #13 on: July 12, 2006, 03:51:27 PM »


thank you Wally,
i had no idea that they where that large.
and while it lists the assets they have and there rumored value,
it says nothing about the underlying liabilities, a mistake made by most americans.
you see the assets but not the bills that come in the mail,
the liabilities

given the paper assets that they seem to posses, it could very well be that they themselves sold something to get the 20,000,000.
but i still doubt if it was just sitting on their balance sheet.
i still feel they borrowed it from someone, using thier assets as collateral. i still would like to know where the financing came from.
the third and most important GAAP financial statement is the statement of changes in cash. this statement would state directly on its face where the funds came from.

again, we have not seen the entire balance sheet, just the asset side.

and now i can see why we will never have slots in Illinois, the state will not enrich this group any further with the taxpayers funds.
i know i would not vote for any such thing if i where given the vote.
In fact the DI group shopuld be subsidizing racing in Illinois.
Now tht I se what they have, i see no reason they don't establish a not for profit organization that funds the development of thoroughbred racing in Illinois.

maybe noone had told DD... you can't take it with ya.

benevelonce, a word that seems to have skipped by there greedy clan in
theri further attempts at bringing thier will to power into the forefront.

After reading this DON"TANYONE EVER TELL ME THAT AP HAS NO PURSE MONEY FOR DIRT RACES---BULLSHIT!!!!
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edwarren
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« Reply #14 on: July 12, 2006, 03:56:14 PM »

They are that large. It's called life extension.

I HAVE A PLANE TO CATCH !!!!!!!
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emp
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« Reply #15 on: July 12, 2006, 04:04:29 PM »

i haven't seen their balance sheet, but believe me i have seen thousand s of others, $20,000,000 in cash ..

totally preposterous, DD may want you to think he has that, but i doubt it.

i don't know for a fact that DI is one one of the largest privately owned companires in the country, what do they own ??

i have never seen their name on a Crains list as a top company.
or at least i don't recall seeing it.

someone find a crains chicago business article that lists the top privately held companies in the country.



Here's some info.....
http://finance.yahoo.com/q/mh?s=CHDN
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Matchtown
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« Reply #16 on: July 12, 2006, 04:35:38 PM »

The notes 20 million I doubt he paid that maybe 60 cents on the dollar Harris just want out I'd imagine.DD wanted that trump card so next year he can run 3-4 days a week starting earlier and going  longer
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dogs up
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« Reply #17 on: July 12, 2006, 04:42:41 PM »

i can see why sir blockhead is called sir blockhead-- i am sure mr d has that as chump change
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Sir Blockheadd
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« Reply #18 on: July 12, 2006, 04:44:55 PM »

The notes 20 million I doubt he paid that maybe 60 cents on the dollar Harris just want out I'd imagine.DD wanted that trump card so next year he can run 3-4 days a week starting earlier and going  longer

i would have to somewhat agree with that. i doubt they bought the note at par value. they may have gotten some funds from CD Inc, who knows.

one thing is for certain DI, needs to stop crying poor, those
twofaced pieces of crap. they could fund racing for years without having a single dollar of revenue. it sickens me to view that balance sheet and see that they do so little for racing except take more and more, abslutely sickens me. i will never hold that family in anything but the lowest esteem possible. their grred is so magnanimus, i cannot imagnine how selfish and dark your soul has to be to be like that,

it is amazing to me!
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jrstark
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« Reply #19 on: July 12, 2006, 04:50:37 PM »

This story says $28M:
http://www.thoroughbredtimes.com/todaysnews/newsview.asp?recno=65033&subsec=1
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dogs up
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« Reply #20 on: July 12, 2006, 04:54:35 PM »

dear sir blackhead

while you continue to rip into mr d- let's remember just a couple of details--when the insurance came in after the fire he was not required to rebuild anything--in fact- looking back on all the grief idiots like you give him, he shouldn't have rebuilt--- the fact is that he stayed in illinois, rebuilt the track and created what is still in the opinion of many who have actually been to other race tracks, the best racing facility around.-- it is clean, it is well maintained, you do not have to walk over panhandlers and assorted bums like you do at hawthorne,and mosat people who go there actually enjoy themselves even if they lose money.

everyone knows, or should know, that njc is and has been backrupt, at least on paper, for several years. maybe now they will not be able to give their host day money to hawthorn, which according to the illinois thoroughbred owners association, was an agreement that was made so that hawthorn purses this fall would not be substantially below arlington's--- frankly i hope DD uses this to his full advantage
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Sir Blockheadd
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« Reply #21 on: July 12, 2006, 04:56:08 PM »

Ironically, both Duchossois and the father of the National Jockey Club president, Charles W. (Stormy) Bidwill, are members of the board of directors of Churchill Downs, Inc., the parent company of Arlington.—

should be some interesting discussions around Cd's board room huh


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Sir Blockheadd
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« Reply #22 on: July 12, 2006, 05:08:44 PM »

dear sir blackhead

while you continue to rip into mr d- let's remember just a couple of details--when the insurance came in after the fire he was not required to rebuild anything--in fact- looking back on all the grief idiots like you give him, he shouldn't have rebuilt--- the fact is that he stayed in illinois, rebuilt the track and created what is still in the opinion of many who have actually been to other race tracks, the best racing facility around.-- it is clean, it is well maintained, you do not have to walk over panhandlers and assorted bums like you do at hawthorne,and mosat people who go there actually enjoy themselves even if they lose money.

everyone knows, or should know, that njc is and has been backrupt, at least on paper, for several years. maybe now they will not be able to give their host day money to hawthorn, which according to the illinois thoroughbred owners association, was an agreement that was made so that hawthorn purses this fall would not be substantially below arlington's--- frankly i hope DD uses this to his full advantage

at the beginning of the post i was curious to see how the note was acquired, i see now, how it was; and in the process you all have educated me somewhat on who owns what and to what degree the money makes it way through the industry here.
thanks for your help.

i am just a fan of the game, i watch the races and bet on them occasionlly, i have no interest in the politics of who owns what, or who is using there clout to take from someone else.these parts of life are not my concern. possessions do not provide freedom, in fact possessions, if you have ever had enough of them, you will find, tend to become possessors of you, not the other way round, because you waste all your time concerned with loosing what you posses.

in conclusion,
if dd wants to cry poor, well good for him,

if he wants to take from the bidwells, who have had a long relationship with illinois racing,and destroy that,i guess he can,
even though he seems to have more than enough already

i call that greed, plain and simple.
i don;t care for bullys, never have, but he sems to be the bully here.
there is no upside to what he is doing, he has enough, tearing down others to further his wealth at this point, is just shamefull.
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Jim C
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« Reply #23 on: July 12, 2006, 06:48:59 PM »

Blockhead....GREED??? You have no idea what in the hell you are talking about. DD and his family contribute more money to so many charities that he was requested that most of them never make public that money has come from he and or his family. Go take a look at the Cancer Treatment Center at University of Chicago and see whose name is on the building.....he has given them MILLIONS of dollars for research and equipment. When that boy in Arlington Heights was paralyzed from a football injury who bought the family a fully equipped van and GAVE it to them? When Gene Cielio and JR Smith learned they had cancer who got them in to see the best Drs. U of C had? Who donates and helps fund one of the local Hospice centers in the area? DD and his family have always been very giving when it comes to any charity or cause. So please spare me your blue collar, these guys are rich so they must be scum, they dont deserve anything from anyone attitude. It really gets me when someone like you who does nothing but *** about everything slams someone who does good with what he has and helps people, while you do nothing but suck wind

AP is part of a public company now and by law they couldnt fund things the way you wanted them to anyway. Besides last time I checked this is AMERICA and people own and run businesses to MAKE MONEY, I dont understand why people like you *** about people who are successful and have made money....isnt that the American Dream? So if some one reaches that dream why slam them? If the IRB doesnt care where the money came from why should you anyway?

Really blockhead I would love to see things from your point of view, but I dont think both our heads would fit up your ass.......
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« Reply #24 on: July 12, 2006, 06:51:13 PM »

i would have to somewhat agree with that. i doubt they bought the note at par value. they may have gotten some funds from CD Inc, who knows.

one thing is for certain DI, needs to stop crying poor, those
twofaced pieces of crap. they could fund racing for years without having a single dollar of revenue. it sickens me to view that balance sheet and see that they do so little for racing except take more and more, abslutely sickens me. i will never hold that family in anything but the lowest esteem possible. their grred is so magnanimus, i cannot imagnine how selfish and dark your soul has to be to be like that,

it is amazing to me!
Have you ever seen the Beverly D cancer center in Maywood? Do you know how much $$$ Mr. D has give annonymously? Have any idea how much he pays out in salaries at D.I.? He's one of the true greats of racing and will always have a friendly "thanks for coming" to strangers and a more friendly "how are you doing to familiar faces." Just because he's wealthy he's supposed to give it away?
I'm fairly sure Hill 'N Dale is worth 20 million and the man is worth over a billion so that 20 million represents about 4 mos. of interest at 6%.
 Get a clue Blocky
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