JOCKEYS GUILD CONSIDERING BANKRUPTCY

COURTESY OF AQHA.COM

JOCKEYS' GUILD CONSIDERING BANKRUPTCY OPTION


October 10, 2007 – The financially troubled Jockeys’ Guild is considering filing for bankruptcy protection.

On Tuesday, the Guild’s senate voted to declare bankruptcy, but newly appointed national manager Terry Meyocks stressed that is only of the options being considered to resolve the organization’s financial plight. Final word on the Guild’s decision is expected within the next week.

“Like many other organizations in North America, the Jockeys’ Guild has struggled with the high cost of insurance,” said Meyocks in a release. “We’re looking at all options to determine the best way to deal with this and other issues, options that address the needs of the members with our limited resources.”

A former executive with the New York Racing Association, Meyocks was hired by the Guild on September 6 to replace Dwight Manley as the organization’s national manager. The 1,353-member Guild has been experiencing financial difficulty since it fired its former president, Wayne Gertmenian, in November 2005.


A federal lawsuit against Gertmenian, which claimed he breached his fiduciary duty and took more than $1 million from the Guild, was dismissed by a Los Angeles federal court judge last August. However, a California state court trial dealing with similar issues is scheduled to begin on October 16.

COURTESY OF AQHA.COM

JOCKEYS' GUILD FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION


October 13, 2007 – The financially troubled Jockeys’ Guild has filed for Chapter 11 bankruptcy protection, according to a release distributed by a Louisville, Kentucky, law firm on Friday.


“Like many other entities in the US, the Guild has struggled with the high cost of member health claims,” said Guild national manager Terry Meyocks. “In looking at all of our options, we have decided that this is the best way to deal with this and other issues facing the Guild.


“We hope that declaring Chapter 11 will give us some breathing room to explore solutions for our insurance and other difficulties,” he added.


A former executive with the New York Racing Association, Meyocks was hired by the Guild on September 6 to replace Dwight Manley as the organization’s national manager. The 1,353-member Guild has been experiencing financial difficulty since it fired its former president, Wayne Gertmenian, in November 2005.


A federal lawsuit against Gertmenian, which claimed he breached his fiduciary duty and took more than $1 million from the Guild, was dismissed by a Los Angeles federal court judge last August. However, a California state court trial dealing with similar issues is scheduled to begin on October 16.