BC3 THOROUGHBREDS APPOINTS ADMINISTRATOR
Troubled racehorse syndication company BC3 Thoroughbreds is in voluntary administration after days of drama surrounding its former chairman Bill Vlahos.
Moore Stephens has been appointed to oversee the administration with the first meeting of creditors to be held on December 19.
"We will now work actively and constructively with the administrator and all stakeholders to resolve the company's position with outstanding creditors and ideally, restructure the business so that it can recommence operations," BC3 chief executive Craig Cameron said.
The administration does not involve an assessment of punters' clubs or wagering schemes which are the subject of a court action against Vlahos.
Horses under the BC3 banner will be allowed to continue racing.
Dayle Brown, manager of Integrity Services at Racing Victoria, said the regulatory body was investigating BC3 and would work with the administrators.
Brown said RV had no jurisdiction over the punters' club run by Vlahos but did have the responsibility to look at the way horses were offered for sale.
Vlahos was reported to have been assaulted at his Victorian property at Connewarre on Sunday night where a vehicle was torched.
"At this point in time the horses will still be allowed to race," Brown told Sydney's Sky Sports Radio.
"We will work with the administrators on that.
"Our job is to get to the bottom of all the aspects of the syndication business and the aspects that intersect with that as well."
Among the horses raced by BC3 is the Mick Price-trained Nordic Empire, the equal second favourite for next month's $2 million Magic Millions Classic at the Gold Coast.
Brown reiterated RV's position that anyone who had complaints about the punters' club run by Vlahos should contact the bodies equipped to deal with such matters.
"No-one from the punting club has come to us with a complaint," he said.
"But I say to people to look at it. If it sounds too good and looks too good then it is too good to be true.
"People should go to Consumer Affairs or the ACCC if they are concerned about it.
"The Fraud and Extortion unit is a very good place to start."
Vlahos, who is being sued by one of the investors in the punters' club, told the court last week there was $194 million in a Westpac account but the bank said no such account existed.
BC3 signed a $5 million contract to buy a half brother to Black Caviar at this year's Easter Sale.
The colt has spent the past few weeks in the Werribee Veterinary Clinic being treated for the life-threatening hoof disease laminitis.
BC3 also has a full sister to the colt, Belle Couture, who won a jump-out at Flemington last week in preparation for a planned racetrack debut later this month.