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McGrath gambling questions should be resolved: investor – The Sydney Morning Herald

Mr McGrath, 54, has denied having any gambling debt.

Mr Smollen said Mr McGrath enjoyed horse racing, but he had no knowledge of whether Mr McGrath was gambling.

“I’m aware that race horses have been a hobby and a passion of John’s for some time, and I’ve never viewed that as an unhealthy thing, but I have no involvement or understanding as to whether he is gambling or not,” he said.

“If it’s true, I hope it’s resolved, and if it’s not true, I hope it’s resolved.”

Mr McGrath is known to be passionate about horses and racing, but the notoriously private real-estate figure uses the Joy Luck Syndicate and the Joy Luck Discretionary Trust to hold ownership of his breeding and racing concerns.

Among his current racing stable is the colt…

Read the full article at: https://www.smh.com.au/business/companies/mcgrath-gambling-questions-should-be-resolved-investor-20180205-p4yzg6.html

Category: GamblingBy Insolvency GuardianMarch 6, 2018

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McGrath gambling questions should be resolved: investor – The Sydney Morning Herald

Questions surrounding real-estate identity John McGrath’s online gambling debts should be quickly resolved, a significant investor has said, so the company can hold focus on “turning the business around”.

Fairfax Media revealed on the weekend that Mr McGrath has a $16 million gambling debt to a betting company run by bookmaker Tom Waterhouse, prompting shares in the market-listed McGrath Limited to fall sharply.

A tumultuous start to the year: Real estate identity John McGrath.
A tumultuous start to the year: Real estate identity John McGrath. Photo: AFR

McGrath Real Estate’s third-biggest shareholder and former franchisee, Shane Smollen, on Monday said the issue was an unwanted distraction to more important matters facing the company.

“McGrath is a great company, it’s in a position …

Read the full article at: http://www.smh.com.au/business/mcgrath-gambling-questions-should-be-resolved-investor-20180205-p4yzg6.html

Category: GamblingBy Insolvency GuardianFebruary 5, 2018

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PreviousPrevious post:McGrath gambling questions should be resolved: investor – Brisbane TimesNextNext post:High Court ruling brings good news for insolvent debtors wanting to pursue reviews of creditor rejections – Evening Echo Cork

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