Frank Stronach named his daughter, Belinda, chair and president of the company back in '11GETTY IMAGES
Stronach Group Founder FRANK STRONACH "filed a bombshell lawsuit in a Toronto court Oct. 1 alleging that the daughter he appointed to run" his racetrack empire, BELINDA STRONACH, has "mismanaged the family's chief assets and trust funds while forcing her father out of control of the fortune he created," according to Finley & Thornton of the THOROUGHBRED DAILY NEWS. Belinda Stronach is Chair & President of Stronach Group, which operates Santa Anita Park, Gulfstream Park, Laurel Park and Pimlico Race Course, among other venues. The lawsuit "lists 39 demands for relief that Frank Stronach is seeking via court trial, including the removal of Belinda" and Stronach Group CEO ALON OSSIP from "all corporate officer and trustee positions." Frank Stronach is also "seeking three separate forms of financial redress" totaling C$520M. The lawsuit "alleges 'a complete break-down' of relationships within the Stronach family." Frank's wife, ELFRIEDE, is "named as a co-plaintiff" (THOROUGHBREDDAILYNEWS.com, 10/10). In L.A., John Cherwa notes Stronach Group COO TIM RITVO is "not named, implicated or involved in the suit." Belinda Stronach and Ossip have "until the end of the month to file a response" (L.A. TIMES, 10/11). In Toronto, Ngabo & Ormsby in a front-page piece report Frank and Elfriede claim that their "daughter and others have undertaken actions 'to appropriate Stronach family assets for their own personal benefits' to the detriment of the defendants as well as their son ANDREW and their granddaughter SELENA." These actions are "alleged to have occurred" between '11-16 (TORONTO STAR, 10/11).
HANGING IN THE BALANCE: In Baltimore, Jean Marbella notes news of the lawsuit "set the horse industry abuzz, given the extensive holdings" of Stronach Group. Maryland Thoroughbred Horsemen's Association General Counsel ALAN FOREMAN said, "This is a family fight, but given the prominence of The Stronach Group in our industry, you have to be concerned" (BALTIMORE SUN, 10/11).
