"This is the most satisfying win because he had just not been right the last couple of starts," Waldron said.
"He has been jarring up and we changed his workload and worked him in flip-flops [shoes]."
Mr Molly powered home to win by a length and a-quarter in 4.02.1 for the 3200m.
It was his 14th win in 40 starts and the $34,000 first prize took his stake earnings to $259,154 for Ashburton owners Mike Crequer and Gordon Guthrie.
Other major wins for Mr Molly are the 2008 Pelorus Classic and the 2009 Northern Southland Cup.
His driver, Ricky May, won the 1990 Invercargill Cup with Field Commander.
Mr Molly was bred by his owners.
He is by Spirit of Zeus, winner of the 1995 Sires' Stakes final for 3yr-old pacers.
He is the first foal of Molly Jaccka, who won a race at Washdyke in 2002 for the same owners when trained by Waldron.
Molly Jaccka (by Holmes Hanover) is also the dam of a 3yr-old filly by Mattuity and a 2yr-old gelding by Sands A Flyin.
She died in November 2007.
The filly, Langston Lass, will be bred from after failing to measure up in training.
Trainer Steven McRae said yesterday he could find nothing amiss with Nearea Franco, who stopped from a handy position in the running to finish last.
Kotare Mach set a New Zealand record for a 2yr-old over 1700m (mobile) when he won in 2.03.3 (1.56.7 mile rate) on Saturday.
The previous record was 2.03.5 set by Under Cover Lover at Alexandra Park in 1997.
The previous best time by a male 2yr-old was 2.03.7 by Gotta Go Cullect at Alexandra Park in March last year.
Kotare Mach is trained by Mark Purdon and Grant Payne for Kotare Downs Ltd, operated by Tony Abell at Fernside.
Kotare Mach is a colt by Mach Three from the unraced Butler B G mare, Extra B G.
El Nino did well for third after being checked early.
His trainer, Doug McLachlan, said the $15,000 late entry would not now be made for El Nino in the Sires' Stakes series.
"It is a lot to pay and we will just look at races like the Welcome Stakes and the Harness Jewels," McLachlan said.
Trainer Murray Brown said he was relieved after Beaudiene Bad Babe won the heat of the Sires' Stakes for 3yr-old fillies.
"I was nervous before the race after advising the owners to pay the $8000 late entry fee for the series," Brown said.
Beaudiene Bad Babe collected a $12,500 winning stake.
She dashed clear after racing in the open over the last 1200m and ran the 1700m (mobile) in 2.04.2, a 1.57.2 mile rate, the last 800m in 56.8.
Springbank Richard has the NZ Trotting Championship on April 3 on his agenda after an easy win.
Springbank Richard had won his previous start at Wyndham.
"I am hoping the racing in the south has given him confidence for racing at the top level," Phil Williamson, his trainer, said.
Owner Ian Dobson won with Mywayorthehighway and Corka Dream, both trained by Robert Dunn and driven by John Dunn.
Mr Molly (Ricky May) wins the Invercargill Cup at Ascot Park on Saturday from Les Lisle (7), Special Ops and Chilli. Photo by Tayler Strong.
