more owners for curlin

[CoronadosQuest]

http://news.bloodhorse.com/viewstory.asp?id=41844

One of the owners of likely Horse of the Year Curlin claims the recent order handed down by a Kentucky judge only affects the minority interest of embattled attorneys William Gallion and Shirley Cunningham Jr.

An attorney representing Jess Jackson's Stonestreet Stables issued a statement Nov. 2 clarifying the position of the owner-partner.

"The order ... entered by Judge (William) Wehr in Boone County circuit court applies only to the 20% interest in Curlin owed by Mr. Gallion and Mr. Cunningham through Tandy LLC. That entity has done business using the name Midnight Cry Stables," Lexington-based attorney Richard Getty said. "The order has absolutely has no effect in the other ownership interests in Curlin, none of which have been sold."

Getty declined to comment further, other than to say: "We are evaluating the overall situation."

[otisotisotis]

Talked to my cousin's wife today (she works at the jail), said if they weren't such scoundrels she would almost feel sorry for these old guys. Apparently there is another old guy in cahoots with them that can barely get around.
I guess even the rich like to be richer....

[Riot]

See today's bloodhorse.com: Attorney says the Charging Order does not say the 418 "own" Curlin, he says they do not have any ownership interest, are simply are entitled to money from him.

There is a link to the actual Charging Order on the BH page

[Pedigree Ann]

Can 20% of the ownership force the 80% to do something they don't want to do? And certainly the this ruling will be appealed, tying things up in court for another year or two.

I also remember Cunningham trolling for clients on the local TV channels and it struck me as distasteful at the time. Especially when I recalled the situation of my brother-in-law's sister-in-law (my husband's brother's wife's sister) in Texas, the widow of a cop murdered during a routine traffic stop, with a special-needs child, and needing serious heart and lung treatment after taking phen-fen.

[Danzig]

the group of plaintiffs at this point appear to only have rights to the midnight cry portion of the purse. i doubt that they can have any affect on curlins future. but it does appear at this point that curlin may be going thru the ring, much like half ours, in order to dissolve the partnership in the horse.

as for lawyers, we've gotten several letters from them after kellys accident--all addressed to kelly, a minor. of course all the offices apologized profusely when tony called and pointed that out to them.

[Cannon Shell]

Originally Posted by Danzig

the group of plaintiffs at this point appear to only have rights to the midnight cry portion of the purse. i doubt that they can have any affect on curlins future. but it does appear at this point that curlin may be going thru the ring, much like half ours, in order to dissolve the partnership in the horse.

as for lawyers, we've gotten several letters from them after kellys accident--all addressed to kelly, a minor. of course all the offices apologized profusely when tony called and pointed that out to them.

Hey minors need the easy cash too!!

[ELA]

How many attorney's on this thread? LOL. I wondered how long it would take before accurate and reasonable reports came to light. It's a charging order, that's all. They can't force liquidation. They get no voting rights or control. They cannot place their "fingers or hands on the levers of control (for those of you who are attorneys out there). They have nothing but a charging order. There will be no shareholder suppression suit, or anything of the like (regardless, the plaintiffs are not shareholders), no action taken against the other owners (Jackson, Sanan and Bolton), and nobody knows if the latter will take action. All the commentary is nothing more than rhetoric.

The plaintiffs attorney can say anything she wants -- she should keep on talking -- it's entertaining.

Eric

[Danzig]

Originally Posted by Cannon Shell

Hey minors need the easy cash too!!

easy cash? lol
amazing how many people told us to get a lawyer...unnecessary in this case for sure.

[Riot]

Can 20% of the ownership force the 80% to do something they don't want to do?

If I were part of the 80%, I'd buy out the 20%, to get them out of the picture now and in the future, regarding any potential sale, racing, stallion income, etc.

[Cannon Shell]

Originally Posted by Riot

If I were part of the 80%, I'd buy out the 20%, to get them out of the picture now and in the future, regarding any potential sale, racing, stallion income, etc.

Yeah but at what price? He probably isn't worth as much as they think he is...

[Riot]

Originally Posted by Cannon Shell

Yeah but at what price? He probably isn't worth as much as they think he is...

Yes, that would be the risk - overpaying to buy them out.

I'm no attorney, but the Charging Order clearly states, "rights of an assignee" only. Thus no imput into what happens to Curlin, as they do not take over Midnight Cry's ownership interest.

So it seems attorney Ford spoke out of turn implying that her clients "owned" 20% of Curlin. Seems they only are entitled to any monies from that 20% interest (Midnight Cry's LLC portion)

Now, attorneys for the incarcerated lawyers are saying that the assignee only gets any money when money is distributed by the LLC.

Implying to me (and I am NOT a lawyer) that if the BC purse money and any monies obtained from sale of the horse are held in the account of the ownership partnership, and not disbursed to the owners (depends upon what the ownership partnership agreed to and has in writing, I guess, regarding same - disbursements quarterly, yearly, monthly, etc?) - they get nothing until a disbursement occurs.

[SniperSB23]

Originally Posted by Riot

If I were part of the 80%, I'd buy out the 20%, to get them out of the picture now and in the future, regarding any potential sale, racing, stallion income, etc.

But why would the 20% want to sell out to the 80% when they could get more money in an open auction?

[Cannon Shell]

Originally Posted by SniperSB23

But why would the 20% want to sell out to the 80% when they could get more money in an open auction?

I am not so sure there is that much money out there for this horse...