Woops.
Unfortunate.
I’d be REALLY PISSED!!!
I think unfortunate isn’t quite the word… a $1.9M mistake. :eek:
But, the colt is for sale and Mandy Pope has asked interested buyers to contact her but the “advantage” of the auction driving up a sales price over the $1.19M that was supposed to have been the RNA has been lost. I suspect if she sells, she won’t get $1.9M for him 
I’d be very upset too if it were me. However, there are times when things happen for a reason. I read that Pope might keep the colt if she doesn’t get the price she wants.
Question: who is held accountable in situations like this? With it being a $1.9 million mistake, simply saying “I’m sorry” doesn’t cut it. What actually happens in cases like this?
From what I’ve read, nothing.
I guess Mandy could sue Wayne Sweezey but if there was no contract, might be hard.
I think Mandy is going to see if she can sell for a good price or start the colt herself. It’s not like the colt is worthless because of the RNA whoopsie, just maybe not all of his financial potential might not be reached but as you pointed out, sometimes, things happen for a reason even if that reason isn’t obvious now.
wayne is Mandy’s agent and therefore has a fiduciary duty toward her. The problem being is that he clearly did not intend to defraud anyone.
I think the worst that could happen is that Many would leave Wayne and use another farm/agent. But she doesn’t seem to be the type to do that.
At least she knows that Wayne will never make that mistake again!
[I can see it happening – Agents run into the office at the last minute to put in the reserve. When busy and stressed, writing $1.9 instead of $1.19 is understandable. — And hopefully not inexcusable]
I’d also imagine that Keeneland wants its pound of flesh up to the posted reserve as opposed to the intended reserve. Someone has to pay that.
I would expect that if someone (a buyer not just a bidder) had reached the actual reserve that a PS would have been an option. Of course the potential buyer may have bought another horse in the meantime and thus they were no longer interested.
[QUOTE=Pronzini;8845074]
I’d also imagine that Keeneland wants its pound of flesh up to the posted reserve as opposed to the intended reserve. Someone has to pay that.[/QUOTE]
Didn’t think of that. Didn’t realize the sales ring took a $ “part” of even an RNA horse but sure makes sense they would.
If I’d been the buyer on the $1.9M that didn’t sell, not sure I’d be so willing to offer $1.9M after the fact unless someone else was also interested and willing to purchase at close to that price. An auction can start a feeding frenzy but the PS, a much different environment.
[QUOTE=Where’sMyWhite;8845168]
If I’d been the buyer on the $1.9M that didn’t sell, not sure I’d be so willing to offer $1.9M after the fact unless someone else was also interested and willing to purchase at close to that price. An auction can start a feeding frenzy but the PS, a much different environment.[/QUOTE]
The point is that the last bidder was probably not a “buyer”.
After the fact it would only require the actual reserve, which I am guessing was met by someone. Otherwise why the apologies?
True the last bet was the RNA but I doubt the bidding would (from outside appearances) jump from $1.2M (say) to $1.9M without some intermediate bids. I also sure got the impression there was some apologizing going on to bidders who were between the $1.19M and $1.9M.
I guess my point was that the actual “bidders” (i.e., not the RNA bid) may still want the colt but not sure I’d offer my highest bid to buy him post auction. I may even sit back and see where the private sale goes. Who knows what’s going on behind the scenes that we don’t see (but I am sure rumors are floating around at Keeneland) with who will buy the colt and for how much until the private sale is complete. And Mandy may just decide to keep him 
how many times has there been a screw-up, or some unfortunate thing (crooked foal, horse gets dinged on a leg before the sale, etc) and then the horse is kept by seller and then goes on to do great things?
Liability insurance covers mistakes like this one. It would not cover intentional fraud.
[QUOTE=Palm Beach;8846951]
Liability insurance covers mistakes like this one. It would not cover intentional fraud.[/QUOTE]
Doesn’t appear insurance is in play.
http://www.paulickreport.com/news/bloodstock/keeneland-system-reserve-bids-designed-checks-balances/
For what it’s worth, having spoken to a friend who does put in the reserves for a well known/respected bloodstock agency in Ky, things are not as laid back as you’d think. They record you saying to them what the reserve is with a video camera. Then you sign your life away on it in triplicate. This is not as easy to botch without proof in hand of what you’ve said and put down as the official reserve. Add to that that the person who does this is likely an Employee of Wayne’s. They would ‘normally’ then give the slip to Wayne himself to at least glance at.
~Emily
If there are that many checks and balances, then I still don’t understand how this could have happened.
[QUOTE=Xctrygirl;8847313]
For what it’s worth, having spoken to a friend who does put in the reserves for a well known/respected bloodstock agency in Ky, things are not as laid back as you’d think. They record you saying to them what the reserve is with a video camera. Then you sign your life away on it in triplicate. This is not as easy to botch without proof in hand of what you’ve said and put down as the official reserve. Add to that that the person who does this is likely an Employee of Wayne’s. They would ‘normally’ then give the slip to Wayne himself to at least glance at.
~Emily[/QUOTE]
[QUOTE=Shammy Davis;8846966]
Doesn’t appear insurance is in play.
It’s always best if the parties can work things out between them. But I imaging the statue of limitations is at least a year on these types of things.
Not to hijack the thread, but why might this colt, hip 571, made $1.9M easily, yet Havre de Grace’s colt didn’t?
In another article Wayne said he intended to write 1.19 and wrote 1.9 instead so it sounds like he was the one that made the mistake. Horrible situation for all involved.
