20% stake in Curlin to be turned over to the 400+ plantiffs who successfully sued the original owners of Curlin. They don’t want to own him so that stake will be sold (to Jess Jackson, I assume) in very short order …
DRF 4-17-08 “Judge says he will rule for Curlin plaintiffs”
A Franklin County judge said on Wednesday he will soon rule that the assets held by incarcerated attorneys William Gallion and Shirley Cunningham should be turned over to the plaintiffs that have successfully sued the two lawyers. The assets include a 20 percent stake in 2007 Horse of the Year Curlin.
Judge Roger Crittenden told the attorney for the plaintiffs, Angela Ford, that he will issue the ruling in several weeks, in response to a motion that Ford filed asking the court to declare that 10 limited-liability companies affiliated with Gallion and Cunningham are “mere alter egos or instrumentalities” of the two lawyers, who have been in jail since late last year on Crittenden’s order. One of the companies, Tandy LLC, owns the share in Curlin, through a nom du course called Midnight Cry Stables.
“My clients don’t want to take over the ownership of any property, so we would look to liquidate those assets to cash, where possible,” Ford said. “However, if it turns out that ownership of an asset is far more beneficial than liquidation, than we would consider that. But we have a long way to go before we make that decision.”
Richard Getty, an attorney who represents Stonestreet Stables, said on Wednesday that “quite obviously, Stonestreet would exercise any rights granted to it under the agreement covering ownership of Curlin.” Though Getty would not confirm or deny that the agreement includes a right of first refusal - which would allow Stonestreet to match any offer made by another party to buy the interest - it has previously been reported that the right exists.
Sounds like just perhaps someone can run up the price JJ will be paying for that 20% stake 