MGG needs better attorneys. You know, ones that are familiar with the applicable laws before they file suit.:rolleyes:
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I almost have to wonder if they’re throwing everything at the wall & just going something sticks.:rolleyes:
One would think they’d be well aware of any/all applicable laws pertaining to this case :sigh:
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Seems like a stupid strategy that will cost them $$$ since they’ll be paying other peoples legal fees. The fact that they didn’t bother to look at the basics, like F.T.s auction policy or Kentucky law, is bound to annoy judges.
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They are using the “let’s sue EVERYONE, and see what happens” gambit. Great for attorneys. Lousy for the clients.
“Let’s sue everyone and see what happens” is one of the hallmarks of bad legal representation.
Like I said, they need better attorneys.
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The Judge released Yeomanstown, the new owners of El Kabier, from the suit, today.
Looks like some of these deals will stick. It will be interesting to see which ones don’t…
Hill N Dale’s American Cleopatra case is the latest to look for a dismissal
I expect they’ll get their dismissal as well.
As an aside, she’s a lovely mare isn’t she? :yes:
I am going to be really interested to see what she produces. Lovely, indeed!
5/3 still hasn’t sold his farm and it’s still available at the door busting price of $14m. The one thing I’m surprised about is why Keeneland and Fasig let him keep taking out credit to buy horses when he never settled his debt with either one of them?
Link to farm listing? Thanks!
And now, Ashford. This is interesting to me, because, while I have NO reason to have industry knowledge of the values, it seems to me that a lifetime breeding right to AP should have had far greater value than what has been shown.
I don’t know… A.P.'s fee was private at that time, if I remember correctly, and it is very difficult to assess “lifetime breeding rights” if the horse colics and dies in, say 5 years time. I suppose the attorneys can sort out any insurance payments and payouts that relate to the stallions breeding life.
May well be a long drawn out legal fight that I think Coolmore (which obviously has more knowledge about the horse business than does the bank) may well be able to continue to afford to argue, for much longer than this bank can.
And another one off of the list!
Agree on the breeding life, but even if AP’s stud fee was, say, 200K, and he survives to breed five years…do the math. Somebody got a sweet deal, because the horse seems to be putting some winners on the ground. Now, granted, he is being bred to super mares, but still, he appears to be stamping some of them with his look and attitude.
I don’t think it really matters how much Coolmore paid for the shares, do you? It looks as if the bank’s attorneys didn’t do their homework.
Bear in mind that in the time frame that those breeding rights were sold (Dec 2018–June 2019) American Pharoah did not yet have any offspring racing. So his success or failure as a stallion was still an unknown. His 2yos may have looked the part but buying those breeding rights was still very much of a gamble.
His stud fee at the time–listed as Private–was 80K
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I understand what you are saying, but, sometimes, the highest a stallions value and therefore stud fee, will ever be, is right after they come off of the track. Some go up from there- but many of those fees go down.
Just the devil’s advocate position…
McMahon wants this mess to go away, too…
You are both right and wrong.
Yes, sometimes a stallion’s highest stud fee is right when he comes off the track–for his first year at stud, and maybe his second. Then it begins to drop precipitously as buyers wait for the offspring to prove themselves.
Three years after his last race. American Pharoah wasn’t “right off the track”. He’d already bred four crops. He was in that limbo period where things could go either way–and his value, which hung in the balance, was about to be decided. If AP’s offspring hadn’t come out running, six months later those breeding rights would have been worthless.
