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Curlin: the valuation of the multiple Grade 1 winner is in dispute

  PICTURE: Edward Whitaker  

Court rules against Curlin 20% share sale

A COURT has ruled against the remaining 20 per cent share in Curlin being sold for $4 million to the colt's majority owner Jess Jackson.

The minority share is owned by disbarred attorneys Shirley Cunningham and William Gallion, who were hit with a $42 million judgement in a case involving fees they charged clients in a class-action lawsuit against manufacturers of a diet drug.

Judge Roger Crittenden denied the claim during a court hearing in Frankfort, Kentucky after objections from Gallion and Cunningham's lawyer and the attorney acting on behalf of the plaintiff who brought the class-action.

The judge had previously heard from Ric Waldman, the bloodstock agent who managed the stallion career of Storm Cat and was called upon as an expert witness on hehalf of the court receiver, that Curlin's value was $20 million and the 20 per cent share was thus worth $4 million.

However, on Monday Cunningham and Gallion's attorney had called upon bloodstock agent Thomas Clark to testify that since Lane's End had announced that Curlin's stud fee would be $75,000, the Smart Strike colt's value was $37.5 million; 20 per cent of which would be $7.5 million.

Crittenden's ruling came before Clark testified. He said: "If both parties who would stand to gain or lose the most object, this court does not intend to direct the receiver to accept the offer."

Jackson's attorney Richard Getty told the court: "A bird in the hand — $4 million, which is a million and a half dollars more than I think it’s worth, is better than a bird in the bush.

"The current market conditions are horrible. If they are not smart enough to figure out that this is a very good deal, given the market conditions, I feel sorry for them. A year and a half or two years from now this interest may not be worth $4million."

Crittenden instructed the receiver to be available to negotiate any further offers for the minority share.

 

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