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I heard Latte is going up at auction in two weeks
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rodeomom3
Posted 2014-03-16 9:28 PM (#6957054 - in reply to #6957043)
Subject: RE: I heard Latte is going up at auction in two weeks



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RocketPilot - 2014-03-16 9:17 PM
fatchance - 2014-03-16 9:06 PM They couldn't settle on who did what and actually what the contract read. SO now it's going down to the line. Remember folks this horse was bought by Walkers but with a % held back back by the seller with conditions. The lesson in this is do not do the latter two of what I typed.
 It is my understanding that there was a purchase price plus a % of winnings, neither of which were completely paid resulting in the lawsuit.  Yes it is a sad situation which should have never happened.
 It is a shame, Mary has such an inspirational story .  I feel sorry for their partner who had to sue to get the contract they signed enforced. I bet it is nit what she wanted either.

Edited by rodeomom3 2014-03-16 9:29 PM
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barrelbasher
Posted 2014-03-16 9:30 PM (#6957056 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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This is a sad situation, but unfortunately it was a business agreement where the terms were not held to according the the judges ruling. It is heart breaking for all parties involved that what was probably a once friendship is ruined and a great rider/horse team will be broken up. Maybe all will end well.
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Bibliafarm
Posted 2014-03-16 9:33 PM (#6957059 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks


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My guess is there is a lot more going on behind the scenes.. you dont know she wont end up with horse in the long run yet..  
with that said.. it happens when you partner with or have more then one party invested in a high dollar horse.. like shares in the horse..in the end... there is legal issues.60% of the time imho.. it can be a real nightmare unless you have a complete silent partner.if Legally the stipulations werent met then I dont think any of us has been in either partners shoes.. so Id not judge anyone.sad deal .. no matter...
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fatchance
Posted 2014-03-16 9:42 PM (#6957067 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks


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Truly hope this ends well. Mary and Latte are a team legend. 
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casualdust07
Posted 2014-03-16 9:43 PM (#6957068 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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Yes I don't want to judge either side. If money is owed to someone, they deserve it. As touching as the story is, if there's someone on the other end who's potentially been shorted of money they were agreed to… then its not fair.

However I don't know anything about this whole thing and what the contract says and what did or didn't happen.. just stinks all the way around.
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stayceem
Posted 2014-03-16 9:46 PM (#6957070 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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BARREL RACING HORSE OF THE YEAR

3rd PERCULATIN, aka "Latte"

Rider: Mary Walker

Owner: Walker & Cogburn LLC


Not to burn whoever Cogburn LLC is, just thought it interesting. Found this on the website for horse of the year placings.
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rodeomom3
Posted 2014-03-16 9:46 PM (#6957071 - in reply to #6957068)
Subject: RE: I heard Latte is going up at auction in two weeks



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casualdust07 - 2014-03-16 9:43 PM Yes I don't want to judge either side. If money is owed to someone, they deserve it. As touching as the story is, if there's someone on the other end who's potentially been shorted of money they were agreed to… then its not fair. However I don't know anything about this whole thing and what the contract says and what did or didn't happen.. just stinks all the way around.

 This^. If Latte doesn't end up back with the  Walkers there are a lot of great NFR gals who I bet can do great on him too.
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rodeomom3
Posted 2014-03-16 9:49 PM (#6957073 - in reply to #6957070)
Subject: RE: I heard Latte is going up at auction in two weeks



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stayceem - 2014-03-16 9:46 PM BARREL RACING HORSE OF THE YEAR 3rd PERCULATIN, aka "Latte" Rider: Mary Walker Owner: Walker & Cogburn LLC Not to burn whoever Cogburn LLC is, just thought it interesting. Found this on the website for horse of the year placings.

 Cheri Cogburn is who sold  Latte to the Walkers.  They created a partnership till horse was paid in full, why her name is still on his papers.

Edited by rodeomom3 2014-03-16 9:50 PM
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TxBronc
Posted 2014-03-16 9:52 PM (#6957075 - in reply to #6957011)
Subject: RE: I heard Latte is going up at auction in two weeks


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fatchance - 2014-03-16 8:40 PM

It would be educational to talk about this if it's going to be allowed and not deleted again.

Especially since this is BARREL HORSE WORLD.....
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stayceem
Posted 2014-03-16 9:56 PM (#6957079 - in reply to #6957073)
Subject: RE: I heard Latte is going up at auction in two weeks



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rodeomom3 - 2014-03-16 9:49 PM

stayceem - 2014-03-16 9:46 PM BARREL RACING HORSE OF THE YEAR 3rd PERCULATIN, aka "Latte" Rider: Mary Walker Owner: Walker & Cogburn LLC Not to burn whoever Cogburn LLC is, just thought it interesting. Found this on the website for horse of the year placings.

 Cheri Cogburn is who sold  Latte to the Walkers.  They created a partnership till horse was paid in full, why her name is still on his papers.

ohhhhhhhhhhhhhhhhhhhhhhhhh I dont know all the details. Just whenever I heard/saw ownership it was only walkers that were mentioned.
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fatchance
Posted 2014-03-16 9:59 PM (#6957081 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks


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Not sure I want to debate what I have been told.  Just don't forget that the horse was paid for with conditions.  The horses papers are in the Walkers name.(so I was told)  It's the rest of the story we here will never truly know, because it's not involving us.  I simply think there is a learning curve in all of this.

IF I pay for a horse, I am the new owner with papers. I do not sign into what if's into a side contract.
That is the learning curve here for the average joe. IMHO

AND never go into a LLC license with a partner...Ever.
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stayceem
Posted 2014-03-16 10:04 PM (#6957086 - in reply to #6957081)
Subject: RE: I heard Latte is going up at auction in two weeks



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fatchance - 2014-03-16 9:59 PM

Not sure I want to debate what I have been told.  Just don't forget that the horse was paid for with conditions.  The horses papers are in the Walkers name.(so I was told)  It's the rest of the story we here will never truly know, because it's not involving us.  I simply think there is a learning curve in all of this.

IF I pay for a horse, I am the new owner with papers. I do not sign into what if's into a side contract.
That is the learning curve here for the average joe. IMHO

AND never go into a LLC license with a partner...Ever.

Anyone I know who have sold with conditions, rarely get them fulfilled. Obviously its minimal compared to this as far as cost but I know people who have sold with rights to babies or winings and theres almost always problems.
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sodapop
Posted 2014-03-16 10:06 PM (#6957090 - in reply to #6957081)
Subject: RE: I heard Latte is going up at auction in two weeks


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fatchance - 2014-03-16 9:59 PM Not sure I want to debate what I have been told.  Just don't forget that the horse was paid for with conditions.  The horses papers are in the Walkers name.(so I was told)  It's the rest of the story we here will never truly know, because it's not involving us.  I simply think there is a learning curve in all of this.

IF I pay for a horse, I am the new owner with papers. I do not sign into what if's into a side contract.
That is the learning curve here for the average joe. IMHO

AND never go into a LLC license with a partner...Ever.
Ownership shows Walker & Cogburn LLC. So I assume the horse is in both parties name or at least the LLC they created together.

Edited by sodapop 2014-03-16 10:07 PM
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sorrel horse ranch
Posted 2014-03-16 10:09 PM (#6957092 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks


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Obviously I don't know details and I am not making judgement.  I just wish I had the money to buy him and give him to Mary. 
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newbie
Posted 2014-03-16 10:11 PM (#6957093 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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sorrel horse ranch - 2014-03-16 10:00 PM

Obviously I don't know details and I am not making judgement.  I just wish I had the money to buy him and give him to Mary. 

Me too! Let's all buy lotto tickets in the morning! My thinking is the Brazilians are going to swoop in and buy him, haven't they made offers on him before?
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casualdust07
Posted 2014-03-16 10:14 PM (#6957094 - in reply to #6957086)
Subject: RE: I heard Latte is going up at auction in two weeks



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stayceem - 2014-03-16 10:04 PM

fatchance - 2014-03-16 9:59 PM

Not sure I want to debate what I have been told.  Just don't forget that the horse was paid for with conditions.  The horses papers are in the Walkers name.(so I was told)  It's the rest of the story we here will never truly know, because it's not involving us.  I simply think there is a learning curve in all of this.

IF I pay for a horse, I am the new owner with papers. I do not sign into what if's into a side contract.
That is the learning curve here for the average joe. IMHO

AND never go into a LLC license with a partner...Ever.

Anyone I know who have sold with conditions, rarely get them fulfilled. Obviously its minimal compared to this as far as cost but I know people who have sold with rights to babies or winings and theres almost always problems.

Yep, I had someone offer to pay for part of my yearling colt and "if he made something" she'd pay for the rest of him with his earnings. this was shortly before she then offered me 4500 sock monkeys for him.

did not do that sale. wonder why…

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HotbearLVR
Posted 2014-03-16 10:16 PM (#6957095 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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The memories can't be taken away.  No matter what, Mary will have fulfilled a dream few can even imagine.  The title is hers.  No amount of money can change that.  I hope that is a source of consolation for her.  This is just a very sad turn of events.  I wonder how long this litigation has been going on, and the effect it had on her this past year. 
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rockinj
Posted 2014-03-16 10:22 PM (#6957098 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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I am not trying to take anything away from Mary and her dream run but to be honest, I really feel sorry for the original owner. She sold this horse with conditions that were agreed to but have now obviously not been met. 

I would like to think that this situation could have been avoided if those term were met. The judge must agree if they have stipulated such a drastic action as selling Latte.

Hugs to all involved and especially Latte.
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TyE
Posted 2014-03-16 10:24 PM (#6957101 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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As much as I love watching Marry and Latte, IF the Walkers did not fulfill the contract obligations of the purchase and did not hold true to their word then they should not have the right to keep the horse and no one should give him back to them with no strings attached.  What about the other party?? Why no sympathy for the other partner that was apparantly wronged if the judge ruled against the Walkers. 

 
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loflin06
Posted 2014-03-16 10:25 PM (#6957102 - in reply to #6956976)
Subject: RE: I heard Latte is going up at auction in two weeks



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For the record here let's get a few facts straight:

Latte was purchased by the Walkers from the Cogburns for $120,000 and they own 90% of Lattle. Cogburns retained 10% interest in him. He was paid IN FULL at the time of the sale. He is going up for auction to determine his value not because there is money owed by the Walkers. At this time there are two separate cases pending to determine if Walkers owe Cogburns or Cogburns owe Walkers. This is a very complicated situation and sadly as a result of the high profile of this amazing team rumors and lies have been spread like wild fire.

When Latte was purchased for Mary to help ease the pain of the unimaginable loss of her son he simply had less the $1,500 in equistat earnings to he resume. Mary and Latte have a bond and an amazing partnership! As anyone on here knows, the bond between a horse and rider runs deep. Loosing Latte would be devastating to say the least. Let's all be respectful of her situation and stick to the facts.
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