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 Certified Snake Wrangler
Posts: 1672
   
Location: North MS | I can see this auction price ending extremely high! What if it is in the multi-millions since nothing like this has ever happened before. Either way it will be interesting to see how it turns out. Seems like greed could ruin a great horse/person team and partnership potentially.
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 Hog Tie My Mojo
Posts: 4847
Location: Opelousas, LA | rodeomom3 - 2014-03-16 11:50 PM fatchance - 2014-03-16 11:17 PM loflin06 - 2014-03-16 9:14 PM Mary had Latte 6 months prior to the purchase and the owner kept increasing the price as Mary and Latte began winning at WPRA and other events. Anything above $1,500 in equistat earrings prior to Mary getting on him was all won with Mary as the rider. This made purchasing him difficult therefore the retainer of the 10% by Cogburns. Mary was also hurt by Latte, Mary should sue Cogburns.
..and share in expenses, going down the road is not cheap, that is where it gets tricky in most cases.
Partnerships like this almost never work out to the satisfaction of both parties, they seem to bring out the worst in people, friends and family included. |
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 Extreme Veteran
Posts: 452
Location: Alberta | This is just an assumption but I bet this auction would be ran similar to many other large auctions where in order to be a registered bidder you have to have a certified letter from your bank stating how much funds is available to you. This will prevent any random Jo blow from coming in and running up bids to make Walkers pay more knowing that they will not let that horse go for nothing. At least that should prevent the bids from getting outrageously high (meaning in the millions)!
This similar auction scinerio happened close to where I live a few years ago because of a nasty divorce. A lady had about 7 very nice western pleasure, halter, hunter horses that she paid big money for, for her daughters. In the divorce settlings she had to prove the worth of the horses so being the scuzzy kinda person she is she decided to load them up and take them to a small rural auction a couple hrs from where she lived thinking no one would know her and run them through loose at the end of the sale and buy them back for cheap, she would only be out the commission to the sale barn and would have to pay out her ex only a fraction of the true value of the horses. Well little did she know, the wrong person would be at the sale that day; someone who had been wronged by her in the past and had many friends who also had bad dealings with this chick!! Well this person got a little revenge and ran her up a wee bit knowing she would never let them sell as they were her kids horses!
I hope everything works out for the best and both parties involved will be satisified with the outcome. |
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 Elite Veteran
Posts: 742
| Stridin' Out - 2014-03-16 10:44 PM Ms Loflin does not have her facts correct. The auction is not simply to determine value. The auction is to sell the horse. The winning bidder - whoever that may be - must deposit the FULL amount of the bid price with the registry of the court. The horse will be sold once funds are deposited.
Stridin out kind of knows what she is talking about as she is one of the parties involved. I like both Cheri and Mary and wish things would have been ok for all parties, Latte included. It's heartbreaking. |
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| There is always more than the picture on the cover of the book .... links will explain themselves ... just read them all the way thru ...
http://www.corporationwiki.com/Texas/Ennis/walker-cogburn-llc/10754...
http://barrelhorsenews.com/articles/rodeo/3890-2012-top-rode-horses...
https://www.facebook.com/WPRACACircuit/posts/115667161931683
PERCULATIN .... 2012
2012 World standings place: 1st
2012 Earnings: $127,292
2012 Wrangler NFR place: 2nd
2012 Wrangler NFR earnings: $146,941
PERCULATIN .. 2013
http://www.wpra.com/standings_nfr_13.asp
https://www.facebook.com/pages/Mary-Walker/462957567119707?sk=info
There is always more than meets the eye ....
if winning and lease fees were to be split ...
Owner: Walker & Cogburn LLC. TIE-DOWN ROPING. 1st BIG SMOKIN WONDER, aka "PEARL". Ridden by: Cody Ohl, Blair Burk, Chase Williams, Trevor Brazile.
In an LLC Corporation only the assets of the LLC can be attacked and not your personal property by any lawsuits. One of the partners can clean out the assets and turn them into personal assets and leave the other LLC partner hanging.
Lawyers and courts are the next step to correct any wrong doing, value of assets to be split per money owed either partner(s) by value and/or unpaid commissions or absolve the LLC ..
YOU FIGURE IT OUT... ..
Edited by BARRELHORSE USA 2014-03-17 3:20 AM
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Not sure where you were going with all that? Lol
But I do know people shouldn't discount one person side because they may not be as well known.
This isn't the first trouble of this sort for one of the parties, including a few arrests. |
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 Not Afraid to Work
Posts: 4717
| yellowhorse1 - 2014-03-17 4:54 AM
Not sure where you were going with all that? Lol
But I do know people shouldn't discount one person side because they may not be as well known.
This isn't the first trouble of this sort for one of the parties, including a few arrests.
Dont get the thread zapped lol  |
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Location: Over by those oil wells, TX | Do you think the amount they had him insured for could have been used for him or against him. I wonder if that is factored in. If Latte or Perculatin either one was insured for an extremely high amount then things could have gotten complicated too. What a huge shame and mess...then add attorneys into the situation and the reading could get very interesting. My wish and prayer is that the most honest people win for a change and not the just the ones who hire the most clever attorneys. I want honesty to truly prevail for a change.
Edited by hopin4$ 2014-03-17 6:05 AM
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Hungarian Midget Woman
Location: Midwest | Sounds like a sad sitch all around.
I'm sure they will get it worked out so that Mary can still run him. He is such a nice boy.
Business parts of this conflict aside, as a horse person I have to feel for Mary. Knowing there is a possibility that I could lose a horse that I loved would really tear me up. I'm sure she's upset about this. How could a person not be at least a little worried in a situation such as this. It's obvious that she loves the horse a lot, especially after all she has gone through with him. |
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boon
Posts: 4
| The court docs don't state any % for either party. It says all $$ from the auction will be deposited into escrow and basically they will fight over money in court. Bottom line is Attorneys are probably getting most of it from both sides. Business is Business, if you take care of business this stuff doesn't happen. It's any secret that one of the parties is known to be a bit crooked anyway.
As far as they buyers, Walkers can go and buy him, but anybody else that may end up with him Congrats!! If you can buy him and you own him why not!!
Walker's will probably be in more trouble anyhow, Latte was not suppose to leave the premises until auction date after midnight of the 13th of March. They still ran him, imo they just keep breaking laws and rules
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boon
Posts: 4
| I agree, Ms. Loflin doesn't have any facts correct. The judge may say Cogburn is due 80% because of all the stress and lies and cheat she has been put through.
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boon
Posts: 4
| Auction Information:
10am on March 27th
Waxahachie Rodeo Arena
Registration 9am |
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 Hugs to You
Posts: 7551
Location: In The Land of Cotton | All I can say is - it was a business deal.
However, I feel that Mary is such a spiritual woman, that no matter what happens she will find peace. Losing Latte would be devastating to her, however, I am sure she realizes there are a lot more horrible things that could happen to her in this world. She will survive.
And please don't' take this wrong - I would cry, scream, cuss and throw things. Be totally devasted as I know she would be.
Edited by 3canstorun 2014-03-17 7:12 AM
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| 3canstorun - 2014-03-17 7:08 AM
All I can say is - it was a business deal.
However, I feel that Mary is such a spiritual woman, that no matter what happens she will find peace. Losing Latte would be devastating to her, however, I am sure she realizes there are a lot more horrible things that could happen to her in this world. She will survive.
And please don't' take this wrong - I would cry, scream, cuss and throw things. Be totally devasted as I know she would be.
What about Cheri? |
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Veteran
Posts: 247
Location: Red Oak, Texas 75154 | |
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Hugs to You
Posts: 7551
Location: In The Land of Cotton | yellowhorse1 - 2014-03-17 8:13 AM 3canstorun - 2014-03-17 7:08 AM All I can say is - it was a business deal.
However, I feel that Mary is such a spiritual woman, that no matter what happens she will find peace. Losing Latte would be devastating to her, however, I am sure she realizes there are a lot more horrible things that could happen to her in this world. She will survive.
And please don't' take this wrong - I would cry, scream, cuss and throw things. Be totally devasted as I know she would be. What about Cheri?
I don't know Cheri, so I cannot say anything about her. I didn't even know her last name until it was mentioned on here. However, I do know that Mary did haul Latte and probably developed a little more of a relationship with the horse. She was the day to day care giver. From what little I have gathered, Cheri, was more of a financial partner. Correct me if I am wrong.
Both people involved deserve the full financial gains they agreed upon in the original contract. However, it is my personal opinion that Mary was the one who developed and was able to bring out the talent that Latte has. To me Mary will be the one who misses the day to day contact/caring/friendship that Latte has given her. Unless, of course, Cheri has also traveled with Latte for the past couple of years. |
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  Neat Freak
Posts: 11216
Location: Wonderful Wyoming | So I am going to throw something out there. Won't the Brazillians be all over him or will he lack any value to them because he is a gelding? |
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Veteran
Posts: 247
Location: Red Oak, Texas 75154 | Jan Sigler - 2014-03-17 7:15 AM
Has the 10% owner paid any of the expenses to increase his value since the day Mary started riding Latte?
Also, I was told the Walkers had made a 6 figure offer to buy out the 10%.
Yes, Latte belongs with Mary, regardless of who pays for him at the sale.
Some people are just consumed with Greed and Jealously. Is this sale about money or to take Latte away from Mary??
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 Queen Boobie 2
Posts: 7521
| TxBronc - 2014-03-17 12:02 AM Glittergirl - 2014-03-16 11:58 PM phillyincal - 2014-03-16 10:59 PM loflin06 - 2014-03-17 8:56 PM That is correct, the highest bidder will go home with the horse. If Latte sells for $100,000 Walkers will receive $90,000 as they own 90% and the other party will receive $10,000. I can assure you that the Walkers have every intention and the funds to purchase Latte from this auction. Unfortunately this means they will have bought him twice. This is what I was going to ask...what would stop the Walkers from bidding on him and buying him back? Sounds like that is the plan. I sure hope it all works out, they are such an amazing team! JMO but anyone who would raise their hand and bid against Mary Walker to take that horse away from her would have to be pretty cold hearted and ashamed of themselves. They are a team who belong together. Anyone buying him out from under her in these circumstances would be considered a horse theif in my eyes! I don't think that is fair to say. They other party may have legitimate case.
I agree.
How many times do we read on here about people not fulfilling their obligations in a horse "deal", and everyone gets up in arms about the person who doesn't do what they agreed to.
Most of us here do not know the facts in this case, but it is very possible some obligations of the agreement were not met for a judge to order this sale.
I have seen horses go through horse auctions to dissolve a partnership when parties can't agree on what the horse is worth. Sometimes, one party will buy the horse at auction....and yes, they have to have the full purchase price up front and then they get their percentage from the sale after the commission is deducted. |
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 Shelter Dog Lover
Posts: 10277
| Jan Sigler - 2014-03-17 7:25 AM Jan Sigler - 2014-03-17 7:15 AM Has the 10% owner paid any of the expenses to increase his value since the day Mary started riding Latte?
Also, I was told the Walkers had made a 6 figure offer to buy out the 10%.
Yes, Latte belongs with Mary, regardless of who pays for him at the sale.
Some people are just consumed with Greed and Jealously. Is this sale about money or to take Latte away from Mary??
This sale is about breach of contract between the Walkers and Cheri Cogburn. There is no dispute that Mary made Latte a star and loves and is bonded with him. Emotions aside though, this is about honoring the agreed upon contract.
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