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 Thread Killer
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| Aaaaannnnndd we're back....again.
There are still two sides to every story. How about we just sit back and relax until we all know what has really happened. |
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Pig-Bear Dog Lover
| I'm pretty sure she'll end up with him if she wants him, latte is going to get bid up so high and the walkers already own 90% it would be easiest for them to buy him back. If not, I'm sure Mary can find something else to be successful on with her 90% from the sale. Especially since he's worth a whole lot more now than when she bought him. Either way yes it's sad she's losing her partner, but she wont come out bad in a business perspective, neither of them will. We all lose horses at some point or another. I don't "feel bad" for the horse either he will be taken care of anywhere he goes.  |
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 I'm not opinionated
Posts: 4597
Location: Online | I'm just confused. The whole situation makes no sense to me. If I were to buy a horse I would want all 100% ownership. Partnerships more often than not will desolve because of bitterness, jealousy, dishonoring the contract, or greed. Especially if the value of the horse increases significantly. I'm not saying these reasons have anything to do with this situation, but it sure seems that way. As an interested uninvolved third party, I just want to say.......  |
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 Expert
Posts: 1384
Location: Kansas | I wonder if there will be a full disclosure & the vet records to view prior for qualified buyers or if it's possible for someone to have their vet of choice to examine him ahead of time
Edited by Sangria 2014-03-18 11:10 AM
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 Husband Spoiler
Posts: 4151
Location: North Dakota | I can understand Cheri wanting out of the partnership and wanting to make some money off the deal. I mean if I had an opportunity to make some money I would. She wants her 10% of what he is NOW worth not what he was worth when the Walker's first purchased him. The only way to get a true value on him is to put him up for auction. But we need to remember that the Walker's still own 90% of him so if he were to sell for $500k they could buy him for $50k. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Sangria - 2014-03-18 11:09 AM I wonder if there will be a full disclosure & the vet records to view prior for qualified buyers or if it's possible for someone to have their vet of choice to examine him ahead of time
I wonder this too now that we all know that he hurt himself again.
Edited by Southtxponygirl 2014-03-18 11:16 AM
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Location: California | How old is this horse and how long has he been running? Given how much he has been used, you think there aren't any holes? I hope that he is auctioned at a reasonable and fair price so that Mary can retain ownership. |
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 Shelter Dog Lover
Posts: 10277
| Just Bring It - 2014-03-18 11:12 AM I can understand Cheri wanting out of the partnership and wanting to make some money off the deal. I mean if I had an opportunity to make some money I would. She wants her 10% of what he is NOW worth not what he was worth when the Walker's first purchased him. The only way to get a true value on him is to put him up for auction. But we need to remember that the Walker's still own 90% of him so if he were to sell for $500k they could buy him for $50k.
This court action was not brought about because Cheri wanted out of the partnership. It was brought about because one of the parties was not honoring the contract. The suit was filed as a breach of contract. |
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Itchy Boobs
Posts: 360
| I would like to hear Cheri's side of the story. |
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| Just Bring It - 2014-03-18 11:40 AM From Mary Walker herself....
To all my FB friends and family, my heart is saddened for two reasons. I would like to first say that Latte will not be at Rodeo Houston for the Semi-finals. Latte sustained an injury at Ft. Worth on my second run when he had a horrible slip. Dr. Honnas and I have worked very hard getting him well so I could get through the winter buildings. We sustained a fall Thursday night at Mercedes, Tx which brought back flashes of my fall 2 yrs.ago. Latte injured himself again. The prognosis will be at least 12 wks of rest, with therapy everyday. Luckily, with having great friends ,I will be riding Spider,who belongs to Teresa Turberville.
I am also saddened by being forced by Cheri Cogburn, who retained 10% and we bought 90%,to sell him under court order. Her reason for retaining 10% ownership was so he would never be sold and remain with me forever. Byron bought him for me as a Mothers day present after the loss of Reagon in April of 2011. We formed an LLC to protect both parties interest. She has chose to sue for partition of sale and since he is the only asset of the LLC I am forced to auction him off. I have tried to keep quiet because I felt I shouldn't worry everyone with what's going on in my personal life, we thought that we would be able to work this out with Cheri, however her last settlement offer for us to pay her 250,000 for her 10%, left us no choice. This is my statement, with all this being said, no one will ever take away what Latte and I have. They will never take my love for him. They can never take my Gold Buckle. I put my heart and soul into making him a Champion and he returned the favor to me. My heart is very heavy at this time. The next week will be a very upsetting time in my life, not knowing what will happen. Please keep us in your thought and prayers. The part that she says, Cheri kept 10% so Latte could be with me forever; makes absolutely no sense to me. If making sure ownership was always with one or the other (Cheri or Mary) a first right to refusal clause in a signed contract would of been suffice. Retaining part ownership, would seem to me, to be a way to be part-owner thus make some profit. Also, it is the court mandating the auction not Cheri.
Edited by runs4fun 2014-03-18 11:21 AM
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 Mature beyond Years
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Location: North of the 49th Parallel | rodeochick123 - 2014-03-18 9:18 AM I would like to hear Cheri's side of the story.
I would too but if Cheri's smart and her lawyers are good she'll stay silent for now, at least until the sale. |
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 Elite Veteran
Posts: 1053
Location: Arizona | Just Bring It - 2014-03-18 8:40 AM
From Mary Walker herself....
To all my FB friends and family, my heart is saddened for two reasons. I would like to first say that Latte will not be at Rodeo Houston for the Semi-finals. Latte sustained an injury at Ft. Worth on my second run when he had a horrible slip. Dr. Honnas and I have worked very hard getting him well so I could get through the winter buildings. We sustained a fall Thursday night at Mercedes, Tx which brought back flashes of my fall 2 yrs.ago. Latte injured himself again. The prognosis will be at least 12 wks of rest, with therapy everyday. Luckily, with having great friends ,I will be riding Spider,who belongs to Teresa Turberville.
I am also saddened by being forced by Cheri Cogburn, who retained 10% and we bought 90%,to sell him under court order. Her reason for retaining 10% ownership was so he would never be sold and remain with me forever. Byron bought him for me as a Mothers day present after the loss of Reagon in April of 2011. We formed an LLC to protect both parties interest. She has chose to sue for partition of sale and since he is the only asset of the LLC I am forced to auction him off. I have tried to keep quiet because I felt I shouldn't worry everyone with what's going on in my personal life, we thought that we would be able to work this out with Cheri, however her last settlement offer for us to pay her 250,000 for her 10%, left us no choice. This is my statement, with all this being said, no one will ever take away what Latte and I have. They will never take my love for him. They can never take my Gold Buckle. I put my heart and soul into making him a Champion and he returned the favor to me. My heart is very heavy at this time. The next week will be a very upsetting time in my life, not knowing what will happen. Please keep us in your thought and prayers.
So, if I get this right, Cogburn's request for Walkers to buy her 10% out for $250,000 values the horse at $2.5 million?!?!?!? That's absurd if it's true. |
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  That's White "Man" to You
Posts: 5515
| Just Bring It - 2014-03-18 11:12 AM I can understand Cheri wanting out of the partnership and wanting to make some money off the deal. I mean if I had an opportunity to make some money I would. She wants her 10% of what he is NOW worth not what he was worth when the Walker's first purchased him. The only way to get a true value on him is to put him up for auction. But we need to remember that the Walker's still own 90% of him so if he were to sell for $500k they could buy him for $50k. Generally with this type of sale-the buyer- even it were the walkers, would have to pay the court the full purchase price. The court would then in turn pay that money to the former owners according to the judges terms. Sometimes it takes 30 days, sometimes it takes years. So the walkers would have to be able to cash flow the purchase price of latte for a period. That is usually the deal breaker for most owner-purchases.
I would be willing to bet the walkers should have taken the $250k settlement. The horse has earning potential far beyond this price, at least with Mary ridding him.
Edited by Whiteboy 2014-03-18 11:27 AM
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Husband Spoiler
Posts: 4151
Location: North Dakota | azleigh - 2014-03-18 11:23 AM Just Bring It - 2014-03-18 8:40 AM From Mary Walker herself....
To all my FB friends and family, my heart is saddened for two reasons. I would like to first say that Latte will not be at Rodeo Houston for the Semi-finals. Latte sustained an injury at Ft. Worth on my second run when he had a horrible slip. Dr. Honnas and I have worked very hard getting him well so I could get through the winter buildings. We sustained a fall Thursday night at Mercedes, Tx which brought back flashes of my fall 2 yrs.ago. Latte injured himself again. The prognosis will be at least 12 wks of rest, with therapy everyday. Luckily, with having great friends ,I will be riding Spider,who belongs to Teresa Turberville.
I am also saddened by being forced by Cheri Cogburn, who retained 10% and we bought 90%,to sell him under court order. Her reason for retaining 10% ownership was so he would never be sold and remain with me forever. Byron bought him for me as a Mothers day present after the loss of Reagon in April of 2011. We formed an LLC to protect both parties interest. She has chose to sue for partition of sale and since he is the only asset of the LLC I am forced to auction him off. I have tried to keep quiet because I felt I shouldn't worry everyone with what's going on in my personal life, we thought that we would be able to work this out with Cheri, however her last settlement offer for us to pay her 250,000 for her 10%, left us no choice. This is my statement, with all this being said, no one will ever take away what Latte and I have. They will never take my love for him. They can never take my Gold Buckle. I put my heart and soul into making him a Champion and he returned the favor to me. My heart is very heavy at this time. The next week will be a very upsetting time in my life, not knowing what will happen. Please keep us in your thought and prayers. So, if I get this right, Cogburn's request for Walkers to buy her 10% out for $250,000 values the horse at $2.5 million?!?!?!? That's absurd if it's true.
Well and that's why I feel an auction is necessary. Because of course Cheri or Mary could put any price they wanted on the horse but the only way to know for sure the worth is to auction him off. Cheri feels he is worth $2.5mil and wants her 10% of that and I'm sure Walker's would rather he be worth $300k and ower her $30k. |
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That's White "Man" to You
Posts: 5515
| Southtxponygirl - 2014-03-18 11:13 AM Sangria - 2014-03-18 11:09 AM I wonder if there will be a full disclosure & the vet records to view prior for qualified buyers or if it's possible for someone to have their vet of choice to examine him ahead of time
I wonder this too now that we all know that he hurt himself again.
Do you think they are "playing up" the injury? |
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Itchy Boobs
Posts: 360
| NonaY - 2014-03-19 12:16 AM
How old is this horse and how long has he been running? Given how much he has been used, you think there aren't any holes? I hope that he is auctioned at a reasonable and fair price so that Mary can retain ownership.
If im not mistaken latte is 10 this year. |
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Shelter Dog Lover
Posts: 10277
| azleigh - 2014-03-18 11:23 AM
Just Bring It - 2014-03-18 8:40 AM
From Mary Walker herself....
To all my FB friends and family, my heart is saddened for two reasons. I would like to first say that Latte will not be at Rodeo Houston for the Semi-finals. Latte sustained an injury at Ft. Worth on my second run when he had a horrible slip. Dr. Honnas and I have worked very hard getting him well so I could get through the winter buildings. We sustained a fall Thursday night at Mercedes, Tx which brought back flashes of my fall 2 yrs.ago. Latte injured himself again. The prognosis will be at least 12 wks of rest, with therapy everyday. Luckily, with having great friends ,I will be riding Spider,who belongs to Teresa Turberville.
I am also saddened by being forced by Cheri Cogburn, who retained 10% and we bought 90%,to sell him under court order. Her reason for retaining 10% ownership was so he would never be sold and remain with me forever. Byron bought him for me as a Mothers day present after the loss of Reagon in April of 2011. We formed an LLC to protect both parties interest. She has chose to sue for partition of sale and since he is the only asset of the LLC I am forced to auction him off. I have tried to keep quiet because I felt I shouldn't worry everyone with what's going on in my personal life, we thought that we would be able to work this out with Cheri, however her last settlement offer for us to pay her 250,000 for her 10%, left us no choice. This is my statement, with all this being said, no one will ever take away what Latte and I have. They will never take my love for him. They can never take my Gold Buckle. I put my heart and soul into making him a Champion and he returned the favor to me. My heart is very heavy at this time. The next week will be a very upsetting time in my life, not knowing what will happen. Please keep us in your thought and prayers.
So, if I get this right, Cogburn's request for Walkers to buy her 10% out for $250,000 values the horse at $2.5 million?!?!?!? That's absurd if it's true.
It is not true. Thar figure may have been pulled out of thin air or it may be what the judge has determined what is owed Cheri per the contract. |
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Expert
Posts: 1956
Location: Ky | runs4fun - 2014-03-18 11:20 AM Just Bring It - 2014-03-18 11:40 AM From Mary Walker herself....
To all my FB friends and family, my heart is saddened for two reasons. I would like to first say that Latte will not be at Rodeo Houston for the Semi-finals. Latte sustained an injury at Ft. Worth on my second run when he had a horrible slip. Dr. Honnas and I have worked very hard getting him well so I could get through the winter buildings. We sustained a fall Thursday night at Mercedes, Tx which brought back flashes of my fall 2 yrs.ago. Latte injured himself again. The prognosis will be at least 12 wks of rest, with therapy everyday. Luckily, with having great friends ,I will be riding Spider,who belongs to Teresa Turberville.
I am also saddened by being forced by Cheri Cogburn, who retained 10% and we bought 90%,to sell him under court order. Her reason for retaining 10% ownership was so he would never be sold and remain with me forever. Byron bought him for me as a Mothers day present after the loss of Reagon in April of 2011. We formed an LLC to protect both parties interest. She has chose to sue for partition of sale and since he is the only asset of the LLC I am forced to auction him off. I have tried to keep quiet because I felt I shouldn't worry everyone with what's going on in my personal life, we thought that we would be able to work this out with Cheri, however her last settlement offer for us to pay her 250,000 for her 10%, left us no choice. This is my statement, with all this being said, no one will ever take away what Latte and I have. They will never take my love for him. They can never take my Gold Buckle. I put my heart and soul into making him a Champion and he returned the favor to me. My heart is very heavy at this time. The next week will be a very upsetting time in my life, not knowing what will happen. Please keep us in your thought and prayers. The part that she says, Cheri kept 10% so Latte could be with me forever; makes absolutely no sense to me. If making sure ownership was always with one or the other (Cheri or Mary) a first right to refusal clause in a signed contract would of been suffice. Retaining part ownership, would seem to me, to be a way to be part-owner thus make some profit. Also, it is the court mandating the auction not Cheri.
Yep, all contracts are covenants of good faith. Whether bad faith was involved is now up to the courts. It would seem now from the outside that, if good faith did exist at the time of the contract being drawn up that there was not a meeting of the minds on what they agreed to.
If there is ambiguity in the contract language then it will ruled favorably towards the accepting party. So, who drew up the contract and proposed the terms?
That's what this is about now. We are all horse people and make irrational decisions because the feelings about our horses. I'm sure that's true with both of these families too.
The court doesn't give a crap about all that. If the parties are smart they will settle this and the auction will never take place. If they have dug in their and are willing to let the legal system decide it then that's what will happen. I bet both will be unhappy with that outcome. |
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 Hugs to You
Posts: 7551
Location: In The Land of Cotton | bccanchaser16 - 2014-03-18 12:23 PM rodeochick123 - 2014-03-18 9:18 AM I would like to hear Cheri's side of the story. I would too but if Cheri's smart and her lawyers are good she'll stay silent for now, at least until the sale.
I actually hope that she stays silent forever. To me that speaks volumes. |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Whiteboy - 2014-03-18 11:28 AM Southtxponygirl - 2014-03-18 11:13 AM Sangria - 2014-03-18 11:09 AM I wonder if there will be a full disclosure & the vet records to view prior for qualified buyers or if it's possible for someone to have their vet of choice to examine him ahead of time
I wonder this too now that we all know that he hurt himself again.
Gosh I sure hope not.  |
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