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  The Original Cyber Bartender
    
Location: Washington | Pretty sure I stuck to avoiding the facts as some sides see them. I am on the side of Mary and Latte. Please don't think I have posted anything else.
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 You get what you give
Posts: 13030
Location: Texas | that sounds like a whole bunch of mess to work out. My sympathies to everyone involved, doesn't sound like any fun at all... |
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 Shelter Dog Lover
Posts: 10277
| It is a mess and a sad situation. I am on the side of all involved parties doing what they initially agreed to do whatever that may be. |
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 Expert
Posts: 1409
| An auction just to determine value? Why would anyone bid on him if they are not able to actually buy him and take him home? Sounds like determining value could be /should be accomplished some other way?  |
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 Expert
Posts: 1482
Location: on my horse | loflin06 - 2014-03-16 9:25 PM
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.
Thank you |
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Extreme Veteran
Posts: 429
Location: Texas | 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. |
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 Movin's Momma
Posts: 1426
| Good question, he is the only asset in the Walker/Cogburn llc corporation. Therefore when you are ordered to dissolve a corporation and determine the value of the shares the assets are sold. |
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Blessed 
Location: Here | TyE - 2014-03-16 10:37 PM
An auction just to determine value? Why would anyone bid on him if they are not able to actually buy him and take him home? Sounds like determining value could be /should be accomplished some other way?
In court ordered partition sales high bidder owns what is being auctioned Then the value that was established at said sale is distributed to the parties according to %. Like FC I hate this for this team and sure hope it gets resolved before the day of the sale Google court ordered partition sale if you want to learn more how this process works |
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Elite Veteran
Posts: 733
| Not trying to nit picky but is there such a thing as a llc corporation? LLC stands for limitied liability company right? Aren't they both "types" of businesses? I am pretty sure LLC's don't have shares nor share holders only corporations have that, I know our business is set up as a LLC both my mother and I are co-owners not share holders. Like I said not trying to be nit picky just curious.
ETA: Are Walkers and Cogburns in a LLC together or are Cogburn LLC and Walkers partners on the horse?
Edited by Rope-N-Run 2014-03-16 10:54 PM
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Shelter Dog Lover
Posts: 10277
| Rope-N-Run - 2014-03-16 10:51 PM Not trying to nit picky but is there such a thing as a llc corporation? LLC stands for limitied liability company right? Aren't they both "types" of businesses? I am pretty sure LLC's don't have shares nor share holders only corporations have that, I know our business is set up as a LLC both my mother and I are co-owners not share holders. Like I said not trying to be nit picky just curious. ETA: Are Walkers and Cogburns in a LLC together or are Cogburn LLC and Walkers partners on the horse? This is correct. My husband and I had to create one to get a permit to build our house.
Edited by rodeomom3 2014-03-16 10:55 PM
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 Not Afraid to Work
Posts: 4717
| loflin06 - 2014-03-16 10:45 PM
Good question, he is the only asset in the Walker/Cogburn llc corporation. Therefore when you are ordered to dissolve a corporation and determine the value of the shares the assets are sold.
This makes my headspin... I just hope Latte gets whats best and I think Mary is that. They have made eachother what they are.
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Movin's Momma
Posts: 1426
| 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.
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Elite Veteran
Posts: 733
| rodeomom3 - 2014-03-17 8:54 PM
Rope-N-Run - 2014-03-16 10:51 PM Not trying to nit picky but is there such a thing as a llc corporation? LLC stands for limitied liability company right? Aren't they both "types" of businesses? I am pretty sure LLC's don't have shares nor share holders only corporations have that, I know our business is set up as a LLC both my mother and I are co-owners not share holders. Like I said not trying to be nit picky just curious. ETA: Are Walkers and Cogburns in a LLC together or are Cogburn LLC and Walkers partners on the horse? This is correct. My husband and I had to create one to get a permit to build our house.
Ok I just re-read the post and I know see that Cogburn LLC and Walkers could be in a corporation together, I am 99% sure that LLC's can be owned by corporations. Man I feel like I need to go back to business law. |
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Extreme Veteran
Posts: 591
| loflin06 - 2014-03-16 8:25 PM 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.
That was an aweful lot of money to pay for a horse that only had $1500 in Equistat earning at the time. Moral of the story seems to be just buy your horse outright and avoid partnerships unless you know for sure you are on the same page. |
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The Original Cyber Bartender
Location: Washington | Rope-N-Run - 2014-03-16 8:51 PM Not trying to nit picky but is there such a thing as a llc corporation? LLC stands for limitied liability company right? Aren't they both "types" of businesses? I am pretty sure LLC's don't have shares nor share holders only corporations have that, I know our business is set up as a LLC both my mother and I are co-owners not share holders. Like I said not trying to be nit picky just curious.
LLC is a loop hole like all things in this world. It's about taxes and how to set up to file with taxes. Pretty sure the word Corporation was not used...until now.
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Not Afraid to Work
Posts: 4717
| loflin06 - 2014-03-16 10:56 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.
Thats what i was trying to wrap my head around so I just deleted it. So they can and hoep to buy him but you mean they will have paid $120,000 PLUS whatever crazy amount he sells for on the 27th? I would imagine a horse like that would go for $500,000+? |
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 Winner winner chicken dinner
Posts: 2047
Location: California | 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! |
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Movin's Momma
Posts: 1426
| It is Walker / Cogburn LLC 90% Walker 10% Cogburn. This was set up this way to protect both parties involved. |
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Not Afraid to Work
Posts: 4717
| loflin06 - 2014-03-16 10:59 PM
It is Walker / Cogburn LLC 90% Walker 10% Cogburn. This was set up this way to protect both parties involved.
Question... so say Mary buys him for 100,000 ... does she gets the 90,000 and then pays 10,000 to Cogburn? So really she only paid 10,000??? |
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Blessed
Location: Here | loflin06 - 2014-03-16 10:56 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.
But they will get their 9o% of the sales proceeds back to counter balance the purchase to really purchasing him twice |
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