RA Fee Case Declined by KY Supreme Court
Aug 26, 2013 13:44:00 GMT -5
Post by Jon on Aug 26, 2013 13:44:00 GMT -5
KY Supreme Court Declines Rachel Fee Case
By Ron Mitchell
Bloodhorse
The Supreme Court of Kentucky has declined to review lower court rulings over the $25,000 awarded to Jerry Brown, who operates Thoro-Graph, for his advisory role in the sale of Horse of the Year Rachel Alexandra.
Brown and an agent with whom he worked had initially brought the availability of Rachel Alexandra to be purchased from her owner-breeder Dolphus Morrison to the attention of horse owner Mike Lauffer. Lauffer, who was representing himself and partners, however, thought Brown's commission request was excessive and did not do the deal through the Thoro-Graph owner.
In 2008, Lauffer privately purchased a half interest in the daughter of Medaglia d'Oro from Morrison for $500,000.
Following her victory in the 2009 Kentucky Oaks (gr. I), Rachel Alexandra was sold to Stonestreet Stables and Harold McCormick for $10 million and then defeated males in the Preakness Stakes (gr. I).
The state Court of Appeals had previously upheld a Circuit Court decision that said Brown was entitled to a fee of 5%—$25,000—considered the industry standard for commissions to agents who assist buyers. The Circuit Court ruled that Brown should be paid $25,000 under the "theory of quantum meruit"
Brown agreed with the Circuit Court's decision that said he was entitled to a fee under "theory of quantum meruit," but disagreed with the monetary award, contending it should be $271,423. In his initial suit, Brown was seeking nearly $5 million. (See related story)
Rachel Alexandra, who earned more than $3.5 million and won five grade I stakes, produced foals in 2012 and 2013 but was not bred in 2013.
By Ron Mitchell
Bloodhorse
The Supreme Court of Kentucky has declined to review lower court rulings over the $25,000 awarded to Jerry Brown, who operates Thoro-Graph, for his advisory role in the sale of Horse of the Year Rachel Alexandra.
Brown and an agent with whom he worked had initially brought the availability of Rachel Alexandra to be purchased from her owner-breeder Dolphus Morrison to the attention of horse owner Mike Lauffer. Lauffer, who was representing himself and partners, however, thought Brown's commission request was excessive and did not do the deal through the Thoro-Graph owner.
In 2008, Lauffer privately purchased a half interest in the daughter of Medaglia d'Oro from Morrison for $500,000.
Following her victory in the 2009 Kentucky Oaks (gr. I), Rachel Alexandra was sold to Stonestreet Stables and Harold McCormick for $10 million and then defeated males in the Preakness Stakes (gr. I).
The state Court of Appeals had previously upheld a Circuit Court decision that said Brown was entitled to a fee of 5%—$25,000—considered the industry standard for commissions to agents who assist buyers. The Circuit Court ruled that Brown should be paid $25,000 under the "theory of quantum meruit"
Brown agreed with the Circuit Court's decision that said he was entitled to a fee under "theory of quantum meruit," but disagreed with the monetary award, contending it should be $271,423. In his initial suit, Brown was seeking nearly $5 million. (See related story)
Rachel Alexandra, who earned more than $3.5 million and won five grade I stakes, produced foals in 2012 and 2013 but was not bred in 2013.