Entities affiliated w/ Coolmore win judgment vs Jamgotchian
Apr 18, 2014 10:16:57 GMT -5
Post by Evelyn on Apr 18, 2014 10:16:57 GMT -5
ARBITRATION CONFIRMED, JUDGE RULES JAMGOTCHIAN OWES $538,154
PR
Several entities affiliated with Ireland’s Coolmore Stud won a judgment in federal court against California horse owner Jerry Jamgotchian for $538,154 in unpaid stud fees and interest dating back to the 2007 breeding season.
The order, signed Wednesday by Judge John A. Kronstadt of U.S. District Court for the Central District of California, is to “recognize,, confirm and enforce” a 2010 foreign arbitration on the case conducted by Samuel Sheppard of the European Breeders Fund. The arbitrator ruled Jamgotchian breached nomination agreements to a number of Coolmore stallions in 2007 and 2008 and owed 301,783.25 euros to Linley Investments, Orpendale Inc., Lynch Bages Ltd., Wynatt Inc., and Chelston (Ireland).
Since the 2010 arbitration, interest in the amount of 88,098.66 euros has accrued.
Jamgotchian petitioned to lower the 8 percent interest rate, set by the arbitrator and based on the nomination agreements, but was denied in Kronstadt’s order. Jamgotchian’s other petitions – to lower the monetary conversion rate of euros to U.S. dollars, escape from paying attorneys affiliated with the arbitration, and negotiate a settlement with each individual entity – also were denied.
The amount of attorney’s fees to be paid by Jamgotchian has not been determined.
PR
Several entities affiliated with Ireland’s Coolmore Stud won a judgment in federal court against California horse owner Jerry Jamgotchian for $538,154 in unpaid stud fees and interest dating back to the 2007 breeding season.
The order, signed Wednesday by Judge John A. Kronstadt of U.S. District Court for the Central District of California, is to “recognize,, confirm and enforce” a 2010 foreign arbitration on the case conducted by Samuel Sheppard of the European Breeders Fund. The arbitrator ruled Jamgotchian breached nomination agreements to a number of Coolmore stallions in 2007 and 2008 and owed 301,783.25 euros to Linley Investments, Orpendale Inc., Lynch Bages Ltd., Wynatt Inc., and Chelston (Ireland).
Since the 2010 arbitration, interest in the amount of 88,098.66 euros has accrued.
Jamgotchian petitioned to lower the 8 percent interest rate, set by the arbitrator and based on the nomination agreements, but was denied in Kronstadt’s order. Jamgotchian’s other petitions – to lower the monetary conversion rate of euros to U.S. dollars, escape from paying attorneys affiliated with the arbitration, and negotiate a settlement with each individual entity – also were denied.
The amount of attorney’s fees to be paid by Jamgotchian has not been determined.