tag:blogger.com,1999:blog-625976851717008802.post2922456111149747759..comments2015-04-18T15:42:46.788-05:00Comments on Owning Racehorses: Resolution? Hardly...Theodore L. Grevelishttp://www.blogger.com/profile/04440633649225153286noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-625976851717008802.post-14641951760845392592008-08-21T17:08:00.000-05:002008-08-21T17:08:00.000-05:00Thanks.Looks like I need to change the mission sta...Thanks.<BR/><BR/>Looks like I need to change the mission statement for my partnership.<BR/><BR/>Why try to do it the right way when the state condones outright criminal activity. Boy am I dumb.Wind Gathererhttps://www.blogger.com/profile/08374251665158760423noreply@blogger.comtag:blogger.com,1999:blog-625976851717008802.post-13280148196464534592008-08-21T11:48:00.000-05:002008-08-21T11:48:00.000-05:00Winston - as for not naming the group, those who h...Winston - as for not naming the group, those who have e-mailed me I have told. I don't want to get into casting stones in public but still want to bring an honest representation of what can and does go on out there.<BR/><BR/>As for not suing...I would love to. The problem with that is for the small percentages involved it makes no sense for a single one of us to sue. Also, none of us really know the other partners so banding together is impossible as well. Combine this with the lack of any kind of action by the CHRB and it's basically a license to steal.Theodore L. Grevelishttps://www.blogger.com/profile/04440633649225153286noreply@blogger.comtag:blogger.com,1999:blog-625976851717008802.post-53067291654896379542008-08-21T06:50:00.000-05:002008-08-21T06:50:00.000-05:00What is keeping you from naming the partnership an...What is keeping you from naming the partnership and filing some sort of breach of contract suit?Wind Gathererhttps://www.blogger.com/profile/08374251665158760423noreply@blogger.comtag:blogger.com,1999:blog-625976851717008802.post-23601645788121742152008-08-11T18:44:00.000-05:002008-08-11T18:44:00.000-05:00Geri -When you collect roughly $60,000 for a $32,0...Geri -<BR/><BR/>When you collect roughly $60,000 for a $32,000 horse (according to the solicitation email the MP sent out - he said that the 2nd partnership was 100% owned by this group; of course if he was obsfucating that a bit, I'm not surprised) even if you add $4000 a month for expenses - that would be a day rate of $100 and another $1000 for vet and shoeing (WAY high, by the way. My vet bills are about $350, farrier $100 - CAL is not THAT much higher) plus $2500 for taxes, that still leaves at least $12,000 additional that was collected. Sounds like a mark-up to me. That mark-up is pocketed and, quite frankly, he would do that.<BR/><BR/>I also clearly do not claim that the new partnerships pay for the old, only the management fees that are collected each and every month in addition to the 10% of all purses he collects plus the overages as stated above. There is money, he just doesn't want to pay. Additionally, he knew what he was getting into - he claims to have seen the books months before he took over. Maybe at that point he should have decided aginst assuming this liability - unless, of course, the plan all along was to just blow it off.<BR/><BR/>He's lied to me since he took over and I don't beleive a word he says. Seriously, he never came up with half now, half later? A payment plan? Anything besides screw you guys?<BR/><BR/>I dred calling myself an MP when this thief is one.Theodore L. Grevelishttps://www.blogger.com/profile/04440633649225153286noreply@blogger.comtag:blogger.com,1999:blog-625976851717008802.post-22987752570285496522008-08-11T18:01:00.000-05:002008-08-11T18:01:00.000-05:00Ted: there is a simple answer here that you ought...Ted: there is a simple answer here that you ought to know, being a manager yourself. Each limited partnership is an individual partnership. It is stated in the contracts. New partnerships do not assume responsibility for the old. I am in the new partnerships. There are major partners in each of the new partnerships and they put the money in each of the claiming accounts and allowed OS to sell a percentage of each. I was in the racing office when we put in the claim slips.<BR/><BR/>Actually, 100 percent of Yankee Visionary was sold with in 24 hours, and the buyers are persons like me who know the issues which our manager inherited and is trying to deal with.<BR/><BR/>I inherited several small limited partnerships in oil, and it is the same situation with those-- accounting for one percent of this well and .02 percent of that well (and different courts for every different county in which wells are located , each requiring an individual affidavit to transfer the ownership.)<BR/><BR/>Steve-- a claim isn't marked up-- the buy-in includes three months' training fees and 8+ percent California State taxes<BR/><BR/>I wish you well, Ted, just breathe. I'm still in this, and I'm feeling OK. Thank you for your good thoughts for Milltown Road in the past. He trotted yesterday!<BR/><BR/>GeriGerihttps://www.blogger.com/profile/09196367765771826403noreply@blogger.comtag:blogger.com,1999:blog-625976851717008802.post-57131807054577292092008-08-11T17:49:00.000-05:002008-08-11T17:49:00.000-05:00All of us who run small partnerships can easily ge...All of us who run small partnerships can easily get in trouble from time to time, especially when some partners don't pay their bills. But we all recognize -- I hope -- that we have to pay our partners what we promised. I know that when I'm a couple of weeks late sending out checks, I start to hear from the partners. If it were many months, the noise would be deafening.<BR/><BR/>Like Ted, I wish I knew how he got all that money to claim at Del Mar. I've been looking at potential claims at Saratoga and wishing I could fill just one $35,000 partnership. And how, by the way, do you mark up a claiming partnership that much? Looks like there's some secret to the business that I've been missing!Steve Zornhttps://www.blogger.com/profile/00290710261555708639noreply@blogger.com