Commission Claimed Over $3-Million Colt
Updated: Wednesday, August 2, 2000 2:38 PM
Posted: Wednesday, August 2, 2000 8:54 AM
A Pennsylvania corporation has filed suit against Canadian horse owner Robert Waxman, claiming that it is owed a percentage of the profits from the sale of the Mr. Prospector--Eaves colt that topped last year's Fasig-Tipton Saratoga select yearling sale.
According to the suit, filed in Fayette (Kentucky) Circuit Court, Equine Biomechanics & Exercise Physiology Inc. (EQB) provided pre-purchase examination and consultation services to Waxman prior to the owner's purchase of a 75% interest in the colt for $900,000 on or around August of 1999, just prior to the Saratoga sale. In exchange for those services, Waxman and EQB agreed the Pennsylvania corporation would receive a commission of 5% profit made by Waxman on any resale of the colt, along with a $5,000 finder's fee, according to the suit.
Noting that the colt's subsequent sale for $3-million resulted in a total profit of $1,350,000 to Waxman for his interest, the suit contends that EQB is owed 5% of his profit from the re-sale of the colt ($67,500) and the finder'sfee, for a total of $72,500. The suit states that Waxman has failed to pay the fees, despite repeated demands from EQB, and that Waxman has breached the oral agreement between the two parties.
A highly-touted and publicized colt, the Saratoga sale-topper was purchased by J. B. McKathan on behalf of Aaron and Marie Jones from the Taylor Made Sales Agency consignment. At one point during the competitive bidding for the colt, trainer John Kimmel, seated with Waxman, offered a $2.2 million bid.
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