Legal Battle Over Stallion Shares Continues

Legal wrangling over the sale of stallion shares continues in Kentucky.

KNC Investments and Jerry Jamgotchian have asked a Kentucky court to dissolve a temporary restraining order involving sale of shares in the stallions Lemon Drop Kid  and Kingmambo, according to legal documents.

The motion was filed Sept. 29 in Woodford Circuit Court with a request it be heard Oct. 13. An attempt by two shareholders to sell shares in the two stallions remains in limbo because syndicate manager Lane’s End Farm requested that some terms of the deal be restructured.

Lane’s End initially filed for and received a temporary restraining order holding up the sale of the Lemon Drop Kid share owned by Ashley Andrews and the Kingmambo share owned by Andrews and Robert Raphaelson. KNC Investments, represented by owner-breeder Jamgotchian, had offered $350,000 (including commission) for the Lemon Drop Kid share and $175,000 (including commission) for the Kingmambo share.

In its request for the TRO, Lane’s End said the sellers had violated terms of the syndicate agreements by accepting the offers without offering a right of first refusal to other shareholders. Lane’s End also sought a breakdown on the commission amounts involved in the transactions.

Meanwhile, Lane’s End announced Sept. 28 that 20-year-old Kingmambo, long-recognized as one of the world’s top stallions, has been pensioned.