A claim of bankruptcy filed by the former business managers for retired jockeys Chris McCarron and Laffit Pincay Jr. was denied by a United States Bankruptcy Judge in Connecticut April 8, leaving the former riders one step closer to receiving large monetary awards from a case that is nearly two decades old.
Robert and Vincent Andrews, who served as business managers for McCarron and Pincay, were found guilty of breach of contract, intentional and negligent misrepresentation, and concealment and breach of fiduciary duty in 1992. At that time, a Los Angeles federal judge ordered the New York-based Vincent Andrews Management Corp. to pay Pincay $5.7 million and McCarron more than $3 million.
Pincay lost more than $1 million in bad investments orchestrated by the Andrews in addition to paying the brothers’ firm a half-million dollars in management fees. McCarron lost almost three-quarters-of-a-million dollars in bad investments and paid more than a third-of-a-million dollars in management fees.
The Andrews brothers eventually appealed to the U.S. Supreme Court, which declined to hear the appeal in 2005.
"They’re running out of courts," noted Neil Papiano, attorney for Pincay and McCarron. "At some point they’re going to have to pay up, and that time is fast approaching."
Attorneys James Graham and Gregory Nye, who represented the Andrews brothers in the recent bankruptcy proceeding, did not return phone calls seeking comment.