Owner Minor Files for Chapter 7 Bankruptcy
by Frank Angst
Date Posted: 5/31/2013 12:02:36 PM
Last Updated: 6/1/2013 10:48:55 AM
Prominent Thoroughbred owner Halsey Minor, who also had expressed interest in becoming a track owner, filed for Chapter 7 bankruptcy May 24.
In a filing with the Central District of California, Minor listed liabilities between $50 million and $100 million and assets of $10 million to $50 million. Chapter 7 bankruptcy arranges for the sale of the debtor's property and distribution of proceeds to creditors.
In reporting the bankruptcy May 31, Bloomberg noted that Minor sold CNET Networks to CBS Corp. in 2008 for $1.8 billion but fell into debt through purchases of houses, hotels, horses, and art.
Minor had based his Thoroughbred operations at Carter's Grove Plantation, in James City County, Va., which he purchased in 2007 for $15.3 million. Carter's Grove filed for bankruptcy in 2011. Minor Family Hotels also are in bankruptcy.
Minor purchased Dream Rush for $3.3 million at the 2007 Fasig-Tipton Kentucky November sale. The grade I winner would race for Minor in 2008 and 2009, placing in two more graded stakes and winning a stakes race at Tampa Bay Downs. Stonestreet Stables privately purchased Dream Rush, in foal to A.P. Indy. That foal, Dream Rush's first, would be grade I winner Dreaming of Julia, who races for her breeder.
In recent years, Minor approached owner John Brunetti about purchasing Hialeah Park and in 2010 he made a $300 million offer for Frank Stronach's racetrack operations.
Among the listed creditors in the Chapter 7 Halsey bankruptcy with ties to the horse industry are Claiborne Farm, Lane's End, and TM Racing Stables, as well as Braeburn Training Center in Virginia, Carroll-Butler Veterinary in West Virginia, KESMARC Kentucky, and Lexington veterinarian Steve Conboy. Minor also owes attorneys who assisted in his efforts to purchase tracks.
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