Fantasy Lane Stables president Robert L. Hutt was elected to the Thoroughbred Retirement Foundation board of directors, the association announced Nov. 20.
Hutt has been president and chief executive officer of Twenty-First Century Group since 1985 and is a widely acclaimed expert in the field of structured settlements. He also founded Fantasy Lane Stables, an East Coast syndicator and manager of Thoroughbred horse racing partnerships that raced stakes winner Uptowncharlybrown . The son of Limehouse is now standing at stud at Penn Ridge Farms in Pennsylvania. Fantasy Lane Stables also raced the multiple stakes-winning New York-bred mare R Betty Graybull.
"Bob's business and financial skills will bring useful perspective to our board," said John Moore III, TRF chairman and CEO. "Moreover, as Bob has campaigned hundreds of fine Thoroughbreds over his many years in the horse racing business, he is totally familiar with and deeply involved with planning for what becomes of the many fine competitors who cannot move on to careers as stallions, as well as mares who are not suitable for breeding."
Hutt said: "I hope the American public realizes the important mission which the TRF has consistently provided over the last 30 years in caring for these magnificent retired warriors who gave so much for our enjoyment. I look forward to being an integral part of the team."
TRF is expected to be adding to its board as part of a Nov. 19 settlement arrangement with the New York Attorney General's office, which specifies the addition of three new independently recommended board members. One will be a veterinarian recommended by the Attorney General's office, one will be recommended by a respected animal rights organization, such as the American Society for the Prevention of Cruelty to Animals, and one member will be appointed by a Thoroughbred industry organization, such as The Jockey Club, according to Moore.
Hutt is not one of these appointments, according Barry Ostrager, who represented the TRF during the lawsuit with New York Attorney General Eric Schneiderman.
"Under the settlement, there are zero changes to the TRF's governance," Ostrager relayed in an e-mail. "The board is free to add directors if it wishes in addition to the three new 'independent' directors. The executive director will report to the TRF chairman and the board. There are no surviving claims or sanctions with respect to any fiscal issues. All claims were dismissed with prejudice and the 'defendants' are immunized from any liability."
Another provision of the settlement called for the identification and hiring of a new, paid executive director, who will be identified by a nominating commitee.