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Maryland Trainer Rodney Jenkins Dies
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Master Horseman Jenkins Dies at 80
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Ten Sovereigns To Stand In Turkey Next Year
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May Day Ready Set for Grade 1 Test in Japan
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Expensive Not This Time Colt Gets Going at Kyoto
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Jockey Rajiv Maragh Wins First Race Since 2021
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CDI and NYRA Tag-Team in Federal Lawsuit, Alleging HISA’S Purse-Based Assessments Are ‘Illegal’
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YES. My biggest single win bet return was on a horse he rode called Iamishwara. Ten years ago at New Plymouth. $19 tote $18 fixed odds. Settled 3rd last improved across top, loomed to lead 100m, 2 horse struggle from there, won by a 'long' nose and not once at any time in the race did he whip the horse..LEGEND -
By Wandering Eyes · Posted
The Kentucky-based private-equity firm founder and manager John Stewart, who heads Resolute Racing, has reached an “agreement in principle” to settle a civil complaint against his MiddleGround Capital, which was sued last month by another investment company over an alleged “bad faith” refusal to pay $22 million in contractually due revenue shares. News of the in-the-works settlement was posted on the online court docket for the New York Supreme Court shortly after 5 p.m. Jan. 22. The one-page entry on the docket did not explain the terms that are being negotiated for the settlement. It stated that the defendants (MiddleGround and its principals, including Stewart) now have more time to file a legal response to the lawsuit, a formality that may not be necessary if both parties reach an agreement that leads to the lawsuit being dropped by the plaintiff. Reached by TDN on Wednesday evening, Stewart expressed confidence that would happen. Stewart, whose aggressive spending and outspoken attitude have made a big splash in the global bloodstock and racing worlds since he entered the Thoroughbred business from scratch a little more than a year ago, also told TDN he is hopeful that others in the racing industry will learn something about his character beyond what came across in last week's headlines about his firm being sued. “I can't really talk about the settlement itself because it's confidential,” Stewart said. “But situations like these happen all the time in business. They don't happen to me. It's the first time my business and I were sued. I try to be someone where my word is my agreement.” Archean Capital Partners, which in 2018 provided an initial $75-million capital commitment in exchange for a certain agreed-upon share of the revenue received by MiddleGround, had alleged that the MiddleGround defendants were “diverting funds that should have been paid to Archean as its share of Defendants' revenue to satisfy Defendants' other obligations or business pursuits.” Although the civil complaint did not make any specific claim that the allegedly diverted money went to fund Stewart's horse racing ventures, the lawsuit did claim that Stewart's immersion into Thoroughbred racing and breeding has detracted from the time and attention Archean expected him to spend running MiddleGround. “There was a commercial deal. It wasn't something that was in the best interest of my firm,” Stewart said. “I have to protect my team. I have 200 factories around the world and employ tens of thousands of people and am responsible for investing billions of dollars in investments, so it's not only my concern.” When Archean initially filed the complaint Dec. 23, 2024, it had wanted the lawsuit to be kept under seal by the court. But the judge in the case saw no reason to grant that request, and ordered all documents in the case unsealed Jan. 9, 2025, opening them to public scrutiny. “I knew this going public would be something that people would pick up on and that would make news in the private equity world as well as in the horse industry,” Stewart said. “This worked out the way I knew it would. In these situations there are always commercial discussions. I preferred things playing out in public because that way my story could get told and the facts would come out.” Stewart continued: “I believe there was a catalyst when the judge decided to not allow the case to be sealed. Once that happened, they were very quick to engage in a resolution. I don't have any ill will toward them. It's a business deal and it worked out. “I'm really glad we were able to get it resolved going into this week, so that nothing takes away from the Eclipse Awards. It's such a special night for the industry. “People in the industry, hopefully they'll learn something about me,” Stewart said. “Early on, I think people thought, 'Here's a guy spending a lot of money. He's not making good decisions.' A year later, I think people are seeing I'm making good decisions, and being a positive part of the industry.” The court document stated, in part, that since “the parties have engaged in extensive discussions in an effort to achieve a negotiated resolution of this matter; and whereas the Parties have reached an agreement in principle and require additional time to document the settlement of this matter, [the] parties stipulate and agree, through their undersigned counsel, that Defendants' deadline to answer, move, or otherwise respond to the Complaint is extended to and through February 23, 2025 to enable the parties to document their settlement agreement.” The post Resolute Racing’s Stewart Reaches ‘Agreement in Principle’ to Settle $22M Lawsuit Against His Private Equity Firm appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions. View the full article -
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Back riding RACEDAY!! Unfortunately for now it's only on the simulator horse and a bit tough that it was a 2000m race first up!! Very puffed that will... By Nicci_2025 01 23_16 41 47_1_980.mp4
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