Daily News Archive
Daily News Subscription
US Owner Sues Walmac Over Shuttler Ready's Image
In the US, the “accountability of a stallion syndicate’s finances & the duties a farm has to communicate that status, are at the heart of a lawsuit prominent owner-breeder James Scatuorchio filed against Walmac Stud Management, Saybrook Advertising & John Jones III” reported thoroughbredtimes.com. Scatuorchio alleges in documents filed in the Superior Court of New Jersey that the conduct of the defendants “is nothing short of a fraudulent criminal enterprise calculated to induce others to repose their trust & property in them & a tremendous sham of smoke & mirrors ensues thereafter keeping individuals such as myself from receiving money that is due”. Scatuorchio says the defendants misrepresented “themselves & their stature in the industry from the beginning of a relationship that started when Walmac acquired a 2/3-interest in Scatuorchio’s Gr2-winning colt Ready’s Image (More Than Ready-Clever Phrase, by Clever Trick) in 2008 for US$2.4-million”; Scatuorchio retained a 1/3-interest & used his shares “to breed mares to the stallion” (whose 1st foals are yearlings). Ready’s Image stood at Walmac for US$12,500 in 2009, for US$8,500 in 2010 & for US$6,500 this year. He has also shuttled to Australia (standing the 2011 season at Lincoln Farm in NSW). Scatuorchio’s attorney Richard Schibell declared: “The horse stands in both the Northern & Southern Hemisphere & was reasonably popular. He should be generating at least US$1 million in revenue every year, yet my guy hasn’t seen a dime. He’s put US$175,000 toward bills on this horse & it’s always just pay, pay, pay. How many years do you pay into a horse & receive nothing in return?” Schibell added Walmac has “mostly stymied his client’s request to audit the books related to Ready’s Image” & noted: “This is an argument about integrity. Every other stud farm we’ve dealt with in Kentucky is honourable & straightforward. The end result is we’re going to get an accounting, get paid what’s due & make this right.” Scatuorchio also owns 10% of Vinery’s dual hemisphere stallion More Than Ready “as well as significant interests in English Channel at the Farish family’s Lane’s End & Scat Daddy at Coolmore’s Ashford Stud.