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When petitioner discovered that horse farms all over
Kentucky and Tennessee were experiencing similar problems, he
consulted with Dr. Haaland, a leading agribusiness specialist and
expert in grass technology. After analyzing grass samples from
Bendabout's pasture, Dr. Haaland determined that the grass was
contaminated with a toxic fungus, which was causing the mares'
reproduction problems. Dr. Haaland recommended that Bendabout
replant its pastures if it intended to maintain its breeding
program. Sometime prior to 1990, Bendabout incurred substantial
expenses in land preparation and seed costs replanting 45 acres
of pasture. During this time, Tennessee entered into a severe 4-
year drought period which devastated much of the farm industry in
the southeast. As a result, the first two or three attempts to
reestablish the pastures failed. Finally, after the pastures had
been replanted, Bendabout purchased seven well-bred and conformed
mares to enhance the breeding business.
The farm's thoroughbred program faced further difficulties
stemming from problems in the industry itself. In 1986, there
was a drastic drop in the average and median prices for
yearlings. Starting in approximately 1988 through 1995, many of
the historically very successful and well-known horse breeding
farms filed for bankruptcy. After a history of losses, Bendabout
liquidated its thoroughbred breeding program in 1993.
Another part of petitioner's business plan for Bendabout was
to convert some of the cattle business to a more profitable polo
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