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3. Initial Stock
In 1990, petitioners acquired two Arabian geldings, Pryncz
for $200 and Prince Hilal for $500. Petitioners took Pryncz and
Prince Hilal to McDannald to be broken and trained. Petitioner
believed that the geldings would become more valuable if
McDannald broke and trained them. Neither of the geldings was
ever shown. Pryncz has a physical defect in his throat that
prevents him from being a successful show horse. This defect was
discovered during training.
Also in 1990, petitioners acquired from McDannald two
Arabian mares, Brigitta La Brisa and Vendalita, each for $2,000.
Petitioners agreed to give McDannald the right to a foal from
Vendalita as part of her purchase price. Petitioner believed the
value of the right to Vendalita’s first born foal was $3,000-
$4,000.
Petitioners intended to use Brigitta La Brisa as a broodmare
and to breed her to Rumadii in 1992. Rumadii had already
successfully sired Brigitta La Brisa’s filly, Vendalita.
Brigitta La Brisa had produced a filly, Vendalita, in 1985,
and a colt, Mundo, in 1987. Petitioners did not ask McDannald
whether Brigitta La Brisa had potential breeding problems before
they bought her, nor did McDannald mention any breeding problems
with the mare. However, Brigitta La Brisa had substantial
breeding problems after petitioners acquired her. In 1993, 1995,
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