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When Kildare Timmy was formed, its business activities,
except for some minor horse breeding activities, were limited to
racing horses. At all relevant times, Kildare Timmy hired
trainers, including Dane Snyder and Dave Dempster (Kildare
Timmy’s trainers), to maintain, care for, and train its race-
horses at stables located in Washington, Pennsylvania.
In 1986, Kildare Timmy became more involved in horse breed-
ing activities. At all relevant times, Kildare Timmy’s
broodmares were maintained and cared for by Mr. Ramsburg at
stables located on his farm in Thurmont, Maryland.
At all relevant times until at least 1995, Mr. Stottlemeyer
generally performed day-to-day management services for Kildare
Timmy (Mr. Stottlemeyer’s management services). Those services
included attending horse sales, selecting horses to buy, and
dealing with Kildare Timmy’s trainers. In return for Mr.
Stottlemeyer’s management services, Mr. Stottlemeyer did not
receive any salary from Kildare Timmy or increases in his Kildare
Timmy capital account.
During at least 1987 through 1996, Mr. Stottlemeyer made
cash capital contributions to Kildare Timmy totaling nearly
$300,000 (i.e., approximately $282,187). He made most of those
contributions from the salary that he received as an employee of
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Last modified: May 25, 2011