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ment role for Kildare Timmy.
At a time in 1996 or 1997 not disclosed by the record, but
before December 8, 1997, Mr. Stottlemeyer concluded, and informed
Mr. Ramsburg, that Mr. Stottlemeyer should withdraw from Kildare
Timmy because he no longer was able to perform Mr. Stottlemeyer’s
management services for that partnership. Thereafter, Mr.
Stottlemeyer and Mr. Ramsburg decided to terminate Kildare Timmy.
On December 8, 1997, Mr. Ramsburg gave Mr. Stottlemeyer a
letter outlining the terms of the termination of Kildare Timmy
(Kildare Timmy termination agreement), which Mr. Stottlemeyer
signed on that date. The Kildare Timmy termination agreement
provided in pertinent part:
In view of all that is going on in your life, I can
understand your not wanting to continue in the horse
business, and understand that you are unable to make a
capital contribution this year. I know that you have
not been able to make a 50-50 capital contribution
since 1991, but felt that your contribution to the
daily operations was sweat equity. I believe now is
the time to consider changing our partnership arrange-
ment from 50-50. I would like to make the following
offer to you:
1) The partnership will purchase no more horses.
2) We will wind up the business of the partner-
ship by the end of this year, and I will
assume all responsibility for the checking
account at Frederick County National Bank.
3) On January 1, 1998, I will purchase all of
the horses and equipment owned by us jointly
at book value and have them transferred dur-
ing 1998 to my name individually.
4) I will assume all of the liabilities owed by
us as a result of the horse racing and breed-
ing done by the Kildare Timmy partnership.
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