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On January 1, 1998, Kildare Timmy distributed all of its
assets to Mr. Ramsburg, including 7 race horses and 12 breeding
horses (sometimes referred to collectively as racing and breeding
horses),8 the balance (i.e., $908.71) in Kildare Timmy’s bank
account (Kildare Timmy bank account balance), and certain stud
rights known as Cams Card Skark stallion interest (stud rights).
Neither Kildare Timmy nor its partners obtained an appraisal of
the racing and breeding horses and the stud rights that Kildare
Timmy distributed to Mr. Ramsburg upon termination of that
partnership.
On or about the date on which Kildare Timmy distributed all
of its assets to Mr. Ramsburg, Mr. Ramsburg repaid with his
personal funds the Frederick Underwriters’ 1992 loans to Mr.
Ramsburg.
After the termination of Kildare Timmy, Mr. Ramsburg contin-
ued operating Mr. Ramsburg’s sole proprietorship. For at least
part of 1998, Mr. Ramsburg used in Mr. Ramsburg’s sole propri-
etorship all 19 of the racing and breeding horses that Kildare
Timmy had distributed to him. In 1998, Mr. Ramsburg sold 9 of
those racing and breeding horses, and Mr. Ramsburg’s sole propri-
8The names of the racing and breeding horses that Kildare
Timmy distributed to Mr. Ramsburg were: Idealists Hanover,
Happening Hanover, Rare Guy, Brief Wars, Justen’s Western, Bar B
Wars, Overture Hanover, Overture Siera, Vidalita Hanover, Western
Skylark, Yankee Skylark, Northern Crush, Tarport Reactor, Yankee
Bardot, Western Shuffle, Pizzacato, Yankee Shuffle, Yankee
Goddess, and Rock Legend.
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Last modified: May 25, 2011