- 3 -
in November 1995; (3) another $100,000 of principal in May 1996;
(4) interest on the balance in November 1996; and (5) any
remaining principal and interest by November 15, 1997. As in the
note for Hamseh, Murphy’s payments on Desert Spice were first to
be applied to interest before any reductions in principal.
And that leads to the third horse in this case, On the
Piste.1 Hunt apparently sold her to Murphy in July 1997; there
was no date on the bill of sale, but a copy of the fax that Hunt
sent to Murphy to confirm the sale bore a July 31, 1997 stamp.
Murphy agreed to pay $250,000, but the sale was subject to the
condition that she be carrying a foal. Certification by a
veterinarian that On the Piste was pregnant would trigger a
payment of $25,000. Murphy would owe the remainder on or before
December 31, 1998 but, unlike the deals for Hamseh and Desert
Spice, the deal for On the Piste did not require Murphy to pay
interest on the unpaid principal. On August 19, 1997, Murphy
paid Hunt $25,000 after On the Piste’s pregnancy was confirmed.
He also took out an insurance policy on her for $250,000. The
horse remained in Hunt’s stables pending shipment to Maryland,
but less than six weeks later both she and her unborn foal died
while still in Ireland. Murphy filed a claim with his insurer,
1 Piste means ski trail--alluding to the names of her sire
and dam, Shirley Heights and Snowing. Her pedigree features two
appearances by Nasrullah (the grandsire of Secretariat) and one
by Native Dancer (a winner of the Preakness and Belmont), two of
the most prominent breeding stallions of the last century.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011