Raymond T. and Patricia Murphy - Page 3

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          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.                  




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