Receiver seeks to sell O'Keeffe's 10 horses

A receiver appointed over the assets of a Dublin businessman, Mr Thomas O'Keeffe, has told the High Court that Mr O'Keeffe has 10 horses at two training establishments in Co Cork.

Those establishments considered that the animals were valueless and should either be put down or given away, the court was told. However, Mr O'Keeffe of The Sweepstakes, Ballsbridge, Dublin disputed that assertion and claimed that two years ago he refused £70,000 (€88,900) for one filly that had won four races and was placed in five others.

Mr Justice Murphy gave Mr O'Keeffe two months to arrange for the sale of the animals. Otherwise, the receiver, Mr James McGillion of LK Shields and Partners, could sell or dispose of them, the judge said.

Last May, Mr O'Keeffe was jailed for two weeks for contempt of court for failing to comply with previous court orders directing him to provide information about $5 million (€5.06 million) that a US businessman, Mr John O'Neill, had alleged he gave to Mr O'Keeffe to invest. He was also directed to provide information about €647,566 alleged to have been given to him by five people, including professional golfer Mr Des Smyth.

Yesterday, Mr Charles Meenan SC, for the "Smyth" investors, said it appeared that Mr O'Keeffe had complied with an order of July 5th last to produce further information about his assets. In those circumstances, his clients would not be proceeding with a motion seeking to attach and/or commit Mr O'Keeffe, counsel said.

In a separate application, Mr McGillion said in an affidavit that the owners of two Co Cork horse- training establishments had indicated that 10 horses belonging to Mr O'Keeffe be put down or disposed of by giving them to local farmers and horse lovers. The trainers claimed that monies due for maintenance exceeded the value of the animals.

Mr O'Keeffe disputed the claims made by the stud owners. He had paid for the animals' maintenance up to last December and some of the animals were valuable. He said the receiver had been in contact to see if Mr O'Keeffe could find people who would give fair value for the horses.

He understood that one person would be writing to the receiver and would be willing to make an offer that was substantially more than the value put on the animals by the stud owners.

In correspondence with the receiver, Mr O'Keeffe claimed that one horse, Teo Perugino, was a first-class three-year-old gelding. He claimed he had refused £70,000 two years ago for Rainbow Realm, a filly with four wins and five places.

Mr John Trainor SC, for the receiver, and Mr O'Neill said that none of the animals, with perhaps two exceptions, appeared to have any intrinsic value.

Mr Justice Murphy said the receiver had a legal right to sell the animals but he would give Mr O'Keeffe two months to try to procure the sale of the animals. If he did not do so by September 26th, the receiver could sell or dispose of them.