AN OWNERSHIP dispute over a 50 per cent share in Lord Singapore, a National Hunt racehorse, has been amicably settled in the Circuit Court in Cork.
The seven year old was bought by the plaintiffs, Mr John O'Riordan, a businessman from New Twopothouse, Mallow, and Mr Simon English of Clonmel, Co Tipperary, for £5,000 in 1992. The horse was then an unraced four year old gelding with promise.
They then sold a 50 per cent share in the horse for £6,000 to Mr Brendan Rainey of Balhcaly Road, Swords, Co Dublin, who was the defendant in the case, Mr Jim Duggan BL, for the plaintiffs, told Judge Patrick Moran.
Mr Duggan said the horse was trained by Mr John Joe Walsh and was enjoying considerable success on the track.
When they agreed on the purchase, Mr O'Riordan and Mr English decided that they wanted another partner.
Mr Rainey was approached and he agreed to become part owner of Lord Singapore for £6,000.
At the time the plaintiffs had not paid the purchase price of £5,000 but the deal was agreed and, said Mr Duggan, it was not unusual in horse racing circles for a horse to be bought and shares in it sold for over and above the purchase price.
Lord Singapore ran in a number of point to point races in 1993, ridden by amateur jockeys who were paid by Mr O'Riordan, and at the end of that year the plaintiffs paid the training fees to Mr Wals'.
In 1994 the horse was again successful in a number of races, and his prizewinnings were going into an account with the intention of using them to discharge the training expenses, said Mr Duggan.
Lord Singapore won more than £12,000 in prize money last year. This year he won at Fairyhouse and just two weeks ago he won a big race in Navan. He is considered a favourite for the Paddy Power Handicap in Leopardstown during the Christmas meeting in two weeks.
Last spring Mr O'Riordan and Mr English indicated to Mr Rainey that they wanted to sell the horse, but the defendant was not interested in so doing. Relations between the parties were somewhat strained and there was a meeting in a hotel in June near Dublin.
Again Mr Rainey indicated he was not interested in selling Lord Singapore and, when the horse was entered in the Doncaster Sales, Mr Rainey made contact with the agent, Mr Timmy Hyde, and had the horse withdrawn. In a letter from his solicitors in August, Mr Rainey indicated to Mr O'Riordan and Mr English that they had no interest in the horse.
The plaintiffs were seeking to have the partnership dissolved.
After lunch Mr Duggan said the matter of ownership had been amicably settled.
"Now that the stress of litigation is off Lord Singapore he will surely win the Paddy Power handicap," said Mr Duggan.
Afterwards, Mr O'Riordan and Mr English said they were pleased with the settlement terms reached and they continued to retain the 50 per cent share in Lord Singapore.