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Judge Roger Crittenden told attorneys at a hearing Wednesday that he will order the sale of assets, including 2007 Horse of the Year Curlin, that were owned by attorneys William Gallion and Shirley Cunningham Jr., said three attorneys who took part in the hearing.
Gallion, Cunningham and fellow attorney Melbourne Mills Jr., are accused of bilking 418 clients out of at least $42 million from a $200 million settlement awarded in a class-action fen-phen lawsuit. The three men are in the Boone County Jail pending a May 12 trial.
The lawyers expect Kentucky state judge Roger Crittenden to order the liquidation of the companies and foundations in the next three weeks to help settle the $42 million civil judgment.
Jess Jackson, who holds an 80 percent interest in Curlin through Stonestreet Stables, has the right of first refusal on the minority interest if it goes up for sale, said Jackson’s spokesman, Kevin McGee. That gives Jackson the right to buy Curlin before anyone else at a designated price.
Tandy, a Lexington company set up by Gallion and Cunningham, owns 20% of Curlin through its subsidiary, Midnight Cry Stable. Curlin recently won the $6 million Dubai World Cup and has $8.8 million in career earnings. Jackson, through a series of purchases, bought the other 80% of Curlin, who was initially purchased by the attorneys for $57,000 at the 2005 Keeneland September yearling sale.
Angela Ford, a Lexington attorney who represents the 418 former clients, said she will move to sell the horses, real estate and airplanes owned by Tandy once Crittenden signs the order.
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