Syndicate member seeking to halt sale of stallion

A member of a horse-owning syndicate who says he paid €26,000 for a share in a stallion claims an attempt is being made to sell the animal well below what he believes it may be worth, the High Court has heard.

Syndicate member seeking to halt sale of stallion

Ray Doyle, from Athy in Kildare, says Joseph Foley of Ballyhane Stud, Leighlin Bridge, Carlow, is about the sell Diamond Green for just €40,000, without his consent. Lawyers for Mr Doyle have suggested up to nearly €1.3m may have been paid by the syndicate for it in 2008.

Mr Justice Michael Peart granted a temporary injunction until next Monday restraining Mr Foley, his servants or agents, from entering into any agreement to sell the horse, pending further order. The injunction application was made with only Mr Doyle’s side represented.

The horse is currently at a stud in France, the court heard.

Nevan Powell BL, for Mr Doyle, told the court Mr Foley had failed or refused to supply details of the holdings of the other 47 shareholdings in the syndicate but his side believe the actual amount paid in 2008 by the syndicate for the horse could be as high as nearly €1.3m, based on his client’s single share valued at €26,000.

No explanation had been given as to how the €40,000 sale valuation had been arrived at despite a number of requests, Mr Powell said.

Mr Powell said earlier this month Mr Doyle received a letter from Mr Foley telling him the horse was to be sold within 14 days for €40,000, which he says he had not consented to.

Mr Foley had only supplied a copy of the syndicate agreement in the last few days in which it is stated the horse can be sold providing 51 per cent of the members agree to it.

However, no details of the membership had been supplied and no information had been provided as to how the €40,000 sale price was arrived at, Mr Powell said.

Given that the 14-day period was about to expire, the matter became urgent and the High Court injunction application was made, counsel said.

Mr Justice Peart said the matter should come back before the court on Monday.

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