farm fraud insurance state
farm fraud insurance state
farm fraud insurance state
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Calumet Farm
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Calumet Farm is a 762 acre (3.1 km²) race horse breeding and training farm established in 1924 in Lexington, Kentucky, United States by William Monroe Wright, founding owner of the Calumet Baking Powder Company.
Initially based in Libertyville, Illinois, the more favorable climate of Kentucky made it a better place for a horse farm and led to W. M. Wright acquiring the land and relocating his standardbred breeding operation. At a time in American history when harness racing was the most popular type of horse racing, in 1931 the farm's trotter "Calumet Butler" won the most prestigious event of the day, the Hambletonian.
Following the death of W. M. Wright, in 1932 his son Warren Wright, Sr. took over the business and began converting it to thoroughbred breeding and training. His acquisition of quality breeding stock saw Calumet Farm develop into one of North America's most successful in thoroughbred racing history. The Pennsylvania Railroad named its baggage car #5868 the "Calumet Farm".
Anchored by studs "Blenheim II" and "Bull Lea," and under the guidance of trainer Ben A. Jones, Calumet Farm produced eight Kentucky Derby winners, more than any other operation in U.S. racing history. As well, Calumet Farm is both the leading breeder and owner of Preakness Stakes winners with seven each. From the farm's many great foals, two colts became U. S. Triple Crown winners and three females won the Triple Crown for fillies.
Under Warren Wright, Sr. and his wife Lucille Parker Wright who inherited the property on his death in 1950, Calumet was the number one money-earning farm in racing for twelve years and among the farm's great horses are Whirlaway, Armed, Citation, Tim Tam, Forward Pass, Davona Dale, and Alydar. In all, the farm produced eleven horses that have been inducted into the National Museum of Racing and Hall of Fame.
Lucille Wright died in 1982 and according to the terms of her husband's will, the farm went to the heirs of their only child Warren Wright, Jr. (1920-1978). None of the Wright heirs were interested in the horse business. Son-in-law John Thomas Lundy (J.T.), married to Lucille "Cindy" Wright, took over as head of operations and president.
Calumet Farm won the 1990 Eclipse Award for Outstanding Breeder. In November of that year, Alydar sustained a leg injury in his stall. The collection of a $36 million insurance policy, brought a cloud of suspicion over the business however a Federal judge in the Houston Division of District court in Texas found that Calumet and President J.T. Lundy were not to be held accountable for the $36 million resulting from the death of Alydar. As Calumet president, Lundy was blamed by the Wright family of mismanagement and fraud that had left the farm with a massive debt load that forced Calumet Farms to file for bankruptcy protection in 1991. After years of legal proceedings, in 2000, J.T. Lundy along with Gary Matthews, the farm's former attorney and chief financial officer, were convicted of fraud and bribery and sent to prison.
After his release from prison in 2005, details surrounding Lundy's trial have been examined as well as media reports covering Alydar and Calumet. Assistant U.S. Prosecutor's assigned to the Lundy trial were sued by a defendant in a bank fraud trial the year prior relating to the same financial insitution. The Justice Department settled the matter for $500,000 bringing yet another cloud of suspicion on the Lundy and Calumet matter and what politcal or internal business motivations, if any, were responsible for the investigation and trial of Lundy.
In 1992, a trust established by Henryk de Kwiatkowski, a Polish-born Canadian citizen and owner of "Kennelot Stables", a Bahama based corporation, purchased Calumet Farm, saving it from possible liquidation by the bankruptcy trustees.
Retrieved from "http://en.wikipedia.org/wiki/Calumet_Farm"Category: Horse farms
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