Posts Tagged ‘William S. Farish’

By Ray Paulick

One of the first projects that landed on my desk when I joined the Thoroughbred Times as managing editor in 1988 was a feature story on the Jockey Club, the organization historically entrusted with registering Thoroughbreds and being the keeper of the Stud Book. The article was accompanied by a lengthy mail-in survey of Thoroughbred Times readers. The story and the survey results were of great interest, for at the time I had no idea how broadly the Jockey Club reached across the entire industry and how unhappy rank and file breeders then were with the organization’s service, pricing and activities.

It should be noted that there was an agenda to the article. The Thoroughbred Times was then owned by Richard F. Broadbent, whose Bloodstock Research Information Services was facing new competition from a subsidiary of the Jockey Club. There were questions about whether a tax-exempt breed registry like the Jockey Club should create a subsidiary to compete with a private enterprise company like BRIS, which supplied statistical data to breeders, owners and various publications. A few years later, the Jockey Club helped form another for-profit company, Equibase, which competed with the Daily Racing Form to collect racing results (the Form eventually closed its track and field operations and became Equibase’s biggest customer). The Jockey Club has since started other for-profit businesses.

One of the things that struck me was the comparison between how the Jockey Club and the American Quarter Horse Association conduct their business. The Jockey Club is clearly a breed apart from its Quarter Horse counterpart. The AQHA, then and now, is a relatively transparent organization, one whose membership is open and whose leadership is democratically elected through regional and national elections. There is a board of directors, from which comes an executive committee and elected officers. The AQHA has term limits that prevent individuals from maintaining longstanding control of the organization. The AQHA web site publishes a great deal of information about its governance and membership rules, which can be read here.

By comparison, membership in the Jockey Club has always been by invitation only. Click here for an explanation about membership. It is "governed" by a rotating board of stewards, though that term is used loosely since the Jockey Club has been under the firm control of just two men since 1982, when Ogden Mills “Dinny” Phipps was named chairman and William S. Farish became vice chairman (pictured left). Click here to see the current list of Jockey Club members, stewards, and officers.

The AQHA is a huge organization that maintains the registration of more than five million Quarter Horses, with 135,000 registered in 2007 alone. There are nearly 350,000 AQHA members. According to Internal Revenue Service Form 990 for tax exempt organizations, the AQHA generated $54.4 million in revenue in the 2005-06 fiscal year, the most recent year available. At that time it had $73 million in total assets, including nearly $49 million in investment securities. Click here for the AQHA Form 990.

The AQHA, like the Jockey Club, maintains pedigree records, but also promotes the Quarter Horse breed through horse shows and publishes three magazines (the Quarter Horse Journal, the Quarter Horse Racing Journal, and America’s Horse) that had total circulation of over 400,000 in 2006.

The AQHA charges as little as $25 to register a Quarter Horse foal if done within seven months of birth. The organization is based in Amarillo, Texas, and its highest-paid officer, longtime executive vice president Billie G. Brewer, earned an annual salary of $424,928; treasurer Lee Callaway was paid $221,965 (both figures are from the IRS Form 990.) The two executive salaries represented 5.5% of the AQHA’s total payroll of $11,725,124.

The Jockey Club is also a rich organization, one that is exempt from federal taxes but also has several wholly owned for-profit subsidiaries. The Jockey Club’s 2006 IRS Form 990 states that it registered 37,300 foals that year. The Jockey Club generated $13.2 million in revenue in 2006, the most recent year the figures are available. It claimed $32 million in total assets, including $21.6 million in investment securities. Click here for the Jockey Club Form 990.

In addition, the Jockey Club claimed that its subsidiaries generated over $25.7 million in income for 2006 ($13.7 million by TJC Holdings Inc. & Subsidiaries, which is engaged in information services and software solutions; $4.9 million by The Jockey Club Racing Services, for the collection of Thoroughbred racing data; and $7.1 million by The Jockey Club Technology Services, Inc., for its technology services). Click here for more information on those subsidiaries, which include shared ownership in the data collection company Equibase, and full ownership of TJCIS (The Jockey Club Information Systems  and data supplier Equineline), and InCompass Solutions, which provides software systems for racetracks.

The Jockey Club’s IRS Form 990 lists its annual Round Table Conference in Saratoga Springs, N.Y., publication of its Fact Book, and providing financial support to other industry organizations among reasons for its tax-exempt status, in addition to its breed-registry responsibilities.

The Jockey Club charges $200 to register a Thoroughbred foal, considerably higher than the AQHA’s fee. Its last increase was in 2000, when it was upped from $175. The Jockey Club, which for many years was known as the “New York Jockey Club,” relocated its registration department from New York to Kentucky in 1988. 

Its highest-paid officer is president Alan Marzelli  (pictured, left), who earned $672,796 in 2006, 58% more than the AQHA’s top executive. The Jockey Club has three executive vice presidents: James Gagliano, with a salary of $256,885; Daniel Fick, $243,546; and Laura Banllaro, $243,804. IRS Form 990 also lists but does not itemize another $542,776 in 2006 pension plan contributions for those officers. The salaries represented 39.1% of the Jockey Club’s total payroll of $3,626,092 (exclusive of its subsidiaries, each of which have its own executive staff and employees).

The Jockey Club’s 2006 tax return came to light recently when an entity called “CTBA Boardwatch” (which generally concerns itself with the inner workings of the California Thoroughbred Breeders Association) distributed IRS Form 990 to numerous individuals. A number of those people contacted the Paulick Report and were outraged over the salaries paid to Marzelli and his three executive vice presidents.

I don’t know the going rate of executive compensation for a tax-exempt company in New York, where three of the four Jockey Club officers are based (only Dan Fick, a former AQHA executive, is located in the Lexington offices of the Jockey Club). Perhaps those numbers are perfectly in line with other non-profits. I would imagine, though, that the going rate for an executive staff is higher in New York than it would be in Kentucky.

It does seem strange to me that the Jockey Club continues to maintain a nicely appointed office in the high-rent district of midtown Manhattan, on 52^nd Street just off Park Avenue. I doubt that it’s gotten many walk-in customers seeking to register their foals since the registration department was moved to Lexington more than 20 years ago. It is conveniently located near the headquarters of Bessemer Trust, the Phipps family-run wealth management firm whose offices are just a few blocks away on Fifth Avenue.

I asked Jockey Club communications officer Bob Curran why the Jockey Club continues to have a New York office 20 years after the organization’s primary function was relocated to Lexington. A few days later I received the following statement from Jockey Club president Marzelli: “Beginning in 1989, when the first of our commercial subsidiaries was incorporated, The Jockey Club has created and developed a group of for-profit subsidiaries and strategic partnerships, each designed to serve specific segments within the industry by utilizing highly efficient, state-of-the-art technology platforms. We have built and managed this growing list of technology-based companies with a corporate office based in New York and operations centers in Lexington, Ky., and Mountain View, Calif.”

That didn’t really answer the question “why a New York office is necessary” although it did tell me something I didn’t know; namely, that the Jockey Club now has a division in California’s high-tech Silicon Valley town of Mountain View.

The bigger question is who is the Jockey Club accountable to. Is it simply Phipps and Farish and their hand-picked stewards? Is the breeders who have paid registration fees over the 100-plus years of its existence? Is the Thoroughbred industry at large? If there is accountability to the industry, why isn’t there more transparency in the operational and financial activities of the Jockey Club and its various subsidiaries? Why is its membership so restrictive and its governance so secretive?

James Gagliano, one of the aforementioned executive vice presidents, touched on some of these questions, during the Jockey Club Round Table in August in which he discussed some of the activities of the Jockey Club and its affiliate for-profit companies. Click here to read Gagliano’s remarks.

Are you satisfied that the Jockey Club is properly and responsibly representing the best interests of the Thoroughbred industry? Let us know in the comment section below, or take the Daily Paulick Poll about the Jockey Club and its activities, located on the left-hand column of the Paulick Report home page.

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By Ray Paulick

“How do you corral 30,000 horses, having taken them off the range where they lived, and just say ‘night night’?” asked Madeleine Pickens, the animal-loving wife of billionaire T. Boone Pickens and better known in Thoroughbred racing circles as the former Madeleine Paulson, who with her late husband, Allen Paulson, developed one of the most successful Thoroughbred breeding and racing operations of the 1980s and ‘90s. Allen Paulson died in 2000, and she remarried in 2005.

In recent years, Madeleine Pickens has spent sleepless nights agonizing over the plight of the American West’s wild mustangs, which have been rounded up and held in pens in increasing numbers over the last eight years by cowboys hired by the federal government’s Bureau of Land Management after complaints from cattlemen that the horses were depleting grazing areas. As federal funding for the wild horses was squeezed and the number of people interested in adopting them declined, BLM officials were faced with an unpleasant option: allow the horses to be sent to slaughterhouses or perform mass euthanasia.

The story of these wild horses – “America’s animal” she calls them – hit Madeleine Pickens’ radar screen at a time when she was putting considerable personal resources of time and money into efforts to end the slaughter of all horses. She studied the issue, then hired a polling company to gauge public opinion on the slaughter of horses for human consumption, finding out that seven in 10 Americans oppose the practice. She then paid for anti-slaughter advertisements in the New York Times, lobbied members of Congress and worked with other groups and individuals. Ultimately, however, those efforts ended in frustration because, she said, the pro-slaughter lobby, assisted by the cattle industry, was simply too entrenched with Washington, D.C., powerbrokers. Anti-slaughter bills passed by the U.S House of Representatives were stopped in the Senate. And she was outraged that so many Thoroughbred industry leaders failed to help.

“I would lay in bed, crying, and say, ‘How can we stop this? What can I do?” she told the Paulick Report. “I’m not a religious person, but a spiritual one, and I swear to God that I prayed for an answer.”

One night, she said, the answer came to her. “Why not buy a ranch and give every horse a home?”

Pickens’ plan for a horse sanctuary would be similar to how cattlemen got access to millions of acres of federal land, she said. “This is how the cattlemen got going,” she said. “They got the BLM land attached to their ranches with sweetheart deals. They pay a very low lease for it, and most aren’t even using the land now.”

Pickens has a private foundation in the formative stages, a key to which will be tax credits for donors, she told the Washington Post. She met with Senate Majority Leader Harry Reid of Nevada, where half of the wild horses are held. Pickens isn’t prepared to say how much she needs to raise for an endowment to make the plan work, but she is confident she will be able to make it happen. She envisions corporate sponsors, campgrounds and cabins for tourists to come and observe the horses. “There is so much support for this right now,” she said. “It’s amazing the number of calls and emails I’ve received from people who want to help or go to work there.” (Click here to see the official Madeleine Pickens Web site.)

She estimated that she will need upwards of a million acres, and is currently in negotiations on three different properties. She took her plan to BLM officials, who leaked the story to the Washington Post, prematurely, in her opinion. “The story got out way too early while I’m working on the land deal,” she said. “The land people may suddenly say, ‘Ohhh, deep pockets,’ and become unreasonable. I’m trying to  be responsible and do the right thing here. I’m very confident that next year this whole thing will be in place.”

Pickens said she felt like someone who’s been trying to walk through quicksand the last couple of years and can’t seem to get out of it. “Nothing was happening, and you can’t believe the idiocy of it all,” she said. “Why do people not get it?”

She grew weary of trying to work for a solution in Congress. “The people in the racehorse industry weren’t on board and we had all those cattlemen against us,” Pickens said. “We really couldn’t win. I give the people who have been fighting this for so long a lot of credit.

“I think this will work because I came up with a private-sector solution rather than trying to put a bill through Washington where politicians could have their way and destroy it. When the bureaucrats do it, it costs too much and doesn’t work. With private individuals, you’re not indebted to every group or compromised by lobbyists.”

Her proposal has been widely applauded, within the BLM and the general public. While her husband, a well-known corporate raider, oilman and philanthropist, has been a highly visible proponent for a plan to make America energy independent, Madeleine Pickens became an overnight celebrity because of her desire to save the horses. The week her plan went public, ABC’s World News Tonight named her “Person of the Week.” Some outside of the horse business remembered her as the heroine (pictured, left) who rescued hundreds of abandoned cats and dogs in New Orleans following Hurricane Katrina.

“I knew people cared, but I was somewhat stunned at the way this story took off like a wildfire,” she said. “It surprised me, but it really shouldn’t have."

A PLACE FOR EX-RACEHORSES, TOO
Pickens said the ranch will not just be a refuge for wild horses. She wants it to be all inclusive for different breeds, and especially ex-Thoroughbred racehorses that often end up unwanted or sold to killer-buyers who send them off for slaughter in Canada or Mexico. There are no remaining horse slaughterhouses in the United States.

“We’re going to have enough land where I don’t know how we can say no to anything,” she said. “It won’t happen overnight. But I want to give the Thoroughbred industry an opportunity to do something here, and to make people feel that they are being responsible for the animals in their sport. I’m going to ask the industry for their support. It’s going to be difficult for the racing industry to change their way of thinking. With this, I hope they can say they have an exit strategy for their horses.”

Pickens is still angry over the National Thoroughbred Racing Association’s refusal to support recent anti-slaughter legislation in Congress. She was one of a large number of major industry participants to sign a letter written by owner-breeder Josephine Abercrombie to members of Congress stating their support of anti-slaughter legislation and their disapproval of the NTRA’s position. “The NTRA had to compromise themselves with Goodlatte (Virginia Rep. Bob Goodlatte, former chairman of the House Agriculture Committee and now ranking member), who has helped them with gambling legislation but has close ties to the cattle industry,” she said. “By getting behind my proposal, they won’t have to worry about the threat of someone like Goodlatte.”

The Jockey Club is another group that has disappointed Pickens. “They register 35,000 horses a year and they say those horses are worth millions and millions of dollars,” she said. “And they come up with some plan where people can give a few dollars when they register a foal and the Jockey Club says they’ll match up to $200,000 a year. This is the same old b.s. — $200,000 is a peanut. How dare they say this is all they’re going to put into a retirement fund for all the horses who don’t make it. It’s all part of what makes the system not work.

“In every business it’s leadership, and we’ve had horrible leadership in racing. Will Farish (vice chairman of the Jockey Club and owner of Lane’s End Farm, where Pickens retired Grade I winner Rock Hard Ten to stud) can be a good guy. He’s head of this and head of that, and people look up to him. But here’s a man who won’t go against slaughter. Why? Is it because he’s from Houston, where so many of the cattlemen are from?”

Pickens, who said she has withdrawn from the racing business largely because of its inaction on this issue, said she thinks the Thoroughbred industry can learn a great deal from how her proposal has been embraced by the public.

“Racing people can learn that they have a chance to endear the public to them,” she said. “They get a few gamblers here and there, but they are in trouble because they seem to have lost sight of the animal who is the athlete. They have too many fatalities and too many injuries that happen in public on national television. When that happens, it exposes the fact they have no exit strategy for the horses.

“Again, there is no leadership. Those who have been in it for a long time have done nothing to endear people to the business. Now they have an opportunity like the BLM has to try and resolve one of their problems.”

I asked Pickens why she is doing all this, what is driving her to take on a project so big?

She told me of how she emigrated to the United States from Iraq in 1969 because she wanted “to come to a new world and do something with my new country.”

But then she confessed to another reason, something that haunted her when she first learned about the horrors of slaughter: “Maybe it’s because I’m ashamed that I was in the industry for years and never knew there was a slaughterhouse for so many horses at the end of the day. I’m so ashamed I never knew. And people who know about it and aren’t doing anything, they should be ashamed, too.”

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The objections of attorneys Regard and Ford were based on the appraisal provided in court by bloodstock consultant Ric Waldman, who testified in November that the current weakened market conditions placed  Curlin’s overall value at $20 million as a stallion prospect. A court-ordered receiver arranged for a sealed-bid sale of the 20% through the Keeneland auction company in early November, but when there were no bids, Jackson offered to buy the interest for $4 million. Ford said the receiver had numerous conversations with Stonestreet representatives about the sale but never consulted with her as representative of the plaintiffs. "I think the evaluation is extremely low and I think it’s something we have to contest," she told Crittenden. Richard Getty, attorney for Jackson, told the court that a "bird in the hand — $4 million, which is a million and a half dollars more than I think it’s worth — is better than a bird in the bush. The current market conditions are horrible. … If they are not smart enough to figure out this is a very good deal, given the market conditions, I feel sorry for them. … A year and a half or two years from now this interest may not be worth $4 million." Regard said the court had been told repeatedly by Jackson’s attorney that no stallion farm would stand Curlin as long as Gallion and Cunningham were minority owners. "Lane’s End is the premier stallion farm in the world," Regard said. "Lane’s End was Tandy’s first choice last year, but disagreements between Mr. Jackson and Mr. Farish concerning some other issues in the industry prevented that. … Entering into a contract (with Lane’s End) proves that there were no legal issues related to Tandy’s ownership in Curlin that would prevent him from going to stud. Lane’s End saw no obstacle to standing the horse." Getty said after the ruling he was not aware of any "disagreements" between Jackson and Farish, and also said he was not aware that Jackson was prepared to make any further offers to Gallion and Cunningham for their interest in the horse. Getty pointed out to Crittenden that Lane’s End is receiving a management fee to stand Curlin and that Gallion and Cunningham would be liable for $1 million in expenses between now and April 2010 for management of the horse, insurance premiums and advertising/marketing costs.  "Who’s going to pay the $1 million," he asked the judge. He also cited the fact some top race horses, including two-time Horse of the Year Cigar, can be infertile as stallions. "If they want to run the risk of intertility, we can’t help them," Getty said.

Regard responded that Lane’s End’s will be compensated after stud fees are paid. "The largest part of those expenses are going to be paid upon the receipt of the stud fee income," Regard said.

By Ray Paulick

When IEAH Stables bought an interest in 2007 Remsen Stakes winner Court Vision from WinStar Farm earlier this year, the son of Gulch had the look of a Derby horse. He eventually lived up to that billing, though his Grade 1 Derby victory came not on the dirt at Churchill Downs on the first Saturday in May but on the Hollywood Park turf on the last Sunday in November. Under Ramon Dominguez, who earlier in the day won the Grade 1 Matriarch Stakes with Godolphin Racing’s Cocoa Beach, Court Vision made an eye-catching run from last at the top of the stretch to win the Hollywood Derby by three quarters of a length, defeating Cowboy Cal and Midships.

Trained by Bill Mott, Court Vision covered a mile and one-quarter on firm turf in 2:01.43 as the 7-2 second choice in the betting. It was his fifth win in 12 starts and first in a Grade 1 event.

After winning three of four starts as a 2-year-old, Court Vision regressed somewhat on the road to the Triple Crown, finishing third in both the Fountain of Youth at Gulfstream Park and Wood Memorial at Aqueduct. After a disappointing 13^th behind IEAH’s Big Brown in the Kentucky Derby, Mott switched the colt to turf, where he finished fourth in the Colonial Turf Cup and an unlucky second, beaten a nose, in the Virginia Derby, both races at Colonial Downs.

Back on dirt in the Travers at Saratoga, Court Vision was never a factor when sixth behind WinStar’s Colonel John, then ended his six-race losing streak with a victory in the Jamaica Handicap on turf at Aqueduct (the first time Dominquez rode him).

Muny set the pace from the outside post position in the Hollywood Derby, going a half mile in :49.41, six furlongs in 1:13.40, and a mile in 1:37.56. Cowboy Cal overtook the frontrunner in midstretch, but didn’t have enough to withstand the fast-finishing Court Vision, who caught him in the final strides. Midships closed well to get third. Based on Court Vision’s position at the one-mile call on the Equibase chart, he flew home his final quarter-mile in about 22 3/5 seconds.

Bred in Kentucky by the W.S. Farish and Kilroy Thoroughbred Partnership, Court Vision was produced from the Storm Bird mare Weekend Storm, a half sister to leading sire A.P. Indy. 

Video of the Hollywood Derby.

Earlier in the Hollywood Park Turf Festival program, favored Cocoa Beach rallied  in the stretch to catch the front-running second-betting choice Precious Kitten and win the Matriach by three-quarters of a length. Juddmonte Farms’ Visit was third.

Cocoa Beach, second to Zenyatta in her last start, the Breeders’ Cup Ladies’ Classic, was trying the grass for the first time since her maiden victory in Chile in January 2007. She was purchased by Godolphin last year and sent to Dubai, where she won two of four starts and was third in the UAE Derby. The 4-year-old daughter of Doneraile Court won her first two American starts, including the Grade 1 Beldame at Belmont Park, before running second in the Breeders’ Cup on the synthetic Pro-Ride track. She is trained by Saeed bin Suroor. Cocoa Beach covered the mile on firm turf in 1:35.49.

Matriarch chart.

Video of the Matriarch.

Video of the Hollywood Turf Festival graded races.

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By Ray Paulick

The retirement of reigning Horse of the Year Curlin to Lane’s End Farm may be one of the more unusual stallion contracts with which the Versailles, Ky., farm’s owner, William S. Farish, has been involved. Farish said as much in an interview with the Paulick Report, although he would not go into details of the deal that was announced on Nov. 21.

Farish confirmed that Lane’s End did not purchase any interest in the Smart Strike 4-year-old colt, who will stand for $75,000 live foal as the property of Jess Jackson and the Midnight Cry Stable – at least until Midnight Cry’s 20% ownership interest is resolved in a legal battle that goes back to a 2001 diet-drug class-action settlement. The case revolved around the legal fees charged by plaintiff attorneys William Gallion and Shirley Cunningham, among others. The two men, who raced under the Midnight Cry stable and bought Curlin as a yearling for $57,000 in 2005, lost a $42 million judgment in a civil suit and face retrial on criminal charges of mail fraud after a previous trial ended in a hung jury. A third defendant was acquitted.

A court-ordered receiver has been charged with selling Midnight Cry’s 20% interest in Curlin, but the fair market value of the horse is in dispute. At a recent hearing, bloodstock consultant Ric Waldman estimated Curlin’s total value at $20 million, meaning Midnight Cry’s interest is worth $4 million – the amount Jackson and his wife, Barbara Banke, offered to buy it. Andre Regard, an attorney for Midnight Cry, said the figure is too low.

Because of the legal complications, it’s believed Jackson was unable to convey any breeding rights to Lane’s End, a standard part of most stallion contracts that gives the farm standing a horse a minimum of four to six annual breeding rights. In lieu of those rights, the assumption is that Jackson is paying Lane’s End an annual management fee, in addition to standard marketing and board fees. Unless the management fees are linked to Curlin’s stud fee (i.e., they increase if his stud fee increases), Lane’s End will not enjoy the potential upside it would if the farm owned shares or a percentage of the horse, or if the farm received a specific number of annual breeding rights.

Regard said he has requested a copy of the stallion contract from Jackson but has yet to receive it. He suggested the details of the contract could help establish Curlin’s true value. Regard contends that the $20-million appraised value is too low, based on the multiple of 267 times the initial $75,000 stud fee. Some stallions are valued based on a multiple of 400 (or even as high as 500) times the initial stud fee, Regard said.

Farish admitted the negotiations over Curlin were “difficult” because of the legal challenges. That Jackson and Farish ended up business partners on the horse is viewed by some as ironic, in light of Jackson’s crusade to reform the Thoroughbred auction business and his push to have bloodstock agents licensed. It is widely believed the politically-connected Farish used his clout in Kentucky’s legislative circles to restrict reforms and block the mandated licensing of agents.

Curlin was retired following his fourth-place finish in the Breeders’ Cup Classic, the only time in 16 career starts he finished worse than third. North America’s all-time leading earner, with $10,501,800 won in the United States and Dubai, will make a final public appearance this Saturday at Churchill Downs before joining his sire, Smart Strike, at Lane’s End.

Copyright © 2008, The Paulick Report

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Phone lines in Central Kentucky have been burning up among the nearly 50 incumbent and newly elected members and trustees of the Breeders’ Cup, who will be responsible for electing seven individuals to the 14 member operating board of directors in Lexington, Ky., on Friday.

Five members of the board — Antony Beck, current board chairman Bill Farish Jr., Terry Finley, R.D. Hubbard and Satish Sanan - are up for re-election, and all five are expected to seek a new two-year term. There are two open positions previously held by Robert Clay and Joseph Shields Jr., who lost re-election bids to the members and trustees board, voting for which was conducted in June among all Breeders’ Cup program nominators. Clay was vice chairman of the Breeders’ Cup board of directors.

John Sikura is the only new name that has surfaced as a "declared" candidate for a board seat, though others will certainly will develop by Friday’s meeting.

In the meantime, numerous phone calls are being made by members of two distinct camps seeking proxies and support in advance of what figures to be a hotly contested election for control of the Breeders’ Cup. In previous elections

Here are the members and trustees listed on the Breeders’ Cup web site or last week’s election results: Josephine Abercrombie, Helen Alexander, John Amerman, Gregory C. Avioli, James E. Bassett III, Antony Beck, Reynolds Bell Jr., Boyd Browning Jr., Doug Cauthen, Alice Chandler, Brownell Combs II, Donald R. Dizney, William S. Farish, William S. Farish Jr., Tracy Farmer, Terrence P. Finley, James E. Friess, Thomas Gaines, Lucy Young Hamilton, L. William Heiligbrodt, R.D. Hubbard, B. Wayne Hughes, G. Watts Humphrey Jr., Roy Jackson, Brereton C. Jones, John T.L. Jones Jr., John T.L. Jones III, Tom Ludt, Wayne G. Lyster III, Robert T. Manfuso, Robert McNair, Clem Murphy, Maria Niarchos-Gouaze, Charles C. Nuckols III, J. Michael O’Farrell Jr., Bill Oppenheim, James A. Philpott Jr., Ogden Mills Phipps, Dan Pride, Don Robinson, Satish K. Sanan, Richard T. Santulli, John G. Sikura, Frank Stronach, Mark Taylor, D.G. Van Clief Jr., Charlotte Weber, Barry Weisbord, and Christopher Young.

By Ray Paulick

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