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Date Posted: 08:14:20 12/22/08 Mon
Author: Hap
Subject: Here's another crooked deal exposed..>>>>
In reply to: Varmit 's message, "Hard to figure out some people" on 06:00:54 12/22/08 Mon

Federal judge rules for Rodeo Allianceby Marie Price
The Journal Record December 15, 2008
OKLAHOMA CITY – An Arizona group tortiously interfered with a contract allowing the Oklahoma-based Rodeo Alliance LLC to acquire the International Professional Rodeo Association, which operates the International Finals Rodeo, an Oklahoma City federal judge has held.

U.S. District Judge David L. Russell recently handed down an amended judgment totaling $104,031, including prejudgment interest, in favor of Rodeo Alliance. His ruling also calls for $22.82 in post-judgment interest per day until the judgment is paid.Trial was held in the case in September. Russell issued findings favoring the Oklahoma company in October.
“Obviously, we feel somewhat vindicated, because we won and received a judgment,” said IPRA General Manager Dale Yerigan.
He acknowledged that the judgment doesn’t represent a great deal of money by modern standards and that it may or may not be collected.
“We feel that justice was served,” Yerigan said. “We spent a lot of time and effort to prove that out, but we’re certainly happy with the outcome.”
As he pointed out, the IPRA’s biggest event, the International Finals Rodeo, is scheduled for Jan. 16-18 at the State Fair Arena in Oklahoma City.
“That was part of the concern with all of this, that the roots and the ties here to Oklahoma in that event were going to leave,” Yerigan said. “It is here in Oklahoma City, where we feel like it should be.”
Next month’s event marks the 39th IFR.
“Thirty-eight of those have been in Oklahoma, and they’ve been in Oklahoma City since 1991,” Yerigan said.
That’s a lot of history, he said, pointing out that the IPRA’s headquarters is in the historic Stockyards district.
According to Russell’s findings, in January 2007 the California-based World Rodeo Federation Inc. sold management rights to the IPRA to Rodeo Management Inc. of Arizona.
The sales contract included language permitting the California company to buy back the agreement.
In February 2007, Rodeo Alliance approached the WRF about the possibility of purchasing the pro rodeo organization, agreeing to buy it for $125,000. That required the World Rodeo Federation to exercise the buyback option with Rodeo Management.
Rodeo Alliance wired an amount fulfilling the cash requirement of the buyback provision between the WRF and the Arizona organization.
As the transaction with the Oklahoma company progressed, a legal dispute erupted over the amount of funds remaining in certain IPRA accounts and gaining access to them.
“No bank accounts of funds were ever returned to the IPRA, and an attempt to gain control over the MECU account was unsuccessful,” Russell wrote.
As a result of the defendants’ failure to return any funds or accounts, he said, Rodeo Alliance sued, citing theories of contract interference, deceit and unjust enrichment.
Russell’s findings detailed several transactions that took place during the first couple of months of 2007, including a $75,000 check whose memo line listed it as a bonus to Jim Bob Custer, CEO of Rodeo Management, and large cash withdrawals, including $61,831 on Feb. 20, 2007, which Tina Custer said was used to buy cashier’s checks to pay bills.
Custer testified that he re-deposited $61,000 of the $75,000, but Russell said no such deposit was reflected on bank records. The judge said Tina Custer’s testimony was inconsistent with the fact that some bills were paid by checks issued on the company’s accounts.
Russell said that from Jan. 1 until Feb. 18 of 2007, Rodeo Management was free to use IPRA funds to support the association.
“It was not, however, free to pillage the funds of the IPRA, which is what apparently occurred,” the judge said.
Russell detailed several expenses that were IPRA-related, as well as bank and other charges for which the defendants were due credit, ultimately holding that Rodeo Alliance was entitled to recover $90,073, plus interest, for Rodeo Management’s interference with the contract between Rodeo Alliance and the California-based WRF.
Having concluded that Rodeo Alliance should recover under a theory of contract interference, Russell entered judgment in favor of the defendants on the claims of unjust enrichment and deceit.
An attorney for Rodeo Management did not return a phone call seeking comment.
Yerigan said he knows people are fired up about Oklahoma City having a basketball team these days.
“I guess they’re happy to have an NBA franchise in Oklahoma City, and I’m glad for them,” he said. “But, I hope they don’t forget about some of us that have been here for a long time.”
If the basketball team is not playing so well, he said, “They’ll be able to see some world champions at the rodeo.”
Yerigan said that eight new world champions will be crowed during the upcoming International Finals Rodeo.
“We’re here year-round, not just in town for the rodeo and out,” he said. “That’s where we want to be.”

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