Ramsey Will Settle With Trainers Who Sued Over Debts

Multiple Eclipse Award-winning owner/breeder Ken Ramsey said he took it on the chin when two lawsuits seeking the payment of more than $1.88 million in outstanding bills were filed a week apart by trainers Mike Maker and Wesley Ward.

"Basically, I have had a cash flow problem, and I'm not making little of what I owe them," Ramsey said. "I owe the money. It is a just debt and I'm not trying to get out of it; never tried to get out of it. I have paid on what I owe."

As first reported by Paulick Report, Maker filed his suit March 12 in Fayette County Circuit Court and claims Ken Ramsey and his wife, Sarah, owe him $905,357 for outstanding invoices on 54 horses in training. As soon as Ramsey learned of the suit, he said he contacted Maker to work out a settlement. No sooner had he reached an agreement with Maker than Ward filed his suit March 19 in Jessamine County Circuit Court and claims he's owned $974,790 from 45 horses he has in training for the Ramseys.

"I was blind-sided," Ramsey said. "If I had known, I would have gone to the bank and borrowed the money. I have over 2,100 acres and the vast majority of it I don't owe anything on. My net worth is better than it ever has been, so I'll go to my banker and borrow the money against the collateral I have and I'll pay them all off."

Maker, contacted by text March 22, confirmed with BloodHorse that he had reached an agreement with Ramsey and has directed his attorney to drop the lawsuit.

Ramsey said it had been his plan midway through last year to sell off 100 broodmares at the fall mixed sales to pay the trainers what he owes, which by his own accounting records he said is closer to $1,656,629. During the last few days of the Keeneland November Breeding Stock Sale, however, Ramsey said the mares he was offering were bringing less than half the stud fees he had in them. He chose to take most of the mares back to Ramsey Farm and let them deliver their foals.

"I decided to ride out the storm," he said. "Now, I have 21 foals by good stallions—Tapit , Nyquist , Frosted , and Curlin . I have 58 yearlings and 80 mares. I plan to sell most of them off."

At the same time Ramsey was coming up short on what he hoped to raise from selling horses, he was also making loan payments on three farms he bought in 2018-19.

"Look, I put myself where I am, but I'm a little hurt that Wesley didn't just tell me, 'Ken, if you don't pay me X amount of dollars in X number of days I'm going to file a suit against you.' That is not good business on his part, but it certainly wasn't good business either on my part to yo-yo them around. I should have paid them at the end of 2020."

Ward did file an agricultural lien March 15 on 43 horses that include 2020 stakes winners Artie's Princess, who won the Bessarabian Stakes (G2) at Woodbine, and Ramsey Solution, who won the Tapit Stakes at Kentucky Downs. The horses also include Chasing Artie, a 3-year-old gelding who became a winner Feb. 26 at Gulfstream Park, and Gold For Kitten, a 3-year-old filly by Kitten's Joy , who won her racing debut Feb. 5 at Turfway Park.

Ward is asking for the court to issue a judgment against the Ramseys for the amount owed, to determine the priority and validity of all liens against the horses, and to order all horses to be sold by either the Jessamine County Sheriff or by any other sale the court allows with all net proceeds applied to the outstanding debt. Ward also has asked for any continuing day rate expenses to be paid as long as any horses are in his care and to be reimbursed for legal costs and attorney fees.

Ramsey said Ward's lawsuit will never be heard in court because he is going to settle up.

"Mike and Wesley are the only two trainers I have right now. All the 50-some-odd trainers I have had prior to now have been paid in full," Ramsey said. "This is embarrassing, but I'm an entrepreneur and I pay my debts. There will be no court in Jessamine County that will ever sell any horses I own. It is as simple as that."