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  1. #1
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    AHSA has an announcement on their website:

    www.ahsa.org



  2. #2
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    AHSA has an announcement on their website:

    www.ahsa.org



  3. #3
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    .....that egos cannot be contained and the horse-owning paying public will have to fund the price of this argument.

    With attitudes like this I would imagine that we will continue to field such strong teams of experienced jumper riders to compete so successfully against the world's best (inject sarcasm here!).

    I DON'T GET IT!!!!!!!!!! GRRRRRRRRRR.



  4. #4
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    I read this as not good news..... Sounds like once again the spirit of cooperation was lost in the midst of infighting and egos. [img]/infopop/emoticons/icon_frown.gif[/img]



  5. #5
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    Sad, but not really surprising. From what I saw of the USET people at the AHSA meeting, they were polarized and never going to accept a compromise that might deprive them of any degree of power (and, for some, high paying jobs).

    The USET has an announcement about the vote on their site, but they focus on what was apparently a subsidiary vote of the "equestrian atheletes" who are members of the USET Board of Trustees. The USET press announcement says that "Active Athletes from the Olympic disciplines voted 22 to 0 for the USET plan. In total, the USET plan was endorsed 22 to 2 by the athletes."

    It would be interesting to see which active athletes voted. (I recognize only about 15 or 16 of the names of Board members posted on the USET site as people who are active atheletes, but obviously there are names I don't know.)

    The USET is definately trying to give it the spin that the rest of us should just accept their plan because the "active atheletes" voted for it. I, however, continue to believe that our best hope for the future is in the hands of the AHSA and that the USET plan has serious practical deficiencies.
    "I don't want to sound like a broken record here, but why is it that a woman will forgive homicidal behavior in a horse, yet be highly critical of a man for leaving the toilet seat up?" Dave Barry



  6. #6
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    All is not well with the assets of the USET. This article in today's New York Times tells their other dilemma, will they relocate to Wellington? or Ocala?

    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>January 24, 2001

    Market Place: Lucent Tries to Sell Golf Course

    By SIMON ROMERO

    If Lucent Technologies, as expected, announces a corporate revamping today that includes a
    write-down and the elimination of thousands of jobs, its investors and employees may also want to
    hear about the company's outlay of more than $40 million the last two years to create one of the
    world's most exclusive golf courses.

    Although the project was never announced, or clearly spelled out in Lucent's financial documents, since 1998 Lucent has backed the construction of the Hamilton Farm Golf Club, a rambling, 36-hole complex in the town of Peapack-Gladstone in the heart of the New Jersey fox-hunting country. The complex includes a helicopter-landing pad, a guest home of 20,000 square feet with 10 suites, a wine cellar and tasting room and a full-time concierge.

    Until recently, Lucent had planned for Hamilton Farm to sell memberships in the club to 18 large
    corporations for $1 million apiece, in addition to charging annual fees of several hundred thousand
    dollars a year. That plan never materialized, though several high-ranking Lucent executives did play on the course.

    The aim of the club under Richard A. McGinn, a former chief executive who was ousted by Lucent's
    board in October, was to create an exclusive meeting place for executives from a close circle of large
    companies.

    But now, with Lucent scrambling to cut costs, the company is trying to disentangle itself from the golf club. To sell the property, Lucent has offered to be the sole guarantor on a $45 million loan to three companies interested in buying it, according to documents of the financing proposal.

    The documents were provided to The New York Times by a person close to the golf course project,
    and their authenticity was confirmed by the company. Neither Mr. McGinn nor Henry B. Schacht, a previous chairman and chief executive who has returned to those jobs on an interim basis, could be reached for comment.

    Lucent's involvement in Hamilton Farm, embarked upon when its earnings and stock price were
    highflying, exemplifies the company's lofty ambitions when it became the world's largest maker of communications equipment after its spinoff from AT&T in 1996. The current attempt to quietly extract itself from the project underscores Lucent's reversal of fortunes in the last year, as it has repeatedly fallen short of earnings forecasts and its stock price has dropped 62 percent.

    "In the heady days of the late 1990's they may have thought this would have worked," said Finn M. W. Caspersen, a wealthy investor in Peapack-Gladstone, whose recent offer to buy the golf course from Lucent for about $25 million in cash was turned down. "They had what I considered to be a flawed business model," he added, referring to Hamilton Farm.

    Lucent, through its support of the Daylar Group, a Connecticut real estate development company,
    provided about $18 million in financing for the sprawling 5,000-acre Hamilton Farm in 1998. Lucent's total investment in the property after the subsequent construction of the golf course was more than $40 million, people close to Lucent said.

    While Lucent, based nearby in Murray Hill, N.J., has never detailed its involvement in the golf course in its financial documents, it has been closely involved in the management of Hamilton Farm.

    Tony Marano, Lucent's vice president for real estate, was required to sign any check of more than $5,000 related to the property's expenses, people close to the company said. And a telephone list of administrative contacts distributed to employees at the club's headquarters provided the contact information for Mr. Marano and his executive assistant, next to a statement reading: "These numbers are not to be given out."

    It was after the ouster of Mr. McGinn in October that Mr. Schacht, the interim chief executive, became aware of Lucent's involvement in the golf course, said Kathleen M. Fitzgerald, a company
    spokeswoman.

    Under Mr. Schacht, Lucent underwent an internal review of its operations and announced last month
    that it would restate financial results for the quarter ended in September, reducing revenue by $679 million after it became clear the company was too aggressive in recording sales.

    "Henry decided it was not the best use of our assets," Ms. Fitzgerald said. "We're confident a sales agreement would allow us to recoup our initial investment."

    The property's elite character dates to 1911, when James Cox Brady, a New York financier, acquired
    land next to the estate of Charles Pfizer, the pharmaceuticals magnate. Next to stables with Shetland ponies and Clydesdale horses, Brady built a 64-room Georgian brick mansion with 11 fireplaces and a chapel with stained-glass windows.

    The Beneficial Corporation, a financial institution whose chairman was Mr. Caspersen, eventually acquired the farm and allowed the United States Equestrian Team to train for the Olympic games on its grounds. After Lucent took over Hamilton Farm in 1998 from Household International, which had acquired Beneficial, Lucent allowed the equestrian team to continue training on part of the property.

    But Lucent's construction of two 18-hole golf courses on the property drew the ire of nearby residents who became concerned about the project's potential impact on the community.

    "The opening of this golf course frankly threatens our way of life," said David Troast, president of Essex Fox Hounds, a fox-hunting group in the area. "It's not only a threat to local fox hunting but to the entire cultural landscape."

    Mr. Troast's concern was echoed by David Peifer, executive director of the Upper Raritan Watershed
    Association, a local environmental preservation group. "The amount of water wasted on a golf course this size is astonishing," he said. "You would think that Lucent would have had more on its mind than golf privileges."

    Under Lucent's plan, the 18 corporate members were to designate 10 representatives each that could
    use the club, so that no more than 180 people could frequent the property at any time. Lucent was planning to keep at least one corporate membership for itself, in addition to maintaining some administrative control over the club.

    Lucent is seeking to transfer ownership of the Hamilton Farm Golf Club to a group that includes
    Townsend Capital, an investment company in Towson, Md.; the Buena Vista Hospitality Group, a
    golf-management company based in Tampa, Fla.; and Bill Howell Associates, an operator of boutique
    hotels. PNC Capital Markets of Philadelphia is arranging the financing proposal.


    According to people close to the companies involved, the golf complex's new owners would use a more conventional membership structure, with more members paying lower fees. Part of the deal would allow Lucent to remain a member of the club. Lucent expects to complete the transaction within two months, people close to the company said.


    Copyright 2001 The New York Times Company<HR></BLOCKQUOTE>



  7. #7
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    OK, Snowbird, I posted this at the end of the other thread where you posted the very interesting article above, but we may as well continue it here, with this shorter thread.

    Snowbird or anyone else who knows, what is the story behind the Gladstone property and the USET? I'm in the dark here. I remember reading a bit about the furor a couple of years ago when Beneficial sold the land for the golf courses, but I thought there was some way it was all smoothed over so that the USET was guaranteed some kind of rights to use the land and actually bought part of it outright. (That all happened before these boards raised my consciousness!)

    The article says that Lucent let the USET continue to use the property. Does the USET own any of the Gladstone property, or lease it, or is it just some kind of guest? What's the real story, does anyone know?
    "I don't want to sound like a broken record here, but why is it that a woman will forgive homicidal behavior in a horse, yet be highly critical of a man for leaving the toilet seat up?" Dave Barry



  8. #8
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    The land (100+acres) was given to Open Space - through either the Nature Conservancy or another group in that area, with the USET having the primary right to use it. Should the USET move, the group takes control. There can be NO MORE development on the property - which would preclude the addition of stands, rings or other buildings that could make that a premier facility.

    HOWEVER, according to my Uncle who spoke to the conservation group director last week, these plans are still not finalized, and they have been wondering about the delay. The article above speaks to that problem: if the place is back up for sale, the new owners may not want an "open space" albatross.

    The buildings, including the main barn, Nautical Hall and the original jumping ring - now dedicated to Dressage - are supposed to have been deeded to the Team, however, no one has actually gone to the County Hall of Record to see if that is official. I suspect it is still a lease, although, I may be wrong.
    co-author of 101 Jumping Exercises & The Rider's Fitness Program; Soon to come: Dead Ringer - a tale of equine mystery and intrique! Former Moderator!



  9. #9
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    [img]/infopop/emoticons/icon_confused.gif[/img]

    I am puzzeled on how a vote of 20/2 (active atheletes) can be considered a vote that represents the ENTIRE board of trustees of the USET.

    There are 15 executives, 40 regular trustees, 16 Honorary Life Trustees, and 46 members of the National ADvisory Council. Of these, there are 21 members of the Executive Committee. I could not find a list of "Active Riders", though, there are certainly a few on the Board.

    Regardless, 22 people is only 1/4 of the USET Board!
    co-author of 101 Jumping Exercises & The Rider's Fitness Program; Soon to come: Dead Ringer - a tale of equine mystery and intrique! Former Moderator!



  10. #10
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    Well, I think we can safely say Lucent will be selling the property ASAP:

    Lucent to cut 10,000 jobs
    Telecom giant to take charge of up to $1.6 billion

    REUTERS
    NEW YORK, Jan. 24 ? Lucent Technologies Inc. Wednesday posted a first-quarter loss and said it would cut 10,000 jobs, or 10 percent of its work force, as part of a plan to cut $2 billion in expenses and recover from recent profit shortfalls and product development missteps.

    etc.

    Weatherford, as for the vote by the USET, I think they did have a full vote of the board. However, the USET chose to highlight the votes of the athletes in their press release to make it look like it's what "the equestrian athletes" want and reduce criticism that the USET move to take over NGB status is a decision by a few wealthy individuals who don't want to give up power.

    You know, spin. [img]/infopop/emoticons/icon_frown.gif[/img]
    "I don't want to sound like a broken record here, but why is it that a woman will forgive homicidal behavior in a horse, yet be highly critical of a man for leaving the toilet seat up?" Dave Barry



  11. #11
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    Aug. 27, 1999
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    Well, ok first, let me zip up the flame suit.

    OK--I know and know of "active equestrian athletes" in a variety of sports.

    Although by and large they are wonderful coaches/trainers, brilliant riders, and wonderful horseman--well, lots of them couldn't manage their way out of a paper bag. And even the few that do have some concept of managmenet skills don't really have a clue what its like to be me or what my needs might be--not a criminal offense to be sure, but certianly something to keep in mind.

    So you'll excuse me if I don't find the fact that "elite athletes" voted in favor of a certain management system terribly compelling. [img]/infopop/emoticons/icon_rolleyes.gif[/img]



  12. #12
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    A-U-D-I-T the USET. A thorough examination of the books, records, etc. would go a long way to answer some of the murky questions.


    And after the audit, a report should be made available to any interested person... as most legitimate non-profits prefer that their supporters know the ins and outs of their business.

    And because I am an "all occasion" curmudgeon, the AHSA might as well be audited as well..... and any of these other related groups who are raising money to promote equine related activities under this thin veneer of non-profit.
    [img]/infopop/emoticons/icon_wink.gif[/img] [img]/infopop/emoticons/icon_wink.gif[/img]



  13. #13
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    Well, Lucent did it, so now where will they go? Me thinks Wellington. Percentages being what they are, this is a place where the "athletes" are completing. What's so very sad about this whole situation, is possibly the lose of Gladstone. Many horsemen rose thru the ranks to participate there. Only hope that possibly the state of NJ would be consider a conservancy for this property or is it too late for that? Weatherford?



  14. #14
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    Oct. 20, 2000
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    I consider myself a mildly intelligent person (no flames here [img]/infopop/emoticons/icon_biggrin.gif[/img] [img]/infopop/emoticons/icon_biggrin.gif[/img]), it amazes me that I cannot understand head or tales of the USET / AHSA debate, and the voting process. And no, I am NOT from the sunny state of Florida!

    How can so much bureaucracy be involved? How can life be so complicated? Even the recent election of the President of the United States of America was somewhat simpler to comprehend and at least resulted in a CONCLUSION. Although it may not be the conclusion that people favor (obviously 50% do not), it is still a conclusion and the country will progress.

    The equestrian world however seems to perform concentric circles with no end in sight. For this I pay massive membership fees each year? Ha. I for one, am truly disgusted!!!

    Why do we not simply have an FEI affliate that manages the team under the AHSA and while we're at it clean house at the AHSA too. Start with egos first. That should require an 18-wheeler.

    I thought the AHSA was supposed to organize and PROTECT my four legged creatures against abuse and provide me with a fair playing field on which to compete across the country. I didn't realize they were supposed to be the Second Coming.

    Grrrrrrrrrrrrrrrrrrrrrrrrrrrr.

    Bad day. Thanks for letting me vent.



  15. #15
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    May. 6, 1999
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    Revenue
    Contributions $7,273,163
    Government Grants $0
    Program Services $749,257
    Investments $746,118
    Special Events $0
    Sales $0
    Other $43,924

    Expenses
    Program Services $4,869,224
    Administration $536,930
    Other $1,806,895
    Total Expenditures $7,213,049

    Total Revenue $8,812,462
    NET GAIN/LOSS $1,599,413

    Assets (read as three columns of data)
    (col 1): Jan. 01, 1998 (col 2): Dec. 31, 1998 (col 3): Change (btw 1-01-98 and 12-31-98)

    Cash & Equivalent
    $999,693 $234,379 $-765,314
    Accounts Receivable
    $57,325 $142,034 $84,709
    Pledges & Grants Receivable
    $3,159,491 $4,808,812 $1,649,321
    Receivables/Other
    $0 $0 $0
    Inventories for Sale or Use
    $0 $0 $0
    Investments/Securities
    $0 $0 $0
    Investments/Other
    $5,046,679 $5,457,369 $410,690
    Fixed Assets
    $946,119 $975,322 $29,203
    Other
    $34,240 $69,017 $34,777
    Total Assets
    $10,243,547 $11,686,933 $1,443,386

    Liabilities
    Jan. 01, 1998 Dec. 31, 1998 Change
    Accounts Payable
    $290,648 $502,924 $212,276
    Total Liabilities
    $290,648 $502,924 $212,276

    FUND BALANCE
    $9,952,899 $11,184,009 $1,231,110

    Sportponies Unlimited
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  16. #16
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    The FEI already has North American represenation and last I checked that same person was an ex-AHSA President and former USET VP.

    As for Hamilton Farm, Beneficial Finance deeded the USET 100 acres prior to their larger 513 acre sale. The former Brady stable complex, the core of the USET facility, had already been deeded in a 10 acre deal many years ealier by Beneficial. 120 acres of additional lands were annouced as having been placed into a conversation easment which allowed for USET equestrian use. That could be withdrawn, as discussed by another poster, with the Lucent development sale.



  17. #17
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    The fin statements do not show the entire picture. (We spent a year in B-school learnign how to manipulate the darned things!)

    A cash flow analysis of the past few years, or better yet, donors and how much they donated. Then you will see what Armand Leone admitted to at teh AHSA meeting: the USET sets a budget, routinely overruns it and certain Trustees fill the gap.

    This also does not reflect the significant (!) increases in salaries for three members of the staff. I do not know any other smaller non-profits where there are at least three staff member who earn well into the six figures.
    co-author of 101 Jumping Exercises & The Rider's Fitness Program; Soon to come: Dead Ringer - a tale of equine mystery and intrique! Former Moderator!



  18. #18
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    Jun. 2, 2000
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    Check your facts on those deeds.

    Or perhaps someone who lives near there can look it up. That was the spin, but, I do not believe the truth.

    For sure, there is NOT 10 acres surrounding the barn & arenas - maybe 2. Go look at it! [img]/infopop/emoticons/icon_frown.gif[/img] [img]/infopop/emoticons/icon_frown.gif[/img]



  19. #19
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    I really don't have the time to trot down to Gladstone so I have to trust a few things that I read .. see, "In the Counrty" The Chronicle of the Horse, January 30, 1998, article titled "Decision Looms on Future Use of Hamilton Farms".

    Perhaps you should call the Chronicle and let them know they've been hit with spin?



  20. #20
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    I do believe they are checking.
    co-author of 101 Jumping Exercises & The Rider's Fitness Program; Soon to come: Dead Ringer - a tale of equine mystery and intrique! Former Moderator!



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