The plaintiffs entered into two racing syndicate agreements with the defendant, Isren Kanter, the general partner. The syndicates were denominated Hunt Valley Syndicate No. 1 and Hunt Valley Syndicate No. 2. This action was initiated when plaintiffs discovered that a horse, Prestige Court, purchased for Hunt Valley Syndicate No. 2 at a cost of $350,000, died, and was found to be insured for only $41,000. Discovery in that action revealed that defendant Kanter's tax records...
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