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ANDERSON v. JENSEN RACING, INC.

9203-01970; CA A81853.

908 P.2d 339 (1995)

138 Or. App. 212

Barbara ANDERSON; John R. Gilbert; Thomas K. Hatfield; Margaret S. Ivers; Ellen Leigh; Meadows Land Partnership; Diane L. Nikkila; Ruth Seibel; Joyce Wineberg; Judy DeLong, as Trustee for the Estate of Sella Hatfield; and First Independent Bank, as Trustee for the Estate of William L. Seibel, Appellants-Cross-Respondents, v. JENSEN RACING, INC., (formerly known as Jensen Racing Corporation), an Oregon corporation; Donna Jensen, Respondents, and The New Portland Meadows, Inc., an Oregon corporation, Respondent-Cross-Appellant.

Court of Appeals of Oregon.

Decided December 13, 1995.

Review Allowed February 20, 1996.

Attorney(s) appearing for the Case

John Paul Graff, Portland, argued the cause, for appellants-cross-respondents. With him on the briefs was Graff & O'Neil.

John R. Faust, Jr., Portland, argued the cause for respondents. With him on the brief were Mark LeCoq and Schwabe, Williamson & Wyatt.

William H. Walters, Portland, argued the cause, for respondent-cross-appellant. With him on the briefs was Miller, Nash, Wiener, Hager & Carlsen.

Before DEITS, P.J., and De MUNIZ and HASELTON, JJ.

DEITS, Presiding Judge.

Plaintiffs and defendant Donna Jensen (Jensen) are among the owners of Portland Meadows Race Track.1 Jensen is a principal of Jensen Racing, Inc. (JRI), a corporation that plaintiffs engaged as the lessee-operator of the track. In 1984, plaintiffs and JRI entered into the present incarnation of the parties' operating agreement. JRI remained the operator until 1989 and, after an intervening operator's bankruptcy...

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