ASHA gets favorable reorganization opinions
Thursday, February 10, 2005
Lexington, Kentucky - ASHA President Fred K. Sarver announced today that favorable opinions had been received from additional independent legal counsel and accounting experts retained by the American Saddlebred Horse Association and Foundation to further analyze a proposed internal corporate reorganization which is currently pending before the membership of ASHA.
Sarver explained that the proposal had initially been examined over several months by the Association's long-time legal counsel, Jefferson K. Streepey of Boehl, Stopher and Graves in Louisville and its independent auditor, William H. Bennett, CPA, of Louisville. In December, the board of directors voted unanimously to engage further outside experts, to prepare their analysis and reports prior to the Annual Meeting of members, scheduled for Saturday morning, February 19, at Embassy Suites of Lexington.
"We're very pleased that both of the new opinion letters we received are favorable," Sarver said. "They confirm our confidence in the original legal and accounting analysis we received and relied upon in putting this proposal before the membership, and should allay any concern any member might reasonably have about the propriety of the proposal."
The additional accounting opinion was prepared by Michael Mountjoy of Mountjoy and Bressler, Louisville, and the added legal opinion by James B. Martin, Jr., of Ogden, Newell & Welch, of Louisville. Sarver noted that following their distribution to the directors, the opinions will be immediately posted on the Association's website at www.saddlebred.com under the Governance section.
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