Horse Breeder Trustee Settles With Ex-Parent Co. For $2M

Law360, New York (July 6, 2011, 5:14 PM EDT) -- The bankruptcy trustee for Kentucky horse breeder ClassicStar LLC said Wednesday he had reached a $2 million settlement with the breeder's former owner, GeoStar Corp., in a tax and securities fraud case included in multidistrict litigation over a mare leasing program.

James D. Lyon, the Chapter 7 trustee for ClassicStar, claimed energy company GeoStar, former ClassicStar CEO David Plummer and others drained the thoroughbred breeder dry using the company as an ATM and operating a $200 million tax fraud. Plummer and his son, Spencer, pled guilty...
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