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Hunt May Sell His Racehorses, Track Reports

September 25, 1987|From Reuters

LEXINGTON, Ky. — Nelson Bunker Hunt of Dallas may be planning to close gaps in his depleted oil fortune by selling his stable of racehorses, a race track spokesman in Kentucky said on Thursday.

More than 700 thoroughbreds will be sold in a continuing effort to settle commitments in the oil and gas industry.

"He's selling his entire thoroughbred holdings," Jim Williams, spokesman at Keeneland Race Track near Lexington. Ky., said Thursday.

Complained of Press Leaks

The Hunt brothers--Nelson Bunker, Lamar and Herbert--are fighting to retain control of their giant energy concerns in face of low oil prices and demands from their creditor banks.

They placed their Placid Oil Co. and the William Herbert Hunt Trust Estate under bankruptcy court protection last August in order to avoid foreclosures on valuable oil properties by 23 creditor banks.

Earlier this month, the Hunts canceled a meeting between their investment bank, First Boston Corp., and their creditor banks to discuss a possible settlement of $1.5 billion of debt, complaining that details were leaked to the press.

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