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ANDERSON v. JENSEN RACING, INC.

CC 9203-01970; CA A81853; SC S42954.

931 P.2d 763 (1997)

324 Or. 570

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, Petitioners on Review, v. JENSEN RACING, INC. (formerly known as Jensen Racing Corporation), an Oregon corporation; Donna Jensen; and The New Portland Meadows, Inc., an Oregon corporation, Respondents on Review.

Supreme Court of Oregon.

Filed February 13, 1997.

Attorney(s) appearing for the Case

John Paul Graff, of Graff & O'Neil, Portland, argued the cause and filed the briefs for petitioners on review.

William H. Walters, of Miller, Nash, Wiener, Hager & Carlsen, Portland, argued the cause and filed the briefs for respondent on review The New Portland Meadows, Inc.

John R. Faust, Jr., of Schwabe Williamson & Wyatt, Portland, waived appearance for respondents on review Jensen Racing, Inc., and Donna Jensen.

Before CARSON, C.J., and GILLETTE, VAN HOOMISSEN, FADELEY, GRABER and DURHAM, JJ.

GRABER, Justice.

Plaintiffs, along with defendant Donna Jensen, are owners of the Portland Meadows Race Track (Portland Meadows). Donna Jensen is the principal in Jensen Racing, Inc. (JRI). JRI operated Portland Meadows from 1984 to 1989 under a 1984 "Fourth Amendment and Restatement of Operating Agreement" (the agreement). In 1991, after an intervening operator's bankruptcy, JRI assigned its interest in the agreement to defendant New Portland Meadows, Inc. (NPM)...

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