Ian Anderson 2:30 p.m., Nov. 19
John Moores getting heavily into horse racing
His buddy Charles Noell, an ally at Peregrine Systems, is partner
Former Padres owner John Moores and former Peregrine Systems audit committee chairman Charles Noell are expanding their thrust into horse racing. According to the Daily Racing Form, Moores and Noell have purchased 30 thoroughbred horses from Ireland's Kilfrush Stud. According to the publication, Moores and Noell also recently purchased Chanteclair Farm in Kentucky. They have other holdings in horse racing. The Daily Racing Form says that Moores and Noell are concerned about drugs in American racing, and feel European racing is comparatively free of such hanky-panky.
Moores was chairman of Peregrine Systems, which became San Diego's biggest fraud in the early part of the decade. Others were criminally convicted, but Moores got off with a payment modest by his standards, just as he had dodged any charges after showering gifts on a former councilwoman when he was trying to get his $300 million subsidy for the downtown ballpark. Moores dumped for fat profits more than $600 million of Peregrine stock that he had gotten for 33 cents to 59 cents a share. Noell, chairman of the audit committee, ducked any penalties even as the company was found to have cooked its books massively. Moores raked in an estimated $700,000 to $1 billion by selling ballpark district land that he had gotten for very low prices. Then he went off to Texas and sold the Padres. Both Moores and Noell got in early in a San Diego stock named ServiceNow and dumped shares quickly for millions of dollars.