John Stewart sued

The Kentucky-based private-equity firm founder and manager John Stewart, who heads Resolute Racing, has reached an "agreement in principle" to settle a civil complaint against his MiddleGround Capital, which was sued last month by another investment company over an alleged "bad faith" refusal to pay $22 million in contractually due revenue shares. News of the in-the-works settlement was posted on the online court docket for the New York Supreme Court shortly after 5 p.m. Jan. 22. The one-page entry on the docket did not explain the terms that are being...

The Kentucky-based private-equity firm founder and manager John Stewart, whose aggressive spending and outspoken attitude have made a big splash in the global bloodstock and racing worlds since he entered the Thoroughbred business from scratch a little more than a year ago, is being sued in a New York court by an investment firm that provided initial funding for Stewart's MiddleGround Capital. That plaintiff, Archean Capital Partners, is now alleging that Stewart and other MiddleGround defendants are acting in "bad faith" for purportedly falling behind and refusing to pay $22...