Heavy Handicap

Almost every race horse carries into each race the hopes and dreams of an ephemeral fan club: the men and women who placed bets on him just moments before. But Knight Counter, a highly successful five-year-old, has a permanent cheering squad--the 12,000 depositors of the defunct Prudential Building & Loan Association in Louisville.

A local judge ruled last month that Robert Huffman, a former auditor of the bankrupt association, could pay off the $28,555.65 he owed with the winnings of Knight Counter, his most visible asset. After the ruling went into effect, Knight Counter won two second-place purses at Liberty Bell in Philadelphia in June for a total of $7,765. According to the agreement, 40% of the money is being held in escrow for the 12,000 depositors. The horse has $64,000 to go to clear his owner's account --about as much as he won in the first five months of the year.

Some of the depositors are understandably impatient. One complained recently to Arthur Brown, the association's receiver, that the horse should run every week. But that is the surest way to turn Knight Counter into Bad Debts. Rejoined Brown: "We might kill the horse if we did that."

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