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Spy novel lover Phil Teinowitz should know better. In the world of espionage, secrecy is of the essence.

But operatives of the horse racing business won`t begrudge the 60-year-old Chicago owner a case of loose lips. The accomplishments of his top agent, the 3-year-old colt Cryptoclearance, are so impressive they`re hard to keep under cover.

The $190,000 Keeneland fall yearling buy is 2-for-3 at Hialeah this year. He claimed the restricted Biscayne Bay Stakes and was a strong finishing second in the Bahamas Stakes, before capturing his first graded victory, the 1 1/8-mile Everglades Stakes (Grade II).

The winner`s purse of $68,250 more than doubled the colt`s career earnings and served notice he may be the 007 of this year`s 3-year-old crop.

For lovers of spies and suspense, it should be no mystery where the colt`s name comes from.

”I`m an avid spy book reader. His dam`s name is Naval Orange. I thought that sounded like a good title for a novel,” Teinowitz said.

”Crypto means secret. In military intelligence if you have cryptoclearance you can read secret documents. Ask anybody in the Army, Navy or Marines. They`ll tell you.”

It doesn`t take a master decoder to figure out that the next assignment for the son of Fappiano-Naval Orange (by Hoist The Flag) is the Flamingo Stakes Saturday at Hialeah. He has been tabbed a 5-2 program favorite in the 14-horse field. Sportsman`s Park will simulcast the Flamingo at approximately 4:35 p.m.

The results of this first major prep for the Kentucky Derby will provide a hint as to whether Cryptoclearance will attempt to annex his owner`s main objective, the Kentucy Derby.

Teinowitz, a land developer and non-practicing attorney, has attended the races since his Marshall High School days. That was when he first dreamed of getting into racing.

”I said to myself then, that if I ever got some money, I`d buy myself a horse or two,” he said. That he covets the notion of standing in the winner`s circle at Churchill Downs the first Saturday in May has never been a well-guarded secret.

”That is my aim and what I`m attempting to do,” Teinowitz said. Driven by his fervor for the roses, he entered a coupling of Royal Leverage and On The Money in 1971. In 1977, he ran Illinois Derby winner Flag Officer. All three horses finished out of the money.

”I promised myself I would never go back unless I`m in it, unless we can be in the top five,” he said.

Though trainer Flint ”Scotty” Schulhofer is reserving his full judgment on Cryptoclearance until after the Flamingo, he has a high opinion of his late-runner.

”We`ll meet Conquistarose in the Flamingo. It`ll be a little different

(tougher) race,” he said. ”Conquistarose, he`s a nice horse. I don`t know what else is going but they better have their runnin` shoes on. I know nobody seems to think he`s much, but we`ll be all right.

”Being with him and knowing him, well he`s developed and he`s filled out in the past couple of months a tremendous amount. Even since he started racing his first race, from one race to the next he`s just gotten better and better, stronger and everything. He`s done everything pretty easy so far.”

Cryptoclearance has the correct credentials, especially when it comes to the Derby.

”It looks like he wants to go the (Derby) distance,” Schulhofer said.

”That was no surprise to me because I knew that his number, his dosage diagram, was excellent. He`s in the range to go a mile and a quarter with equal weights, which is only a guideline, but it doesn`t hurt when you`re looking at statistics.”

Deciphering numbers looks like it`s right up Cryptoclearance`s alley.