Someone or something whose role is to become the focal point for, or the initiator of, a debate or challenge. However, in reality their leadership role is an illusion, and the stalking horse is really working to promote a challenge or debate that will benefit a third party whose identity remains a secret.
Pete: "You been watching what them Clintons are up to?"
Cook: "I've been trying to ignore them now for 12 years."
Pete: "Well Slick Willie has been attacking Obama."
Cook: "Why?"
Pete: "Well he is acting as a stalking horse for Hillary to damage Obama's rep."
Cook: "I figured Obama already damaged his rep."
Pete: "Not as much as Willie can."
Cook: "Your wisdom is boundless."
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An initial offer on a bankrupt company's assets by a potential buyer choosen by the fallen company.
Pete: I heard Cogswell Cog's is going bankrupt.
John: Yes, I heard Spacely Sprockets put a bid in to buy them.
Pete: Yeah I heard that too... but the way I heard it, Spacey just put in a stalking-horse bid and may not want Cogswell at all.
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