07/19/2010 8:03PM

Bank seeking Stonewall assets

Email

LEXINGTON, Ky. - JPMorgan Chase Bank has sued Stonewall Farm, the former home of Medaglia d'Oro, and is seeking to seize and sell the stallions A. P. Warrior and champion Leroidesanimaux as part of a $7 million lawsuit it has filed against the Kentucky farm.

The bank has sued the Midway, Ky., farm and related entities, including owner Audrey Haisfield, alleging they owe payments on several loans. The bank's July 9 court filings in Fayette Circuit Court allege one of the loans was secured by interests in both stallions. Other loans were secured with shares or portion of shares in such stallions as A. P. Indy, El Corredor, Indian Charlie, and others.

The bank also says it holds a security interest in a number of mares and their foals, including stakes-placed producers Glory of Love and Hermione's Magic.

Chase is seeking appointment of a receiver to disperse the bloodstock. A hearing on that request was to take place Tuesday in Lexington.

Stonewall attorney John Hamilton told the Lexington Herald Leader that Stonewall intends to cooperate and could enter into an agreement.

In May, Fifth Third Bank sued Stonewall, Haisfield, and related companies, alleging they had defaulted on loans totaling more than $14.8 million. A court-approved agreement between the two appointed Bluewater Sales as receiver in that case, and some of the farm's juveniles were auctioned as part of the Ocala Breeders' Sales Company's June 2-year-old sale.