07/27/2010 3:01PM

Stonewall entities file for bankruptcy in Florida


Three entities related to Audrey Haisfield’s Stonewall Farm in Kentucky have filed for bankruptcy in a Florida court.

In court filings on July 24 and 25, Haisfield-managed NeverTell Farm Kentucky V, Stone*Wall Farm Stallions IV, and Stone*Wall Farm Stallions XI filed for Chapter 11 bankruptcy protection in Jacksonville, Fla., claiming estimated liabilities of more than $10 million for each. The two Stone*Wall entities estimate assets of between $100,000 and $500,000, while NeverTell lists assets of between $1 million and $10 million.

The largest creditor listed in the filings is Cincinnati Capital Corp., which the entities list as having a $16 million claim. Cincinnati Capital Corp. has sued Haisfield, her husband, Richard, and related entities in Pennsylvania over that claim.

The Florida bankruptcy court filings also indicate Woodford County (Ky.) tax liabilities of about $76,000 on farm property. Breeders’ Cup is the largest equine industry creditor the entities list, with about $91,000 in unsecured claims.

Fifth Third Bank and JPMorgan Chase Bank sued Haisfield, Stonewall Farm, and a number of related entities in Kentucky this year for a total of more than $20 million, alleging they defaulted on loans. In Fifth Third’s case, the court appointed Bluewater Sales as receiver, clearing the way for the sale of 145 horses, mostly mares and young stock. Chase also had asked the Fayette (Ky.) Circuit Court to appoint a receiver in its case to take over and sell the stallions A. P. Warrior and Leroidesanimaux. But five Haisfield-managed entities named in the Chase suit filed for Chapter 11 protection in Kentucky, forestalling that move. The Haisfields plan to stand A. P. Warrior, Leroidesanimaux, and other Stonewall stallions at their Ocala, Fla., farm and probably will sell the Kentucky farm, according to their Kentucky-based attorney, John Hamilton.

Neither Stonewall Farm attorneys in Florida and Pennsylvania nor an attorney for Cincinnati Capital Corp. returned calls seeking comment by Tuesday afternoon.