Florida Bankruptcies for Stonewall Entities

 

 Three entities related to Stonewall Farm and Richard and Audrey Haisfield have filed for Chapter 11 bankruptcy protection in Florida.

The filings were made on behalf of NeverTell Farm Kentucky V, StoneWall Farm Stallions IV, and StoneWall Farm Stallions XI. Each filing claimed liabilities in excess of $10 million. Estimated assets for the StoneWall entities were between $100,000 and $500,000 and NeverTell listed estimated assets between $1 million and $10 million.

Cincinnati Capital Corp., which has sued Audrey and Richard Haisfield and related entities, is listed as the largest creditor with $16 million owed.

Eric Golden, a Florida attorney representing the Stonewall entities, said a more detailed filing of assets and liabilities would be made July 28 or 29.

The Florida filings followed a similar bankruptcy filing in Kentucky on behalf of five Stonewall/NeverTell entities.

At the time, John Hamilton, a Lexington attorney representing the Haisfields and their equine interests, said the Midway, Ky., farm would be shut down and sold and the stallions standing there would be relocated to Stonewall Stallions in Ocala, Florida.

Meanwhile, Hamilton said July 28 that Stonewall has paid overdue 2009 Breeders’ Cup stallion nomination fees totaling $34,900 for two stallions—Leroidesanimaux and A.P. Warrior—and that outstanding 2010 nomination fees for all nine of the farm’s stallions would be paid within the next couple of weeks. He said the payments will be made once Stonewall receives stallion season income it is expecting.

Jim Gluckson, a spokesman for Breeders’ Cup, said previous to the 2009 payments of Leroidesanimaux and A.P. Warrior, Stonewall owed outstanding Breeders’ Cup nomination fees for 385 covers to the farm’s stallions. In the Florida bankruptcy filing, Stonewall lists $91,000 as being owed to Breeders' Cup for nomination fees.

Hamilton said the ability of Stonewall to use the stallion nomination funds to pay the Breeders’ Cup would be subject to approval by JPMorgan Chase Bank. A lawsuit by the bank, claiming it was owed more than $7 million in outstanding loans from the Stonewall entities, led to the Kentucky bankruptcy filing.

Gluckson said the payments for the two Stonewall stallions that have now been paid were the only outstanding nomination payments from the 2009 breeding season.

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