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PNC Bank Sues Two Thoroughbred Operations

PNC Bank has filed lawsuits in Fayette (Lexington) Circuit Court against two major Thoroughbred operations, contending that Buck Pond Farm and the McKathan Brothers Farm are in default on outstanding loans.

Clay Resigns as PNC Bank Director

Robert Clay, who operates Three Chimneys Farm near Midway, Ky., has resigned as a director of PNC Financial and it subsidiary PNC Bank after serving more than 22 years.

Bank Files Suit Against Paulson Trust

The Allen E. Paulson Living Trust has been sued by PNC Bank, claiming the breeding entity has defaulted on a loan totaling nearly $1.6 million.

Equine Lending's Stormy Climate

The lingering economic recession has forced banks to become very conservative lenders. In this climate, Thoroughbred horsemen nationwide are struggling with credit lines drying up and loans being called in.

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Bank Sues Ex-NBA Player Hurley Over Note

A Lexington bank claims former NBA player and college All-American Bobby Hurley and his Devil Eleven Stable have defaulted on a note totaling more than $900,000; seeks taking possession of 12 shares in Songandaprayer.

Banks Object to MEC Auction Process

Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.

MEC Maryland Entities in Default on Loan

Magna Entertainment Corp. has been informed by PNC Bank that it is in default on a loan agreement involving four Maryland entities the company owns.