Fifth Third Bank has sued another major equine entity for failure to repay loans, this time taking the action against Stonewall Stallions, farm owner Audrey Haisfield, and other entities.
According to Daily Racing Form, the suit filed in Fayette (Lexington) Circuit Court contends the Midway, Ky., breeding operation has defaulted on $14.8 million in loans. The bank is seeking to sell Stonewall’s bloodstock, including Stonewall or Haisfield’s interests in six stallions standing at the farm.
The Daily Racing Form reported that Fifth Third alleges Haisfield was the guarantor on loans totaling $14.8 million and that her son, Marc, was co-guarantor on $1 million on those loans.
John Hamilton, an attorney representing Stonewall, told the Form he was surprised by the suit because his client was working with the bank and had recently negotiated to turn over the farm’s bloodstock to Fifth Third.
Late last year, the Harleysville National Bank & Trust in Pennsylvania sued Stonewall and Audrey Haisfield for allegedly defaulting on $15.2 million in loans.
Stonewall stands six stallions at its Kentucky farm and has five stallions at stud at its Florida location.
In addition to Stonewall, Fifth Third has a lawsuit pending against major owner Zayat Stables for more than $34 million in loans. That suit has been put on hold in Fayette Circuit because Zayat filed for bankruptcy protection in New Jersey.