Bank Sues Ex-NBA Player Hurley Over Note

Initial note for $1 million had acceleration clause.

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 and is seeking to take possession of 12 shares in the Thoroughbred stallion Songandaprayer

In the suit, filed in Fayette County Circuit Court, PNC Bank claims Hurley, his wife, Leslie, and Devil Eleven owes the bank $946,962. According to the suit, Hurley and his entities – Devil Eleven Stables and Devil Eleven Farms – took out the initial note of $1 million on Aug. 30, 2007. The note was renewed for the same amount  Oct. 30, 2008 and the borrowers became in default when they failed to make a required $250,000 payment April 30, 2009, according to the legal documents.

The note contains an acceleration clause, which provides that upon default in payment thereunder, PNC may declare the full balance owed to it to be immediately due and payable, the suit states. A default has occurred pursuant to the provisions of the note and PNC has declared the full balance due under the note to be immediately due and payable. 

The suit further states that the borrowers executed a loan and security agreement granting the bank a security interest in all of its then-owned or thereafter-acquired shares and fractional interests in the stallion Songandaprayer. It also seeks any income stemming from the Songandaprayer shares, identified as shares 1 through 12, owned by Hurley and his operations.

Several attempts to reach Hurley for comment have been unsuccessful.

A $1-million sale 2-year-old in 2000, Songandaprayer was a contender on the Triple Crown trail of 2001, Songandaprayer won the Fountain of Youth (gr. I) and finished second in the Toyota Blue Grass Stakes (gr. I), but was unplaced in the Kentucky Derby (gr. I). The son of Unbridled's Song —Alizea, by Premiership, was retired at the end of his 3-year-old season and stands at Walmac Farm near Lexington, where his 2010 fee has been set at $12,500. The horse is off to a solid start at stud with 15 stakes winners and is represented by four stakes winners this year. Walmac Stud Management was named as a party to the suit, but according to the court documents only to the extent that it holds the books, certificates, and records of the stallion shares...

Hurley was an All-American guard on the Duke University Blue Devils basketball team that won back-to-back national titles. He became the NCAA all-time assists leader while at Duke and then was selected by the Sacramento Kings in the 1993 NBA draft. He was injured in a serious automobile accident later that year but recovered and went on to play five seasons in the NBA. Hurley entered the Thoroughbred business in 1998, with Songandaprayer the best horse he has owned.

Hurley's stable name is taken from his jersey number while playing for Duke.