Jim Cullen, the bloodstock agent who has been banned from all North American auctions through 2010, has filed for Chapter 7 bankruptcy in the U.S. bankruptcy court in the Eastern District of Kentucky.
The filing by Cullen and his wife, Kristine, lists assets totaling $192,314 and liabilities of $1,733,485. Under Chapter 7, the petitioner’s assets (with certain property exempt) are liquidated and their existing debts are discharged.
Among the top creditors within the Thoroughbred industry listed in the bankruptcy filing are Cam Horton and Horton Stable, $301,156 and Fasig-Tipton, $137,107.
Among the top non-industry creditors are PNC Bank, with $348,182 and the Internal Revenue Service, which is owed $233,144.
The bankruptcy filing also shows four pending civil legal actions pending against Cullen.
Cullen, who operates Cullen Bloodstock LLC and the Oakland Group advertising agency, was banned from all sales through 2010 under the Sales Integrity Program. At the time of the sanctions, Cullen was the subject of several lawsuits and claims made by former clients and trainers, which contended Cullen billed and collected funds from clients that were to be used to pay for horses and stud fees which were never paid.
At the time the sanctions took effect, Cullen said in a statement that the action "has nothing to do with unscrupulous behavior on my part at any sale. This problem is a by-product of an overzealous bank claiming sales proceeds that belong to my clients... I have and will continue to work with these clients to make sure they are paid in full."