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Fifth Third sues Stonewall Stallions

FIFTH Third Bank has launched legal proceedings against Stonewall Stallions in Kentucky for failure to repay $14.8 millionin loans. According to the Daily Racing Form, the bank's action, which is also against farm owner Audrey Haisfield and other entities, could force the sale of the farm's bloodstock which includes interests in six stallions.

The Kentucky-based arm of the operation was also once home to leading young sire Medaglia d'Oro. The farm sold their majority interest for reportedly between $40 and $45 million to Darley last summer.

Only last year, Stonewall and Haisfield faced action from the Harleysville National Bank and Trust in Pennsylvania after defaulting in loans worth $15.2 million. They are also facing a pending case launched in March by a group of shareholders named MDO LLC relating to stud-fee income from six shares held in Medaglia d'Oro.

In this latest case, Fifth Third alleges that Haisfield was the guarantor on loans of $14.8 million. Her son, Marc, was co-guarantor on nearly $1.1 million of those loans.

Although Stonewall struck lucky with Medaglia d'Oro, they lost US champion Lawyer Ron to colic last summer during only his second season at stud. At the time, the son of Langfuhr was the farm's dearest stallion at $25,000. That accolade now falls to Leroidesanimaux, who heads the farm's 11-strong roster - six of whom stand in Kentucky and five of whom are in Florida - at $15,000.

Fifth Third's action comes at a time when it is also embroiled in legal proceedings against prominent owner  Zayat Stables for his alleged default of $34.2 million in loans.

 

 

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