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Stonewall, banks reach deal to sell horses

Stonewall Farm, Fifth Third Bank, JP Morgan Chase Bank and Bluewater Sales have reached an agreement that will allow Stonewall's weanlings, yearlings and pregnant mares to be sold at upcoming Keeneland Thoroughbred sales.

Stonewall has agreed to turn over stallion certificates from matings to Leroidesanimaux, A.P. Warrior and the late Lawyer Ron to Fifth Third, which took possession of the mares and foals after Stonewall defaulted on loans.

The net proceeds of the sales will be placed in escrow; stud fees on some of the horses are collateral for loans from Chase and may be subject to further court action.

The agreement was approved in U.S. Bankruptcy Court in Lexington on Thursday.

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