Breeding & Racing Magazine

Lawsuit Over Sale Of US Sire It's No Joke

Wednesday Odd Spot: High-profile US breeding industry identities Stan Fulton & Stonewall Farm Stallions "are in a dispute over the 2006 sale of stallion It's No Joke (Distorted Humor-It's Personal, by Personal Flag), with both sides saying the other breached conditions of the US$1.1-million sale contract," reported bloodhorse.com. Fulton filed the lawsuit in Kentucky's Fayette County Circuit Court "claiming Stonewall stopped making payments on the purchase of It's No Joke" (who currently stands for US$5,000 at Stonewall). The complaint "claims an affiliate company of Stonewall defaulted on monthly installments of US$30,745 & owes a balance of US$813,160 plus interest"; Fulton (who owns Sunland Park in New Mexico) is also seeking "the return of the multiple graded stakes-winning 6YO stallion". Stonewall Farms Stallions (headed by Audrey Haisfield) argues in a counter-claim that It's No Joke "didn't carry a clean title at the time of the sale agreement & asks, in part, for a rescission of the contract & return of what has been paid to Fulton"; the defendants claim the title of It's No Joke "is encumbered by a Uniform Commercial Code financing statement filed in Nevada in 2004 that claims a lien of sorts against Fulton & related property".