I agree with you. Or at least I WOULD, except for that "Bardstown" location on his label. I have the original Meadowlawn label (although not the 12-year-old Royal), and (thanks to you) also a current HH label. Attached to this post is a photo of the two of them. You can plainly see the distillery locations.
Here's a couple of things you might want to ask Max when you see him...
(1) Did HH ever bottle the 12-year-old Royal version, perhaps long ago when they first acquired the label?
(2) Did they buy the label directly from Meadowlawn, or did another distillery own it for awhile. Perhaps Barton or another distillery located in Bardstown (there were once several). I think I remember that Barton owned Cabin Still for awhile between Stitzel/Weller and Heaven Hill; maybe they had Old 1889, too? That would explain the "Bardstown" designation.