I very distictly remember being told this. I want to say that Lincoln Henderson said it but I'm really not sure. It may also have been Chris Morris. I do know it was someone in a position to know. When the Woodford-Reserve label was begun, it was with a small sub-batch of 7-year old Old Forester, which Lincoln hand-selected for the purpose. Now Old Forester should probably be considered a premium brand anyway, and this was the best of the best available from Brown-Foreman. The idea was for it to create and hold an interest in the bourbon-buying public right away, because they needed to show some kind of results and you couldn't expect the promise of things to come in six or eight years to do that. Anyway, the brand was intended to be replaced by the product being distilled at the new facility. Then two things happened that they didn't expect...
(1) (really good news) Their experiments in distilling with the new equipment has been more successful than they thought. Instead of just one acceptable style, they are now looking to produce several different brands at L&G.
(2) (more really good news) Public reaction to Woodford-Reserve has exceeded all expectations. The current plan (at least at the time we learned this which was admittedly a long time ago) is to continue producing Woodford-Reserve as it is, and adding native L&G bourbon under new labels.