A payment of A$3000 was due by midday on Tuesday, with fellow New Zealand stayers Bonneval, Mongolianconqueror, Our Abbadean, Highlad and Surrey not paid up.
The O'Learys were magnanimous about Sharrock's error and still had a shot at Melbourne Cup glory sharing in the ownership of Who Shot Thebarman with Humphrey's brothers and their wives.
"It comes down to human error and that happens," Humphrey said.
"Human error is worse in an aeroplane. But no, we feel for Allan and no doubt he's feeling worse than we are. Once over the initial shock we just accepted it. There's always next year and of course it takes the pressure off Thebarman now he doesn't have to beat Ladies First."
Her ommission leaves Jon Snow (10th on the order of entry), Vin De Dance (17th), Zacada (34th), Charles Road (35th) and Pentathlon (58th) as the remaining New Zealand-trained entries for the 3200m Flemington showpiece on November 6.
Ladies First would have sat about 39th on the entry order had Sharrock made the payment.
In recent years, several leading New Zealand stables have missed acceptance payments for feature races in Australia and been forced to make costly late entry payments but in Sharrock's case, the late entries for the Melbourne Cup closed on September 6, so he has no way back.
He received no communication from Victorian officials that Tuesday's declaration payment was pending, despite Australian trainers reporting a regular stream of notifications about upcoming deadlines.
Ladies First is still in line to campaign in Melbourne, provided she races well in Saturday's South Taranaki Club Egmont Cup (2100m) at Hawera, but her programme has changed.
Sharrock plans on starting her in the Gr.2 Moonee Valley Cup (2500m) on October 27 before tackling the Gr.3 Queen Elizabeth Stakes (2600m) at Flemington on November 10.
"She's going to be awfully hard to beat on Saturday. It looks a suitable race to have her ready for Melbourne," Sharrock said.
"Her work has been outstanding and the likelihood of a bit of rain should be perfect for her."
Sharrock's apprentice Wiremu Pinn takes the ride on Ladies First and will also have his first ride in a stakes race when he partners Art Deco in the Gr.3 Rich Hill Stud Taranaki Breeders' Stakes (1400m).
"It was around the same time Michael Walker got his chance," Sharrock said of the promising apprentice.
"Personally, I think he's shown enough to warrant being there. He doesn't get flustered and he's riding extremely well. Even with a poor book of rides the other day, he's putting them in the right spot and giving them every chance.
"I'm very happy with Art Deco. She galloped with Ladies First, who picked her up, and they ran their last half-mile in 36 (seconds). They are both in excellent order." - NZ Racing Desk