[37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. They have lived it three times in fact. The trustee obtained a Dec. 23, 2019, communication from Zayat to a creditor stating: Maybe it is our turn that things turn back to normalcy, and I will have the liquidity and right funds I need to manage Zayat Stables without relying on our income and ownerships on companies in Egypt that have been supporting this business., Another note from Zayat to a creditor on Jan. 12, 2020, stated: I have pushed myself to the brink of bankruptcy personally by using every dollar I have in America to fund the company until I find an investor to pay you in full., Biase observed: Given the foregoing facts, there is reason to believe the debtor still has assets in Egypt, some of which are the funds being funneled to him from the debtor's brother Sherif through accounts held in the name of JPZ Holdings (Justin Zayat's company) and Joanne Zayat.. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. According to the Paulick Report, six of the Zayat horses were entered in the Fasig-Tipton Winter Mixed Sale in Lexington on Tuesday; four sold for a combined $366,000, well below the $1.9 million that Zayat had estimated their worth to be in a liquidation plan submitted to MGG in December. [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. El Kabeir now stands at stud at Yeomanstown for a listed fee of 8,000 euros, about $8,700. [2] He obtained a master's degree in public health administration from Boston University. Part of MGG's complaint has been that first the investment group, and later the receiver, have struggled to extract from Zayat an accurate list of horses owned by Zayat Stables. I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". justin zayat wife justin zayat wife (No Ratings Yet) . The long wait is now at arm's length for Justin Zayat. [45] He was cleared in both states. In a previous statement, Zayat called Makers lawsuit absurd, and said he fully expects this lawsuit will be dismissed and intends to seek appropriate sanctions against Mr. Maker for pursuing this malicious action.. "[38] Zayat Stables successfully completed the bankruptcy reorganization plan,[32][43] in the process his stable went from a high of 285 horses to a census of 118 in 2012. Justin Zayat is the racing manager for Zayat Stables, which was founded in 2005 by his father, entrepreneur Ahmed Zayat (left, talking to trainer Bob Baffert). That was the longest three-week lead-up ever. MGG contends the breeding rights were included in collateral to secure its loans and is seeking $14 million in damages for alleged interference of its loan agreements. He has prestige. On June 23, the four above-named Zayat family members (the movants) asked the court to quash the trustee's subpoena, alleging that Each Subpoena is exceptionally broad and seeks wholesale financial records and other personal and proprietary financial information regardless of whether it has any relationship whatsoever to the Debtor or the Estate., In the trustee's July 13 memorandum in opposition to that proposed quashing, Biase contended that the motion to quash is an exercise in gamesmanship, obstruction, and delay. Zayat said the bank was using "scorched earth" tactics and accused it of trying to put him out of business,[36] explaining that had he known the bank would not extend his loans, he would have sold enough horses to make his payments. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. While Zayat Stables has done business in Kentucky, such as attending public auctions about 25 times over the past 15 years, the Zayats' attorney contends this does not meet the legal threshold required for jurisdiction. Ahmed Zayat (blue suit) hoists the Belmont Stakes trophy surrounded by family and other connections after American Pharoahs 2015 Triple Crown victory, Four Yakteen Colts in Derby Dozen After Barn Change, Charge It After Third Straight in Gulfstream Park Mile, Arrogate, California Chrome Lead Hall of Fame Finalists, Boulanger Recalls $288 FOY Upsetter Built for Pleasure, Dutrow Receives Green Light to Resume Training, Racing, 'Caddyshack' Paired With Carl Spackler, Dollars & Sense: Good News Continues With KY Purses, Plus News, Analysis, Entries, Results & Replays, Confidence Game Joins Derby Dozen With Rebel Upset, BC Turf Sprint Winner Caravel Returns to Training, Beyond the Headlines: A Larger than Life Secretariat, Breeders' Cup, PNC Bank to Expand Partnership, D'Amato Quartet Look Tough in the Kilroe Mile, Cairo Consort Seeks Third Straight in Herecomesthebride. Zayat's Triple Crown race losing-streak was finally broken by American Pharoah, who won the 2015 Kentucky Derby, the 2015 Preakness Stakes, and the 2015 Belmont Stakes,[31] becoming the first horse to win the Triple Crown since 1978. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. He was breathing fire. And if alleged fraud is uncovered in a bankruptcy filing, the Federal Bureau of Investigation can investigate, and the U.S. Department of Justice can prosecute if it believes a crime has been committed. Zayat has repeatedly denied those claims via court filings. You have never felt a stadium with such excitement, Zayat recalled. I think of this is as my sports team. Solomini stands at stud in New York for $6,500 for a live foal. High school basketball playoffs: Predictions for every region as the Boys Sweet 16 nears, New faces joining WKYT, The CW Lexington at anchor, weather desks, Saturdays Kentucky Derby preps: Points on line in Holy Bull but not in Baffert Stakes. His horse breeding stock live mostly in Kentucky, young horses are started in Florida. racing came on June 22nd, when Justin Zayat, resplendent in top hat and a morning suit, joined his wife, Michelle, to watch their USbased three-year-old colt Gidu finish sixth in the 500,000. "Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. Zayat Stables is doing everything it can to ensure that all of its debts are repaid, but MGG has placed itself above all others and has made it nearly impossible for other creditors to be treated fairly.. The filing continued: Justin Zayat was the President of Zayat Stables, and so far as can be determined his sole source of income during the relevant period was Zayat Stables. Between 2006 and 2014, Zayat Stables ranked in the top ten leading owners by purse money won in six of those years and always in the top 20. "Im managing assetsthough in our case, the assets are horses.. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. I want people to look at me and say, He has class. After a brief career in commercial real estate in New York City, he returned to Egypt, and for about a decade ran the Al-Ahram Beverages Company, which he owned as part of an investment group. "[6] Born into what was then a peasant family, the earlier al-Zayyat studied at Al-Azhar University before taking up legal studies in Cairo and Paris; he taught Arabic literature at American University in Cairo, and for three years in Baghdad, before founding al-Risala in 1933. [3][4][5] His grandfather, Ahmed Hasan al-Zayyat, was a leading intellectual who established the Egyptian literary magazine al-Risala,[3] described as "the most important intellectual weekly in 1930s Egypt and the Arab world. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. Yet despite the trustee's request for records of this transaction, no such records have been produced to date, the trustee wrote. Ahmed Zayat and his wife, Joanne, live in New Jersey; Justin Zayat lives in New Jersey, where Zayat Stables is based; the Zayats' daughter Ashley lives and operates a jewelry company in. [40] Ultimately, consistent with Zayat's tendency to retain a financial interest in his stallions, he sold an undisclosed share in the stallion to Jess Jackson and retained some breeding rights. The complaint explains that the nine American Pharoah breeding . Besides the American Pharoah breeding rights, MGG also alleges that other Zayat Stables horses or shares of horses, which were listed as collateral on the loan, have been improperly sold or traded to pay off debts. Tommy Lee's wife Brittany Furlan, 36, throws EPIC shade at his ex Pamela Anderson as she mimics Baywatch icon with '90s . [45] Zayat claimed that he had no knowledge of the Jelinskys' illegal acts. . One for the better. I did not disclose to you why we had to sell some assets in order for us to fund and continue to operate Zayat Stables and allowing myself the time to find the capital to get you paid in full. Click Here to sign up for a free subscription. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . The document also seeks the return of horses or breeding rights to a court-appointed receiver who now controls Zayat Stables and aims to block the sale of any offspring of mares foaled while they are in the possession of their purchasers. None of the new defendants has had an opportunity to file their responses to the allegations. AP Photo/Benoit Photo 23 filing that Ahmed Zayat has attempted to create a record based on false and misleading assertions.. Ahmed Zayat and his wife, Joanne, live in New Jersey; Justin Zayat lives in New Jersey, where Zayat Stables is based; the Zayats' daughterAshleylives and operates a jewelry company in Miami; son Benjamin goes to college in New York; and daughter Emma resides in New Jersey and will attend college in New York in the fall. Zayat, 25, who runs Zayat Stables with his father Ahmed . Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. An objection can be filed to the proceedings if a trustee believes aspects of the filing are not on the up-and-up. Texas tells HISA to take a hike, a shortsighted stance sure to hurt horse racing. Regarding the allegations of fraud in addition to breach of contract, the Zayats' attorney argues that all of MGG's allegations of fraud are actually purported misconduct related to the loan agreements. Now, one week later, MGG Investment Group, LP, the lender who is separately suing Zayat and his family members for allegedly obtaining a $24 million loan by fraud and then not repaying it, told the same court that the trustee's probe must be allowed to go forward because Zayat's attempt to put an end to the discovery process does nothing more than establish that Ahmed Zayat is a perpetual liar determined to hinder and obstruct the Trustee, the Court and creditors at every turn.. All rights reserved. Yeomanstown Stud was named for its purchase of El Kabeir; Hill 'n' Dale for its purchase of American Cleopatra; LNJ Foxwoods and Orpendale (Coolmore) for their purchase of American Pharoah breeding rights; Flintshire Farm and Brad Sears for its purchase of breeding rights to mare Lemoona; Thomas Clark Bloodstock for its purchase of Lemoona from Flintshire (from consignment of Taylor Made Sales Agency, agent, at the 2020 Keeneland January Sale for $250,000); MyRacehorse.com for its purchase of part of Amandrea; and McMahon Thoroughbreds of Saratoga for its purchase of Solomini. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. Subscribe FREE Today! A judge can either dismiss a case on his own or by acting on a trustee's objection. [4] Zayat owed about $2.4 million to the Keeneland Association, and $1.2 million to other creditors[38] including clinics, horse transport companies, boarding farms, and trainersamong them Bob Baffert. Foxwoods could not be reached immediately for comment. [54], In a post-race press conference after winning the 2015 Belmont Stakes, Zayat stated that he was so anxious about American Pharoah's upcoming race that he neglected to bet on anything. Specifically, MGG alleged, documents pertaining to bank accounts in the names of Zayat's wife (Joanne Zayat) and son (Justin Zayat) are now "indisputably relevant to the Trustee's. A judge can also deny the discharge of a particular debt. MGG has previously asserted in court that loans it made in 2016 to Zayat's racing and bloodstock business were the product of years of systematic fraud that Zayat allegedly orchestrated, including Zayat Stables' desperate selling-off of equine assets that had been pledged to MGG as collateral. [26] After Zayat and his son Justin began making regular social media updates on Twitter with the hashtag #PowerUpPaynter, the horse developed a significant fan base,[27] and received hundreds of get well cards, many from children. Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. "[43] On June 4, 2015, a federal judge in Newark, New Jersey, dismissed Rubinsky's lawsuit, citing both Rubinsky's difficulty in proving his case and the expired statute of limitations. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Download Today's Edition
Heres what you need to know about some of the top early contenders for the Run for the Roses. These include: 2013 Breeders' Cup runner and 2012 Haskell Invitational winner Paynter; 2013 Alfred G. Vanderbilt Handicap winner Justin Phillip; 2012 Arkansas Derby winner Bodemeister; Pioneerof the Nile who won the 2008 CashCall Futurity and 2009 Santa Anita Derby; three-time Grade I winner Zensational. The group is aware of the amended lawsuit complaint that was filed naming them as a defendant, and are still working to determine what that will mean. A. His racing stable survived Chapter 11 bankruptcy proceedings, and he faced a number of legal issues associated with his penchant for betting large sums of money on horse racing. Im walking in the streets of New York and people are calling me horse boy'!. I look forward to wearing it to the races! Justin Zayat. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. The first group of Zayat Stable horses went up for auction earlier this week. [T]he Trustee's investigation reveals that the Debtor and his family members have engaged in a pattern of intermingling of assets and ongoing financial transactions among themselves, the attorney bankruptcy trustee Donald Biase wrote in a July 13 filing in United States Bankruptcy Court (District of New Jersey). Click here to sign up for the daily PDF or alerts. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. "Because each of the allegations underpinning MGG's fraud claim necessarily relies upon, and would not exist without, the loan documents, and there is no distinction provided whatsoever between the fraud and breach of contract claims, the fraud cause of action must be dismissed as duplicative," the memorandum continued. Finished nd t Union Rags justin zayat wife from being a successful to our,! Justin Zayat was also the beneficiary of nearly $1 million in transfers at a time when the financial condition of the Debtor and Zayat Stables were deeply troubled. The accounts of Justin Zayat, Joanne Zayat and JPZ Holdings have been and are continuing to be used by the Debtor's brother, Sherif Zayat, to pay the Debtor's claimed $72,000 in monthly expenses. Zayat later got into the beer distribution business and owned the. Justin Zayat, 23, is the racing and stallion manager at Zayat Stables . Now MGG alleges that LNJ Foxwoods knew or should have known of MGGs security interest, making these sales improper as well, according to the amended complaint. If you dont get clear title when you buy at public auction we have no horse business.. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. In addition to the long hours and extensive research hes done over the years, Zayat realizes his outward appearance is also important to his success. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. According to MGG, since Zayat filed for bankruptcy protection back in September, he has delayed the administration of his case by 1) Refusing to produce documents prior to the initial hearing; 2) Refusing to respond to numerous questions on the basis that he did not have the necessary documents in front of him; 3) Promising, then subsequently refusing, to produce requested materials; 4) Providing paperwork that was so heavily redacted that the documents made no sense. While the selling percentage and price were confidential, Zayat Stables' reported income to the bankruptcy court for the month the deal closed was $7.5 million. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. After the company was purchased by Heineken in 2002, Zayat stayed on a few more years but also began investing in racehorses and established Zayat Stables in 2005. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! [8] Zayat made a number of big-ticket sales purchases early on including a horse he named Maimonides, purchased at Keeneland as a yearling in 2006 for $4.6 million. . Its exactly like a portfolio manager," he said. The Debtor has responded with voluminous documents in satisfaction of the Trustee's three very extensive document requests, and temporarily withheld only a small portion of those documents for legitimate, good faith, objectively supportable reasonsThe Debtor [eventually] provided the Trustee with the temporarily withheld documents, and the Trustee has been in possession of all the requested documents for more than 60 days., MGG wrote in its Mar. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. Nonetheless, Zayat generated considerable positive publicity on social media for his efforts to save his racehorse Paynter from life-threatening health problems, a successful struggle that earned the colt the 2012 NTRA Moment of the Year Award and Secretariat Vox Populi Award. [8], The business base for the horse racing operation is Hackensack, New Jersey, but Zayat's horses live in different locations across the US. "The noise was deafening.". MGG's filing contained excerpts from email exchanges between Ahmed Zayat and MGG that date to Jan. 12, 2020, which was 10 days before MGG filed its bombshell lawsuit against him in a Kentucky court. Red Bank, NJ 07701, p: (732) 747-8060 Back on June 4, the trustee issued a Rule 2004 subpoena to Zayat's wife, Joanne Zayat, and three of their four children, Emma, Benjamin and Justin Zayat. [28] For his struggle to return to health, Paynter won NTRA Moment of the Year Award and Secretariat Vox Populi Award.[29][30]. And the Cats are rising on bracketology boards. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. Stating that Fifth Third was "reneging on its promises,"[35] Zayat filed a countersuit in April 2010, alleging the bank engaged in deceptive and predatory lending practices. f: (732) 747-8955. In addition, Zayat paid $1.6 million for the highest-priced horse at the 2006 Fasig-Tipton Saratoga select yearling sale, a filly by Empire Maker named Mushka, whom he resold in 2008 for $2.4 million. Zayat Stables began recruiting some of the industrys top horse trainers, including Hall of Famer Bob Baffert, which provided a rich learning environment for the young entrepreneur. [5][9][10], Zayat continued to run Al-Ahram until 2007,[12] but periodically returned to the United States, where he started buying racehorses and formed Zayat Stables in 2005. [2] He still owns other business interests in Egypt, including being the majority shareholder of Misr Glass Manufacturing, which is Egypt's largest maker of glass containers. . MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. The company won a $24.5 million summary judgment against Zayat in June 2020. On Wednesday, John Sikura, president of Hill n Dale Farm, said he was unaware of any lawsuit regarding American Cleopatra. The Receiver works for and reports to the Court, not MGG, or any other party.. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. [10] Upon leaving Al-Ahram, he declared that he was "retiring", but as his wife explained, "he can't be retired for more than 15 seconds," and he soon expanded his horse operation to include both breeding and racing stock. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. The amended complaint also alleges improper sales relating to Bodemeister, Eskendereya, Zensational, Justin Phillip, Grammajo, Danyelli, Lezendary, Old Glory, Ash n Em, Majid, and Prayer for Relief. Bob Bafferts 90-day suspension is ending. Ahmed Zayat was born in Egypt in 1962 to an affluent family and grew up in an ethnically diverse neighborhood in the Cairo suburb of Maadi. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. 60 Broad St. Also added to the lawsuit: LNJ Foxwoods, the Long Island-based stable of Marchon eyewear principle Larry Roth, his wife Nanci and daughter Jaime Roth. Zayat Stables has argued a receiver is unnecessary. [5] In 2009, Zayat's homebred Pioneerof the Nile started a streak of Zayat horses finishing second in the Kentucky Derby and other classic races when he was defeated by Mine That Bird. Aside from Justin, his youngest son, 16-year-old Benjamin, and daughters Ashley and Emma are also involved in stable decisions, and Justin said, "My dad and I call Benjamin the real boss. A. Banks new TravelTech collection. justin pearson and tia mann; penn international 50sw line capacity. "MGG's fraud allegations primarily concern the allegedly fraudulent scheme whereby defendants sold 'collateral pledged to secure the loans, including equine collateral, without obtaining MGG's consent or otherwise notifying MGG as required by loan documents or paying MGG the proceeds of these Collateral sales.' McMahon of Saratoga Thoroughbreds, which the complaint alleges bought Solomini in a private sale for $250,000 from Zayat Stables and Orpendale, even though both parties knew that Zayat Stables only owned 50 percent of the horse and that MGG had a security interest on that share. Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. The lawsuit, filed in Fayette Circuit Court in Lexington, accuses Coolmore and its affiliates of improperly buying seven of nine American Pharoahs lifetime breeding rights that were part of the collateral on a loan MGG made to Zayat Stables in 2016. Zayat was born in Cairo, Egypt to a wealthy family, and grew up in an ethnically-diverse neighborhood where he learned to ride horses. If alleged fraud is uncovered in a bankruptcy filing, the Federal Bureau of Investigation can investigate, and the U.S. Department of Justice can prosecute if it believes a crime has been committed. "[3], Zayat first began buying Thoroughbred race horses in 2005. This is a BETA experience. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. He is the CEO of Zayat Stables, LLC, a Thoroughbred horse racing business which bred and owns the 2015 Triple Crown winner American Pharoah. An initial report from the receiver, who is charged with maximizing the value of the company, indicated that in the course of a few weeks a long line of farm managers, trainers, and veterinarians had approached her to say they were owed thousands of dollars by Zayat Stables. I wanted it to be pro-peace, and about loving your neighbor." [51][52] In a related matter, June 1, 2015, days before American Pharoah was to run in the 2015 Belmont Stakes, the New York Times reported that Rubinsky's lawyer, Joseph Bainton, filed a $10-million libel suit against Zayat for comments to the press, including the characterization of Rubinsky's other lawsuit as "extortion, a fraud and blackmail. [32], In December 2009, Zayat was sued by Fifth Third Bank for an alleged $34 million in unpaid loans. Trustee Donald V. Biase made those accusations in a memorandum in opposition to a motion by Zayat family members to block subpoenas for records from a number of financial institutions, credit card companies and even wagering accounts with TVG. You can see the quality in each Jos. "The locus of a general intangible, including any of the AP breeding rights, is the owner's domicile. In late January MGG sued for $23 million, 2019 controversial Kentucky Derby winner Country House, Zayat Stables asks judge to reconsider takeover, says lawsuit is a soap opera, From the Triple Crown to broke: Even American Pharoah couldnt save Ahmed Zayat, Support my work with a digital subscription, Kentucky Derby Watch 2023: A look at the top 10 contenders, including Baffert horses, Fox News lawsuit unveils gaslighting that has become common practice in U.S. | Opinion, Rare animal dashes across road, then returns with precious cargo, Texas photos show. The Circuit Court's Order appointing the Receiver directs her to take possession of the collateral and maximize its value, which is the work she is doing. Consequently, Kentucky does not have 'any significant contacts' to this action, and Kentucky law should not apply.". Suite 100 The amended lawsuit comes after a hearing last week before Judge Bunnell on a request to remove Zayat Stables from the hands of a court-appointed receiver. A great negotiator. [9], Zayat filed for Chapter 11 Bankruptcy protection in February 2010. On the Sunday prior to the Derby, Eskendereya was withdrawn from the race and subsequently retired to stud due to a soft tissue injury that would have taken at least a year to heal. According to the amended complaint, Ashford Stud and Coolmore, also known as Orpendale, knew that MGG had a security interest on all of the breeding shares as well as Zayat Stables horses. "[11], Zayat returned to Egypt in 1995 and formed an investment group,[9] which purchased the Al-Ahram Beverages Company in 1997, outbidding Anheuser-Busch and Heineken International. "The only link with the Commonwealth was the presence of American Pharoah being stabled in Kentucky. Emails from Zayat in mid-January indicate there remained confusion on this point. It kills me and tore me part, not being transparent with you, Zayat allegedly wrote at the time, apparently in an effort to stave off the impending legal action. Lexington, KY 40513. Most of the guys Im working with are at least 60 to 70 years old. The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. 25 Feb/23. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. [34] He stated that the problem was that the Lexington branch of the bank worked with the Thoroughbred industry and was willing to restructure his loans, while the bank's corporate headquarters in Cincinnati wanted to get out of the equine lending business altogether. p: (800) 647-6571 The primary role of a court-appointed trustee in a bankruptcy case is to ensure that a debtor who files for federal bankruptcy protection is not hiding assets that could instead be used to pay creditorsmany of whom in Zayat's case are Thoroughbred trainers for his now-liquidated racing stable and various racing- and bloodstock-related entities. Not a subscriber? I got to learn from the Michael Jordans and LeBron Jameses of our sport. Bank, visithttp://www.josbank.com/expert-advice. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. [10] His daughters were the inspiration for the names of two race horses, stakes-winner Point Ashley, who in turn inspired daughter Ashley's costume jewelry business name; and Littleprincessemma, dam of American Pharoah. Zayat has been described as "controversial,"[3] and "one of the most successful and flamboyant owners in thoroughbred racing" by Joe Drape of the New York Times; his success accompanied by a number of legal controversies. Zayat Stables is already making headlines in the 2017 Hopeful and FrontRunner Stakes, a strong indication that more titles, awards and accolades could be coming down the homestretch. Zayat filed for Chapter 7 Bankruptcy last September after Zayat and Zayat Stables were sued by a lender, MGG Capital Group, for defaulting on a loan. And it is suing the purchasers, all of whom, the complaint alleges knew or should have known that MGG had a security interest, meaning the horses could not be sold without the investment firms knowledge and consent. Eskendereya's estimated value at the time was between $6 and $8 million. One of three entrepreneurs custom-outfitted in Jos i think of this is as sports... He said charities, including those that help special-needs children mid-January indicate there remained confusion on this point health from. Trainers or rubbing elbows with high-end race attendees, Zayat filed for 11! Estimated value at the time was between $ 6 and $ 8 million Hill Dale... York, Egypt and London the court, not MGG, or any other party the. 15 ], in December 2009, Zayat has repeatedly denied those claims via filings! By Fifth third bank for an alleged $ 34 million in unpaid loans are. Receiver nor her consultant Gatewood Bell participated in the preparation or filing of Jelinskys! Who runs Zayat Stables a judge can either dismiss a case on his own by! Calling me horse boy '! repeatedly denied those claims via court filings he his married to wife! 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