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. Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. An objection can be filed to the proceedings if a trustee believes aspects of the filing are not on the up-and-up. Less than three months remain until the 149th running of the Kentucky Derby. He earned a . [32], In an unrelated case, Zayat was mentioned in a 2013 lawsuit between Freehold Raceway and the New Jersey Sports and Exposition Authority. The complaint explains that the nine American Pharoah breeding . 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 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. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. Joanne Zayat was also directly involved in obtaining loans from close friends and acquaintances for the benefit of the Debtor and/or Zayat Stables, and she has recently been repaying one of those creditors out of a bank account held in the name of her speech pathology business. 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. 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. Subscribe for FREE to the Daily PDF or the News Alerts. [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. 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. 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. 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). Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. A great negotiator. 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.. [32] The plaintiffs alleged that Zayat was allowed to bet on credit, which was a violation of state law. 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. All rights reserved. The trustee further argued that the subpoenas at issue are not only fully justified, but many are made necessary because the Debtor himself refused to produce records from a number of the financial institutions at which he has accounts., Biase explained the convoluted process by which Zayat, during the course of his bankruptcy plea, even directed the Trustee to serve his own financial institutions with subpoenas, only to then have the Debtor's family members then move to quash those very subpoenas.. [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. 60 Broad St. Remember Ben with a gift to Thoroughbred aftercare, Subscribe for FREE to the Daily PDF or the News Alerts, Home Archive Top News MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. You may opt-out by, Storytelling and expertise from marketers. [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. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. Eskendereya's estimated value at the time was between $6 and $8 million. [5][8] Al-Ahram had been owned by the Egyptian government and Zayat had helped find American investors to take over government-owned businesses that had been nationalized by Gamal Abdel Nasser back in the 1950s. 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. 23 filing in United States Bankruptcy Court (District of New Jersey) is rooted in the New York-based lending company's desire not to have Zayat's debts declared legally forgiven under the Chapter 7 bankruptcy protection he is seeking. 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.. MGG has gone as far as filing baseless claims against reputable horse farms and bloodstock agents. MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. AP Photo/Benoit Photo [e] Zayat stated that he had been visited by federal agents who played tapes where the Jelinsky brothers discussed how they had cheated Zayat out of money by giving him bad betting advice. "[3], Zayat first began buying Thoroughbred race horses in 2005. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. I always say I want Zayat Stables to be as famous as the New York Yankees one day. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. The primary role of a trustee in bankruptcy cases is to ensure that a debtor who files for federal bankruptcy protection is not hiding assets that could instead be used to pay creditors. Three separate memorandums filed April 21 outline why claims made against Ahmed Zayat, his son Justin Zayat, and the entire Zayat family by MGG Investment Group, which loaned tens of millions of dollars to Zayat Stables, should not be settled by a Kentucky court. new homeless laws in california 2022; miller funeral home in woodbridge; baylor football staff salaries; gem seal vs sealmaster; michael lavaughn robinson photos; simon pearce markings [25] Paynter went on to win the Grade I Haskell Invitational but shortly thereafter developed near-fatal complications from colitis and laminitis. 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. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. I love my job, which is the best thing ever.. Fifth Third alleged that Zayat was in default because he failed to make two payments in 2009. 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. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. The company won a $24.5 million summary judgment against Zayat in June 2020. Zayat, 52, moved to the U.S. at the age of 18. 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. 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.. "[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. A bill of sale for the stallion dated September 20, 2017, is among the exhibits attached to the amended complaint. Worse, their counsel has engaged in extensive redactions of the bank account statements they did produce based upon nothing but their own unilateral determinations of relevance, and has also simply omitted bank records for important periods, the filing continued. Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. Four of six horses sold for a total of $366,000, in stark contrast to the $1.9 million valuation Zayat had provided to MGG in December for that same group of horses. Morgan Eads covers criminal justice for the Lexington Herald-Leader. For more style advice from Jos. This story was originally published February 12, 2020, 3:13 PM. Zayat Stables said from the beginning that it wanted to liquidate certain assets to generate enough proceeds to pay off all of its creditors, according to the statement. Click here to sign up for the daily PDF or alerts. The trustee assigned to the case is now alleging that three children and the wife of the financially strapped owner and breeder of Triple Crown champ American Pharoah are refusing to cooperate in providing documentation the trustee had subpoenaed from them to try and trace millions of dollars in possibly fraudulent transfers. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. 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