Elizabeth Woodward of the Dean Dorton Allen Ford accounting firm was appointed receiver by a Fayette County Circuit Court judge in January after MGG Investment Group claimed it learned Zayat sold a number of horses without informing the investment group before defaulting on his loan. You have never felt a stadium with such excitement, Zayat recalled. The receiver, Mr. Bell, and the undersigned (attorneys) have fielded dozens of calls from farm operators, trainers, veterinarians, and transport companies reporting what they are owed and many are demanding payment in order to continue to provide services to Zayat Stables horses, the receivers filing noted. 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. Hill N Dale Farm, which the complaint alleges bought American Cleopatra in a private sale for $1.3 million from Justin Zayat, on behalf of Zayat Stables. [2][a] His father, Alaa al-Zayat, was a prominent doctor and professor of medicine, a personal physician to Anwar Sadat. Related:Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. In late January MGG sued for $23 million, and during an emergency hearing Judge Kimberly Bunnell granted a motion ordering a receiver to seize control of Zayat Stables, including its horses. Ive never had a case where I bought a mare at auction, and then had someone come up two years later and say, you actually didnt buy her, Sikura said. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. Morgan Eads covers criminal justice for the Lexington Herald-Leader. Racing has been a family affair for Ahmed Zayat, wife Joanne, and children Ashley, Emma, Justin, and Benjamin. [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. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. I wanted it to be pro-peace, and about loving your neighbor." Ahmed Zayat's case seeking Chapter 7 bankruptcy protection has now dragged past the 10-month mark and has been hallmarked by the trustee's multiple allegations of stalling, evasion and non-cooperation. His suit alleged breach of contract, claiming that Zayat failed to pay off a $1.65 million line of credit in 2004. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety, the filing stated. As a result, the racing commissions in California and Kentucky opened investigations on Zayat;[44] racing licensees are not to associate with bookmakers or convicted felons. [9] Though the Zayat Stables, LLC website once stated that Zayat attended Harvard University, he did not. Married at First Sight's prior couples don't think highly of Zach Justice and the way he treats wife Mindy Shiben on the show -- and that might be a big understatement. MGG's Mar. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. The July appraisal valued the mare at $6.5 million. A judge can either dismiss a case on his own or by acting on a trustee's objection. "The contracts at issue in this action were negotiated and executed in New York and New Jerseyand provide for the application of New York law. 3070 Lakecrest Circle, Suite 400-292 MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. Copyright 2023 Blenheim Publishing, LLC. f: (732) 747-8955. They have lived it three times in fact. In short, if the Trustee is to understand the conduct and financial transactions of the Debtor, he must necessarily obtain financial information relating to these third parties, the filing contended. New Jersey Sports and Exposition Authority, United States District Court for the District of New Jersey, "American Pharoah is Unanimous 2015 Horse of the Year", "Local Orthodox family wins the Kentucky Derby. 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. Starting July 1, a long-awaited change is coming to horse racing. [12][13] Zayat Stables owns approximately 200 horses at any one time. [32], In December 2009, Zayat was sued by Fifth Third Bank for an alleged $34 million in unpaid loans. Due to its perfected security interest in American Cleopatra, MGG also holds a security interest in the American Cleopatra/Tapit foal, the complaint alleges. Zayat has repeatedly denied those claims via court filings. The pillar of our industry is, when you buy something, you own it.. Rubinsky said he extended credit to Zayat with Tradewinds Sportsbook so Zayat could bet on horse races via a gambling website set up in Costa Rica. Zayat authorized the highest quality of care for the horse, and following abdominal surgery and several months of rehabilitation, Paynter successfully returned to racing in 2013. Also, all the transactions were conducted outside Kentucky, so, again, the memorandum states, jurisdiction in Kentucky does not apply. I bought the mare through the Fasig Tipton auction house in 2017. [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. 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. [45] He was cleared in both states. The bankruptcy trustee charged with sorting through the assets and liabilities of Ahmed Zayat, the Eclipse Award-winning owner of 2015 Triple Crown champion American Pharoah, alleged in court documents filed on Tuesday that Zayat and members of his immediate family are engaged in an exercise in gamesmanship, obstruction and delay to prevent the trustee from having access to financial documents. But one horse quickly turned into 18, and Zayat started to take notice of his fathers new venture. 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. "None of the actions that form the basis of the fraud claim are alleged to have occurred in Kentucky or to have arisen out of any action taken in Kentucky. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. A judge can either dismiss a case on his own or by acting on a trustee's objection. [37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. 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. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. [5] The original beer product was of poor quality, mocked as being able to "power heavy machinery if there was no diesel fuel available. [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. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. According to the complaint, American Cleopatra has since been bred to leading sire Tapit and given birth to a foal, also now at Hill N Dale in Lexington. "[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. Justin Zayat, 23, is the racing and stallion manager at Zayat Stables . [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. [9] His motivation to return to the US was, in part, to commute less and be more involved with his family and children. Solomini stands at stud in New York for $6,500 for a live foal. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Fifth Third alleged that Zayat was in default because he failed to make two payments in 2009. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. [28] For his struggle to return to health, Paynter won NTRA Moment of the Year Award and Secretariat Vox Populi Award.[29][30]. Zayat, 25, who runs Zayat Stables with his father Ahmed . [14] 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. Bunnell has not yet entered an order. [2] Race horse Justin Phillip was named for Justin. 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. He was breathing fire. The complaint explains that the nine American Pharoah breeding . Justin Zayat says he has been dreaming about this moment ever since he got his first taste of the horse racing industry. Joe Drape of The New York Times described Zayat as "controversial" and "one of the most successful and flamboyant owners in thoroughbred racing.". The lawsuit is seeking $10.89 million from Coolmore and Ashford Stud and the return of seven breeding rights in American Pharoah; it also seeks the return of the two American Pharoah breeding rights sold to LNJ Foxwoods, as well as a share in any offspring created in the use of the nine breeding shares. p: (800) 647-6571 According to a document filed with the lawsuit, American Cleopatra sold at Fasig-Tipton in a private sale agreement but at the November auction. Your TDN download has begun. 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. [36] To settle his debts with Fifth Third, he agreed to annual payments based on a percentage of horse sales and proceeds from claiming races. If the download does not complete, Click Here. studentvue susd stockton; auburn ny police blotter; floodstop flashing green lights; uw madison engineering career fair; organic products regulations; dogs trust ceo salary; wood engraving services near london; what happened to pele massa; is cripple a slur; what happened to the crystal . Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. Lexington, KY 40513. [35] He had also paid Fifth Third $4.3 million from the proceeds of the sale of breeding rights to Zensational, all of which left him low on cash when the bank called in its loans. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. . Especially me, as a younger individual in a sport where its mostly older people, I dont want to look as if Im dressed like a kid. A. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. On a 94-degree day this July, a heist appeared to happen in broad daylight on West 52nd Street. Click Here to sign up for a free subscription. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. It was a historic event Zayat and his family had been waiting for since 2005. Zayat was born in Cairo, Egypt to a wealthy family, and grew up in an ethnically-diverse neighborhood where he learned to ride horses. On Mar. 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. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. The Derby and Preakness winner had his final workout Justin Zayat, racing manager of Zayat Stables, owner of American Pharoah, kept a diary with The Post throughout his horses run through the Preakness. For more style advice from Jos. [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. 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. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Receive daily headlines, breaking news alerts, promotions, and much more! 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. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. 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. I got to go to the Harvard of horse racing, Zayat said. Click here to sign up for the daily PDF or alerts. I think of this is as my sports team. "[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. Ahmed Zayat and Justin Zayat accept the plaque commemorating American Pharoah's entry into the Hall of Fame To say the combined 2020/2021 Hall of Fame induction ceremony was surreal seems an. Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. He is the CEO of Zayat Stables, LLC, a Thoroughbred horse racing business which bred and owns the 2015 Triple Crown winner American Pharoah. 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'. Suite 100 Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . There is only one reason the statutory meeting of creditors commenced in this Horse racing was not exactly on my radar.. 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. . The July appraisal estimated the horses value at $375,000. The amended complaint also adds Ahmed Zayats his wife Joanne, sons Justin and Benjamin and daughters Ashley and Emma Zayat to the lawsuit, which seeks at least $14 million from Joanne, Justin, Ashley, Benjamin and Emma Zayat. Not a subscriber? [32] The plaintiffs alleged that Zayat was allowed to bet on credit, which was a violation of state law. 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. "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.' Subscribe for FREE to the Daily PDF or the News Alerts. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. The company won a $24.5 million summary judgment against Zayat in June 2020. 23 filing that Ahmed Zayat has attempted to create a record based on false and misleading assertions.. The complaint explains that the nine American Pharoah breeding rights, which had been moved from family members to Zayat Stables as collateral when the MGG loan was executed, were later sold by Zayat's wife and children. [17], The horses of Zayat Stables began to earn race purses in 2006. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found questionable between Zayat Stables and Ahmed Zayat's wife, Joanne, son Justin and other family members. I want people to look at me and say, He has class. This is a BETA experience. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. The subpoena also wanted access to four TVG betting accounts belonging individually to or jointly with, including as an additional or authorized userany member of the Debtor's Familyor JPZ Holding, as well as any passwords associated with such accounts. "The only link with the Commonwealth was the presence of American Pharoah being stabled in Kentucky. Receive daily headlines, breaking news alerts, promotions, and much more! Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. 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. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. "[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. A. Banks new TravelTech collection. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. 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. They have four children: Ashley, Justin, Benjamin, and Emma. He stated that he thought the brothers were professional gamblers and that they had financial need. Furthermore, documents produced by Cedarview Capital Management LP indicated that the debtor's affiliation and/or ownership of Misr Glass continued well past 2011. Bank, visithttp://www.josbank.com/expert-advice. 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. The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. [10] The racing stock have been in training with multiple trainers including Bob Baffert, Mark Casse, D. Wayne Lukas, Todd Pletcher, Dale Romans and others. That was the longest three-week lead-up ever. 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. Click here to sign up for the daily PDF or alerts. Im walking in the streets of New York and people are calling me horse boy'!. Its my passion and I love doing it, he said. I grew up playing baseball, basketball, football and soccer, Zayat said. [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. Red Bank, NJ 07701, p: (732) 747-8060 MGG's filing continues: Far from being the 'honest but unfortunate debtor' that the Chapter 7 process aims to protect, Ahmed Zayat has demonstrated time and again that his ultimate goal is to manipulate the bankruptcy process to shield himself at the expenses of the Trustee and creditors.. 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. Suite 100 [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. [5] The company was modernized from a run-down operation to a publicly traded business that sold in 2002 to Heineken International for $280 million, more than three times its pre-acquisition valuation, in what was then the largest corporate buyout in Egyptian history. As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. 60 Broad St. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. "Im managing assetsthough in our case, the assets are horses.. $ 6,500 for a live foal has been dreaming about this moment ever he! Third alleged that Zayat attended Harvard University, he has class contract, claiming Zayat! Horses of Zayat Stables not exactly on my radar default because he failed to two. 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