The couple have four children: Ashley, Justin, Benjamin and Emma. "The documents were executed in New Jersey and the Zayat family did not travel to Kentucky to engage in any transaction related to the transfer of the AP breeding rights," the memorandums state. [5] After graduation, he worked for Zev Wolfson, a New York City commercial real estate developer and investor. 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. A judge can also deny the discharge of a particular debt. The court filing noted the Zayats don't own any property in Kentucky and do not maintain a bank account in the state. I bought the mare through the Fasig Tipton auction house in 2017. Thomas Clark Bloodstock in Lexington, which the complaint alleges bought Lemoona at the Keeneland January Horses of All Ages Sale last month from Flintshire and Sears. . 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! p: (800) 647-6571 Lexington, KY 40513. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC 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. 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.. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. "[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 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. Can racings star trainer change his ways? Consequently, Kentucky does not have 'any significant contacts' to this action, and Kentucky law should not apply.". "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. Horse racing was not exactly on my radar.. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. He handled the logistics of any injuries and helped manage the business side of the stables, including the scouting and purchasing of new horses. A. Banks new TravelTech collection. Related:Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. f: (732) 747-8955. In receiver Elizabeth Woodwards initial report, filed Feb. 5, she and bloodstock consultant Gatewood Bell noted that through checking on horses listed on Zayat Stables collateral list, she had found several horses were previously sold, apparently without notice to MGG. Other horses apparently have been traded in exchange for a write-off of board bills, which the filing said apparently was a common practice of Zayat Stables. He stated that he thought the brothers were professional gamblers and that they had financial need. 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. The day after his horse became the Bob Baffert was staring out on the Belmont Park oval Friday morning waiting for his most famous horse to arrive. 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. 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. [44] Further, he said he loaned them money because he knew their father and that the money they owed him was unrelated to gambling; he stated that some of the money he loaned was to assist one of the brothers with a divorce. Im walking in the streets of New York and people are calling me horse boy'!. Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. 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). The Receiver works for and reports to the Court, not MGG, or any other party.. This morning the Receiver was notified that MGG amended its Complaint to add several additional parties, the statement read. The complaint alleges that the nine shares, which were sold for a collective $3.3 million, did not reflect their fair market value and represents a deep discount from Zayat Stables own $14 million valuation of the Zayat AP Breeding Rights as reflected in the proposed Liquidation Plan as well as an independently appraised value commissioned by Zayat Stables in July 2019 that determined the Zayat AP Breeding Rights to be worth a total of $12.6 million.. 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 [9] His motivation to return to the US was, in part, to commute less and be more involved with his family and children. I look forward to wearing it to the races! Justin Zayat. "[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. 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. [8], The business base for the horse racing operation is Hackensack, New Jersey, but Zayat's horses live in different locations across the US. Federal Rule of Bankruptcy Procedure 2004 authorizes the Trustee to investigate the acts, conduct, or property or to the liabilities and financial condition of the debtor, or to any matter which may affect the administration of the debtor's estate, or to the debtor's right to a discharge.. 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.. [9], Zayat filed for Chapter 11 Bankruptcy protection in February 2010. Not a subscriber? In many cases, the lawsuit is asking the court for the return of the horses; in others, the suit asks for a constructive trust for shares in potential offspring. The July appraisal valued these breeding interest at $925,000, according to the complaint. For Zayat, its all part of the thrill of competition and the sweet taste of victory. 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. The first group of Zayat Stable horses went up for auction earlier this week. In 2015, in the midst of taking his final exams at New York University, Zayat found himself juggling his college graduation with American Pharoahs incredible run at Belmont Stakes. Most of the guys Im working with are at least 60 to 70 years old. ", "Ahmed Zayat's Journey: Bankruptcy and Big Bets", "American Pharoah's owner focused on history, not past", "The Arabs and Nazi Germany: Collaborators and Antagonists", "Preakness Stakes 2015: 5 things to know about American Pharoah owner Ahmed Zayat", "North Jersey risk-taker is a force in horse racing", "Joanne Zayat's View from the Kentucky Derby Winner's Circle", "American Pharoah owner paved path of bold bets", "As a Derby Favorite Soars, His Owner Stumbles", "Stats Central-Owner Profile-Zayat Stables, LLC", "Zayat Stables, Thoroughbred Owner, Files Bankruptcy (Update4)", "Colt Serves as a Reminder of a Philosopher's Reach", "Kentucky Derby: American Pharoah chases racing crown", "American Pharoah owner Ahmed Zayat is living the dream, but still looking for Derby glory", "After Long Battle With Illness, Paynter Is Set to Make Return to Racetrack", "Twitter captured Paynter saga's ups and downs", "Racehorse Paynter to Resume Training, Wins Vox Populi", "Paynter's Recovery Is 'Moment of the Year', "Owner of American Pharoah Is Fighting Lawsuit Amid Triple Crown Bid", "Zayat files for bankruptcy; Monday's bank hearing likely postponed", "Zayat Stables Emerges from Bankruptcy with promise to pay 100%", "United States Bankruptcy Court District of New Jersey Case 10-13130-DHS", "Zayat Calls Gambling Debt Lawsuit Extortion", "New Jersey extended Ahmed Zayat betting credit, report claims", "Teaneck bettor ran up $286,000 debt; lawsuit targets online horse wagering", "American Pharoah's owner hit with gambling debt lawsuit", "Lawsuit against Zayat on alleged gambling debt thrown out", "Judge tosses gambling lawsuit against American Pharoah's owner", "Ahmed Zayat, American Pharoah's Owner, Is Named in $10 Million Libel Suit", "Court Dismisses Defamation Suit Against Zayat", https://en.wikipedia.org/w/index.php?title=Ahmed_Zayat&oldid=1113903252, This page was last edited on 3 October 2022, at 19:58. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. 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. A bill of sale for the stallion dated September 20, 2017, is among the exhibits attached to the amended complaint. 25 Feb/23. [4] He moved to the United States at the age of 18, and earned an undergraduate degree from Yeshiva University. While generally successful with his race horses, Zayat's goal of winning the Kentucky Derby eluded him several times, including three second-place finishes, until his win with American Pharoah. Subscribe for FREE to the Daily PDF or the News Alerts. 3070 Lakecrest Circle, Suite 400-292 The couple have four children: Ashley, Justin, Benjamin and Emma. 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. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. 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. 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. With race day now here, Zayat is Justin Zayat, racing manager of American Pharoah, is keeping a periodic diary leading up to the Belmont Stakes on Saturday. An objection can be filed to the proceedings if a trustee believes aspects of the filing are not on the up-and-up. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. 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. They have lived it three times in fact. It is this ongoing pattern of obstructive activity, coupled with the Debtor's shifting and highly questionable statements in his schedulesthat more than justified the Trustee's issuance of the subpoenas at issue. I agreed to give him money because he told me he was ill and broke. 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. [37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. Its been a wild ride since Zayat first joined his father in the horse racing business. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. 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. 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. On a 94-degree day this July, a heist appeared to happen in broad daylight on West 52nd Street. I did not want you to panic knowing that I still have a chance to save the day. [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. 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. 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. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. 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. Lexington, KY 40513. If the download does not complete, Click Here. 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. [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. "Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. There is still a glimpse of light that a miracle can happen, Zayat allegedly wrote. Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt, Biase continued. "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.' The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. Zayat lives in Teaneck with his wife, two daughters, and two sons; 23-year-old, Justin, a student at NYU, currently manages the stables. But documents filed by MGG in support of the receivership show that the stables owe more than $900,000, much of it to trainers, stables and farms, many more than 60 days past due. None of the new defendants has had an opportunity to file their responses to the allegations. [32], In an unrelated case, Zayat was mentioned in a 2013 lawsuit between Freehold Raceway and the New Jersey Sports and Exposition Authority. Yet despite the trustee's request for records of this transaction, no such records have been produced to date, the trustee wrote. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. [5] In 2010, Zayat campaigned Eskendereya, winner of the Wood Memorial and considered the favorite for the Kentucky Derby. Subscribe for FREE to the Daily PDF or the News Alerts. 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. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. Morgan Eads covers criminal justice for the Lexington Herald-Leader. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. [5] The original beer product was of poor quality, mocked as being able to "power heavy machinery if there was no diesel fuel available. [35][36][c] He also owed several horse breeders for stud fees. The complaint seeks $14 million in damages from Zayat's wife and children, $10.89 million from Coolmore, and a minimum of $100,000 from Flintshire Farm and Brad Sears. First of all, the media frenzy. 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. 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. They have lived it three times in fact. "[53] That suit was dismissed on August 5, 2015. Ahmed Zayat net worth: Ahmed Zayat is an Egyptian-American entrepreneur and owner of Thoroughbred race horses who has a net worth of $50 million. I have never spoken to the creditor or received any notice from them since purchase. 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. For more style advice from 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. He earned a . Zayat, 25, who runs Zayat Stables with his father Ahmed . The records containing Zayat's name were later redacted, but an internal email indicated that Zayat had wagered a total of at least $8.3 million. [28] For his struggle to return to health, Paynter won NTRA Moment of the Year Award and Secretariat Vox Populi Award.[29][30]. Upon returning to the United States for good in 2007, he made his racing stables his full-time occupation, working with his son, Justin, to build the business. 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. Foxwoods could not be reached immediately for comment. Three times Zayat's horses placed second in the Kentucky Derby. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. Click here to sign up for the daily PDF or alerts. Further, the bank added an amended provision to its later loans stating, "if Zayat Stables defaulted on any of the Notes, such default would be considered a default under all of the notes thereby entitling Fifth Third to accelerate the principal balance and all accrued interest due and owing under all of the Notes." MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. [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. Biase also raises questions about whether Zayat may have assets in his native Egypt. The company won a $24.5 million summary judgment against Zayat in June 2020. One trainer, Mike Maker, has filed a separate lawsuit against Zayat Stables and Ahmed Zayat, alleging Maker Stables, which trains Amandrea and other horses, is owed more than $120,000. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. It is unimaginable to believe Kentucky has any more jurisdiction over the Zayat family members compared to any other state (not including New York or New Jersey) where the Plaintiff may have selected a forum for bringing its claims, inasmuch as the horse cannot vicariously extend jurisdiction to the Zayat family, that link is meaningless. MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. A 74-page list of assets and creditors was obtained by the New York Times. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. The July appraisal valued the mare at $6.5 million. It was a moment watched by millions across the country: American Pharoah, the horse with the misspelled name, had already won both the 2015 Kentucky Derby and Preakness, and he was closing in on the Triple Crown. With having a decade of . Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. The Zayat family made an appearance on MSNBCs Morning Joe after American Pharoahs Triple Crown win, Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. Eskendereya's estimated value at the time was between $6 and $8 million. Ahmed Zayat should not be able to impede the Trustee's analysis or derail his investigation, all of which is being conducted for the ultimate benefit of the Debtor's creditors, MGG wrote. [32], In December 2009, Zayat was sued by Fifth Third Bank for an alleged $34 million in unpaid loans. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. 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 . The status of these breeding rights as "general intangible" property by state law also has a bearing on the jurisdiction issue, according to the memorandum. The company won a $24.5 million summary judgment against Zayat in June 2020. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. 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. 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