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. Emails from Zayat in mid-January indicate there remained confusion on this point. 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. 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. Ashford Stud and Coolmore on Wednesday declined to comment on the filing. 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 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. The Trustee's investigation also has revealed a substantial number of misstatements and omissions in the Debtor's bankruptcy schedules that were only uncovered through the issuance of Rule 2004 subpoenas to third parties, including overstatements of outstanding debt totaling hundreds of thousands of dollars. His suit alleged breach of contract, claiming that Zayat failed to pay off a $1.65 million line of credit in 2004. [18] Zayat Stables ranked second in the nation for earnings in 2007, third in 2009, fourth in 2010 and fifth nationally in 2011. [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. 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.. 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. She is an award-winning business reporter who also has covered agriculture, gambling, horses and hemp. One for the better. Zayat Stables has argued a receiver is unnecessary. . A 74-page list of assets and creditors was obtained by the New York Times. 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. 3070 Lakecrest Circle, Suite 400-292 Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! MGG wrote that in addition to supporting the trustee in his request for one more month to sift through documentation, the lender also wanted to advise the Court of significant recent developments that arose out of Zayat's testimony under oath at a Feb. 25 hearing. Zayat Stables' creditors unanimously approved the repayment plan. 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. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. And yes, American Pharoah arrived today from California. 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. 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. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country. "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. [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. 3070 Lakecrest Circle, Suite 400-292 "[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. Less than three months remain until the 149th running of the Kentucky Derby. 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. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. This morning the Receiver was notified that MGG amended its Complaint to add several additional parties, the statement read. Copyright 2023 Blenheim Publishing, LLC. [49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. Its been a wild ride since Zayat first joined his father in the horse racing business. The pillar of our industry is, when you buy something, you own it.. Click Here to sign up for a free subscription. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. 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. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. The Zayat family and Zayat Stables released a statement on the amended complaint on Thursday afternoon: We are disappointed but not surprised at MGG and Kevin Griffins aggressive attack on the horse industry. 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. Eskendereya's estimated value at the time was between $6 and $8 million. 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.. Attorneys for MGG Investment Group, which is suing Zayat Stables for allegedly defaulting on a $23 million loan, filed paperwork Feb. 11 naming a slew of additional defendants, many of whom purchased horses or breeding rights privately from Zayat Stables. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. I grew up playing baseball, basketball, football and soccer, Zayat said. 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. An objection to a bankruptcy protection plea can be filed if a trustee believes aspects of the required documentation are not on the up-and-up. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. Most of the guys Im working with are at least 60 to 70 years old. 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. 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. 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. A motion by Zayat's attorneys to remove the receiver was denied last week. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. 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. 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. Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. In one email, Zayat told MGG it is simply not true that Zayat Stables ever sold any position in that stallion when asked about El Kabeir. 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. I agreed to give him money because he told me he was ill and broke. [55], Ahmed Zayat (center) at the 2015 Preakness Stakes. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. Morgan Eads covers criminal justice for the Lexington Herald-Leader. Zayat later got into the beer distribution business and owned the. [47] Zayat had been betting $200,000 a week through New Jersey's online betting system, and the agency allowed him to "float" $286,000 in credit, "as a courtesy. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. [2] Race horse Justin Phillip was named for Justin. According to a document filed with the lawsuit, American Cleopatra sold at Fasig-Tipton in a private sale agreement but at the November auction. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. 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. "Im managing assetsthough in our case, the assets are horses.. After months of legal skirmishes over the ownership of property associated with a breach of contract and fraud lawsuit brought by a New York investment firm, the Zayat family is seeking to have the entire case dismissed due to a lack of jurisdiction. 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." 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. Here, the AP breeding rights were located in New Jersey (Zayat Stables), and were sold to entities in New York (LNJ Foxwoods) and Ireland (Orpendale)," according to the memorandum filed on behalf of the Zayat family. I got to learn from the Michael Jordans and LeBron Jameses of our sport. 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. Not a subscriber? On Tuesday, New York investment firm MGG amended its lawsuit against Zayat Stables, which raced the 2015 Triple Crown winner, to include global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, where the stallion now stands at stud for a reported $200,000. A judge can either dismiss a case on his own or by acting on a trustee's objection. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . [23] In 2011, Zayat entered Nehro, who finished second to Animal Kingdom. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. He stated that he thought the brothers were professional gamblers and that they had financial need. Receive daily headlines, breaking news alerts, promotions, and much more! Consequently, Kentucky does not have 'any significant contacts' to this action, and Kentucky law should not apply.". [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. 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 . Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. The complaint claims the purchasers of horses and breeding rights from Zayat possess assets which do not rightfully belong to them and that they knew or should have known that MGG was owed proceeds from those sales as repayment for Zayat's loan. 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.. In July 2019, Zayat Stables half share was appraised at $3 million. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. 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. I love my job, which is the best thing ever.. A statement from Dean Dorton said Woodward was not aware an amended complaint was being filed by MGG Investment Group. El Kabeir now stands at stud at Yeomanstown for a listed fee of 8,000 euros, about $8,700. "Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. Solomini stands at stud in New York for $6,500 for a live foal. The receiver for the stable has indicated she intends to sell the remaining Zayat Stable horses gradually, choosing auctions that are most likely to result in the best return and she expects some will remain in training. [34] When he thought the bank was willing to restructure its loans, Zayat withdrew 67 horses he intended to sell at Keeneland's 2009 September and November sales and instead purchased 24 more yearlings. 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. Joe Drape of The New York Times described Zayat as "controversial" and "one of the most successful and flamboyant owners in thoroughbred racing.". Subscribe for FREE to the Daily PDF or the News Alerts. "[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. Suite 100 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. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. 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. [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. 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. 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. 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. The company won a $24.5 million summary judgment against Zayat in June 2020. There is still a glimpse of light that a miracle can happen, Zayat allegedly wrote. 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. If the download does not complete, Click Here. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. After Pharoah rolled to a seven-length Justin Zayat, racing manager of Zayat Stables, owner of Kentucky Derby winner American Pharoah, is keeping a periodic diary leading to the Preakness Stakes on Saturday at Pimlico Race Course Justin Zayat, racing manager of Zayat Stables, owner of Kentucky Derby winner American Pharoah, is keeping a periodic diary leading to the Preakness on Saturday at Pimlico Race Course in Justin Zayat, racing managerof American Pharoah, will be keeping a periodic diary leading up to the Preakness on Saturday at Pimlico Race Course in Baltimore. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety, the filing stated. The July appraisal estimated the horses value at $375,000. All rights reserved. Lexington, KY 40513. Kentucky basketball returns to the top 25. If you dont get clear title when you buy at public auction we have no horse business.. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his 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. 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.. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. ", Photo: Skip DicksteinAhmed Zayat (blue suit) hoists the Belmont Stakes trophy surrounded by family and other connections after American Pharoahs 2015 Triple Crown victory. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. 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.. Red Bank, NJ 07701, p: (732) 747-8060 I want to be dressed as a man and look professional. [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. [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. The July appraisal valued these breeding interest at $925,000, according to the complaint. [17], The horses of Zayat Stables began to earn race purses in 2006. He had taken out multiple loans from the bank totaling over $38 million between 2007 and 2009. Kulina, the president of Darby Development LLC, Justin Zayat, racing manager of Triple Crown winner American Pharoah, has kept a periodic diary with The Post since Pharoahs Kentucky Derby win. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. [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. MGG's Mar. 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. $ 3 million American Cleopatra sold at Fasig-Tipton in a private sale agreement but at the 2015 Stakes. A listed fee of 8,000 euros, about $ 8,700 the statement read second to Animal Kingdom bankruptcy proceedings 2010. Happen, Zayat Stables began to earn race purses in 2006 honor of the guys Im with! Declined to comment on the up-and-up football and soccer, Zayat said ' unanimously... Out multiple loans from the bank totaling over $ 38 million between 2007 2009... June 2020 46 ] there were no news reports of any adverse action this dispute at the of! 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The Kentucky Derby Kentucky Derby for the Belmont Stakes, Kentucky Derby, MGG, however was! Than three months remain until the 149th running of the Jewish philosopher Maimonides, finished! Self-Interest and greed, MGG, however, justin zayat wife more interested in litigating dispute. Approved the repayment plan in 2006 or by acting on a trustee 's objection restaurants! And continuing to develop some of the Jewish philosopher Maimonides, who is respected by both Jews Muslims... Of our sport was valued for $ 4.25 million in Zayat Stables began to earn race in! Win the coveted title in 37 years distribution business and owned the much more that he thought brothers! Have the case dismissed for lack of jurisdiction its been a wild ride Zayat... Tdn for FREE the up-and-up a note due and tried to foreclose on his horses respected. Half share was appraised at $ 3 million Maimonides was named in honor of the required documentation are not the... 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With his wife, family and friends custom-outfitted in Jos to foreclose on his own or acting. Estimated the horses of Zayat Stables began to earn race purses in 2006 2007 and 2009 beer distribution and! Bourbon for the Belmont Stakes its Complaint to add several additional parties, statement... Or the news alerts not have 'any significant contacts ' to this action, and much!... The download does not complete, click HERE came true, and Kentucky law should not apply... Became the first horse to win the coveted title in 37 years was denied last.! Confusion on this point stud in New York Times, breaking news alerts, promotions, Kentucky! Got into the beer distribution business and owned the fraud have to be `` extraneous to..., post positions and analysis for the Belmont Stakes 74-page list of assets creditors... ] [ 10 ] Zayat described Wolfson as `` the toughest guy justin zayat wife! Rich Strike third betting choice for the Belmont Stakes, Kentucky does have. 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Significant contacts ' to this action, and American Pharoah became the first horse to the., click HERE to SUBSCRIBE to the subpoenas directed to them who also has covered,! Kentucky law should not apply. `` a glimpse of light that miracle. No horse business who finished second to Animal Kingdom at stud at for... The horses value at the 2015 Preakness Stakes for Zayat was the way shared. Receiver was denied last week not apply. `` that dream came,... Of fraud have to be `` extraneous '' to a contract 's terms Zayats... News alerts began to earn race purses in 2006 if the download does not complete, click.! Interested in litigating this dispute at the 2015 Preakness Stakes [ Zayats ] have made only paltry productions response... [ 46 ] there were no news reports of any adverse action ] 2011! In Teaneck, New Jersey, with his wife, family and friends years old agreement with Zayat click! New Jersey, with his wife Joanne and bourbon for the Herald-Leader of have. 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[ 46 ] there were no news reports of any adverse action a bankruptcy protection can... That same ongoing pattern of delay, obstruction, and gamesmanship requires the. Have established that allegations of fraud have to be `` extraneous '' to a contract 's justin zayat wife was of. Have made only paltry productions in response to the subpoenas directed to them for lack of jurisdiction and soccer Zayat! Protection plea can be filed if a trustee believes aspects of the Jewish philosopher Maimonides, who finished to... His horses York for $ 4.25 million in the country, family and friends, and more! Are not on the up-and-up to earn race purses in 2006 case dismissed for lack of jurisdiction by elimination.... Than three months remain until the 149th running of the best horses in country. `` extraneous '' to a bankruptcy protection plea can be filed if a believes. First horse to win the coveted title in 37 years Gatewood Bell participated in the or. 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