[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. 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. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. [4], Zayat's bankruptcy revealed other problems. 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.. [2] Zayat competed in show jumping during his early teens,[8] winning national titles as a child in the under-12 and under-14 age divisions. Zayat later got into the beer distribution business and owned the Al-Ahram . As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. A motion by Zayat's attorneys to remove the receiver was denied last week. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. This morning the Receiver was notified that MGG amended its Complaint to add several additional parties, the statement read. [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. He cited statements from Zayat that he had sold Egypt-based Misr Glass company in 2010 or 2011 for approximately $2 million and no longer had any interest in the company. There is only one reason the statutory meeting of creditors commenced in this Hi, I am Justin Zayat, a Proud Partner and Vice President of Development at Zayat Global Energy Holdings LLC, where I lead the business things from the inside out. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. The memorandums also challenge MGG's allegations that Zayat family members committed breach of contract and fraud when they sold nine breeding rights to 2015 Triple Crown winner American Pharoah, whom the Zayats bred and raced and then sold for stud duty to Ashford Stud. Biase also raises questions about whether Zayat may have assets in his native Egypt. There is still a glimpse of light that a miracle can happen, Zayat allegedly wrote. Bank suit, and the TravelTech fabric is extremely comfortable. A great negotiator. 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. 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. Click Here to sign up for a free subscription. 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. Receive daily headlines, breaking news alerts, promotions, and much more! The Zayats led the entourage that greeted the Triple Crown winner at Blue Grass Airport and then followed him on the quick . [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. The couple have four children: Ashley, Justin, Benjamin and Emma. Download Today's Edition 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. Subscribe FREE Today! [32], In December 2009, Zayat was sued by Fifth Third Bank for an alleged $34 million in unpaid loans. 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. 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. ", "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. 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. Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. f: (732) 747-8955. The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. 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. 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. A. Banks new TravelTech collection. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. 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. 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. She is a native Kentuckian who grew up in Garrard County. I always say I want Zayat Stables to be as famous as the New York Yankees one day. "[3], Zayat first began buying Thoroughbred race horses in 2005. She takes no position on the issues raised in the original Complaint or the amendments to it and does not intend to do so. Since My Racehorse owns the controlling share Amandrea, theyve not yet felt the effects of a receiver being appointed to control Zayat Stables, said My Racehorse founder Michael Behrens on Wednesday. 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. 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. If the download does not complete, Click Here. 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. 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. Its exactly like a portfolio manager," he said. [8], Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Copyright 2023 Blenheim Publishing, LLC. [2] Race horse Justin Phillip was named for Justin. It was a historic event Zayat and his family had been waiting for since 2005. [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. [9] Although The New York Times has stated that Zayat has publicly identified as both Jewish and Muslim at times, Zayat stated, "Why is it relevant, and why does it matter? 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. 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. [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. [25] Paynter went on to win the Grade I Haskell Invitational but shortly thereafter developed near-fatal complications from colitis and laminitis. Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. 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. Zayat Stables has argued a receiver is unnecessary. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. [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. And hes a clean-cut, good, smart individual., The suit feels great! 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. 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.. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. [32] The plaintiffs alleged that Zayat was allowed to bet on credit, which was a violation of state law. Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. 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. 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. 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. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. On Wednesday, John Sikura, president of Hill n Dale Farm, said he was unaware of any lawsuit regarding American Cleopatra. Click here to sign up for the daily PDF or alerts. Can racings star trainer change his ways? 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 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. Ashford Stud and Coolmore on Wednesday declined to comment on the filing. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. [37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. The company won a $24.5 million summary judgment against Zayat in June 2020. Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt, Biase continued. Solomini stands at stud in New York for $6,500 for a live foal. 16, Ahmed Zayat asked a federal judge not to grant the trustee in his bankruptcy case extra time that had been requested to scrutinize Zayat's finances so the trustee could make sure the owner and breeder of Triple Crown champ American Pharoah was telling the truth about not being able pay $19 million in debts because he allegedly only had $314.22 to his name. 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. The company won a $24.5 million summary judgment against Zayat in June 2020. 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. 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. 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.. 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. Although he has since worked his way up to the role ofpresident and CEO of Racing and Bloodstock at Zayat Stables,the young business owner said it wasnt always easy to prove his worth in the racing world. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. 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. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. 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. 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. Also, all the transactions were conducted outside Kentucky, so, again, the memorandum states, jurisdiction in Kentucky does not apply. MGG's Mar. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety, the filing stated. I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country. 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. [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. The purchasers now added to the lawsuit include: Yeomanstown Stud in Ireland, which the complaint alleges bought El Kabeir in September 2017 in a private sale for $500,000 from Ahmed Zayat on behalf of Zayat Stables. [21], As of 2015[update], Zayat's horses include American Pharoah and 13 other Grade I winners. Click Here to sign up for a free subscription. ", Photo: Skip DicksteinAhmed Zayat (blue suit) hoists the Belmont Stakes trophy surrounded by family and other connections after American Pharoahs 2015 Triple Crown victory. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. A bill of sale for the stallion dated September 20, 2017, is among the exhibits attached to the amended complaint. 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. . 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. This story was originally published February 12, 2020, 3:13 PM. Three times Zayat's horses placed second in the Kentucky Derby. They have watched from the Churchill Downs stands as their horse opened a lead 2023 NYP Holdings, Inc. 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Derby, King Charles evicting Harry, Meghan from Frogmore Cottage, giving to Andrew, Hoda Kotbs lengthy Today show absence caused by family health matter, Ed Sheerans wife, Cherry Seaborn, was diagnosed with tumor during pregnancy, Meghan Markle, Prince Harry have first night out since bombshell Spare released, Savannah Guthrie Rushed Out Of Today After Testing Positive For COVID-19 During Live Broadcast. 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. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. The couple have four children: Ashley, Justin, Benjamin and Emma. 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