Subscribe FREE Today! f: (732) 747-8955. A judge can also deny the discharge of a particular debt. 3070 Lakecrest Circle, Suite 400-292 Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. 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 Starting July 1, a long-awaited change is coming to horse racing. The company won a $24.5 million summary judgment against Zayat in June 2020. Regarding the allegations of fraud in addition to breach of contract, the Zayats' attorney argues that all of MGG's allegations of fraud are actually purported misconduct related to the loan agreements. But one horse quickly turned into 18, and Zayat started to take notice of his fathers new venture. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. No details on the purchases were listed in the lawsuit. While the selling percentage and price were confidential, Zayat Stables' reported income to the bankruptcy court for the month the deal closed was $7.5 million. Bank, visithttp://www.josbank.com/expert-advice. racing came on June 22nd, when Justin Zayat, resplendent in top hat and a morning suit, joined his wife, Michelle, to watch their USbased three-year-old colt Gidu finish sixth in the 500,000. Subscribe for FREE to the Daily PDF or the News Alerts. 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. [33] The bank alleged that Zayat had lost $52 million between 2006 and 2008, that he had not reported a previous Chapter 7 personal bankruptcy he had filed under the name Ephraim David Zayat,[3] and the bank attempted to foreclose on his horses. 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. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. 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. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. [25] Paynter went on to win the Grade I Haskell Invitational but shortly thereafter developed near-fatal complications from colitis and laminitis. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. 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. [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. 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. Can racings star trainer change his ways? "Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! "The only link with the Commonwealth was the presence of American Pharoah being stabled in Kentucky. Attorneys representing Ahmed Zayat in a complicated bankruptcy proceeding have withdrawn as the owner/breeder's counsel due to delinquent payments, but July 28 this move was challenged as more. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. 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. Your TDN download has begun. Copyright 2023 Blenheim Publishing, LLC. Real-time updates and all local stories you want right in the palm of your hand. Zayat's lawyer described the suit as "a meritless claim",[32] filed a motion to dismiss in 2015 alleging lack of evidence,[43] and argued that the statute of limitations of six years had run. Not a subscriber? 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. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. [35][36][c] He also owed several horse breeders for stud fees. Red Bank, NJ 07701, p: (732) 747-8060 He would wake up at 5 a.m. to watch the horses train on the track. The amended complaint also adds Ahmed Zayat's 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 . As a senior at NYU, Ahmed and Justin Zayat have lived the dream. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Zayat, 25, who runs Zayat Stables with his father Ahmed . 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. 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. His horse breeding stock live mostly in Kentucky, young horses are started in Florida. [13] Zayat has horses at all stages of the racing process, stallions, broodmares, young horses in training and active racing stock. First of all, the media frenzy. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC Zayat Stables said from the beginning that it wanted to liquidate certain assets to generate enough proceeds to pay off all of its creditors, according to the statement. Click here to sign up for the daily PDF or alerts. 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. [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. And hes a clean-cut, good, smart individual., The suit feels great! The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. On the Sunday prior to the Derby, Eskendereya was withdrawn from the race and subsequently retired to stud due to a soft tissue injury that would have taken at least a year to heal. [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. 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 filing continued: Justin Zayat was the President of Zayat Stables, and so far as can be determined his sole source of income during the relevant period was Zayat Stables. The 23-year-old racing and stable manager for Zayat Stables arrived in Lexington, Ky. today on a private flight from New Jersey with his father, Ahmed Zayat. 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. He has prestige. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. MGG has specifically alleged that the trustee needs to examine bank accounts in the names of Zayat's wife (Joanne Zayat) and son (Justin Zayat) because "they appear to have been used as. 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. Click Here to sign up for a free subscription. 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. Zayat's wife, Joanne Zayat, and his children, Justin Zayat, Ashley Zayat, Benjamin Zayat, and Emma Zayat, also signed the Zayat AP Breeding Rights Transfer Document. [4] He moved to the United States at the age of 18, and earned an undergraduate degree from Yeshiva University. 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.. 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." Due to its perfected security interest in American Cleopatra, MGG also holds a security interest in the American Cleopatra/Tapit foal, the complaint alleges. 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. On Mar. This is a BETA experience. On Wednesday, John Sikura, president of Hill n Dale Farm, said he was unaware of any lawsuit regarding American Cleopatra. [37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. She is jointly named on every material bank account used by the Debtor,. Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. A judge can also deny the discharge of a particular debt. Kentucky basketball returns to the top 25. I did not want you to panic knowing that I still have a chance to save the day. [4] In 2015 the operation stood 13 breeding stallions at stud. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. 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. Zayat Stables has argued a receiver is unnecessary. MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. MGG is a Delaware limited partnership based in New York. These memorandums assert two other positionsas well: that Zayat family members did not interfere with the terms of the loan agreements with MGG when they sold nine breeding rights to American Pharoah, andthat separate allegations of fraud are not valid because the charges merely repeat what has been alleged as breaches of the contract. 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. Furthermore, documents produced by Cedarview Capital Management LP indicated that the debtor's affiliation and/or ownership of Misr Glass continued well past 2011. MGG has gone as far as filing baseless claims against reputable horse farms and bloodstock agents. All rights reserved. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. A 74-page list of assets and creditors was obtained by the New York Times. 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. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. Consequently, Kentucky does not have 'any significant contacts' to this action, and Kentucky law should not apply.". 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