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. [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. Foxwoods could not be reached immediately for comment. She is a native Kentuckian who grew up in Garrard County. Im walking in the streets of New York and people are calling me horse boy'!. This morning the Receiver was notified that MGG amended its Complaint to add several additional parties, the statement read. Yet despite the trustee's request for records of this transaction, no such records have been produced to date, the trustee wrote. A. 23 filing that Ahmed Zayat has attempted to create a record based on false and misleading assertions.. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. [22] He has entered horses in the Breeders' Cup races 16 times, with his best result a fourth-place finish in 2007. "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. Starting July 1, a long-awaited change is coming to horse racing. 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. Remember Ben with a gift to Thoroughbred aftercare, Subscribe for FREE to the Daily PDF or the News Alerts, Home Archive Top News Zayat Bankruptcy Trustee Alleges 'Ongoing Pattern of Delay, Obstruction, and Gamesmanship'. MGG is a Delaware limited partnership based in New York. He would wake up at 5 a.m. to watch the horses train on the track. "[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. [55], Ahmed Zayat (center) at the 2015 Preakness Stakes. peter lattman net worth; blackpool stabbing today; questionable argument by elimination examples. Less than three months remain until the 149th running of the Kentucky Derby. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. He had taken out multiple loans from the bank totaling over $38 million between 2007 and 2009. 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. Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck. Ahmed Zayat (blue suit) hoists the Belmont Stakes trophy surrounded by family and other connections after American Pharoahs 2015 Triple Crown victory, Four Yakteen Colts in Derby Dozen After Barn Change, Charge It After Third Straight in Gulfstream Park Mile, Arrogate, California Chrome Lead Hall of Fame Finalists, Boulanger Recalls $288 FOY Upsetter Built for Pleasure, Dutrow Receives Green Light to Resume Training, Racing, 'Caddyshack' Paired With Carl Spackler, Dollars & Sense: Good News Continues With KY Purses, Plus News, Analysis, Entries, Results & Replays, Confidence Game Joins Derby Dozen With Rebel Upset, BC Turf Sprint Winner Caravel Returns to Training, Beyond the Headlines: A Larger than Life Secretariat, Breeders' Cup, PNC Bank to Expand Partnership, D'Amato Quartet Look Tough in the Kilroe Mile, Cairo Consort Seeks Third Straight in Herecomesthebride. 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'. One by one, 36 colorful iron lawn jockeys were yanked from their Bob Kulina received an important text message last November. 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. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. "Im managing assetsthough in our case, the assets are horses.. 25 Feb/23. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. Fayrouz is a blend of malt, fruit, and sparkling water. [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. 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. [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. [5][8] Al-Ahram had been owned by the Egyptian government and Zayat had helped find American investors to take over government-owned businesses that had been nationalized by Gamal Abdel Nasser back in the 1950s. Lexington, KY 40513. [13] In 2008, Zayat was North America's leading owner by earnings. Click Here to sign up for a free subscription. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC McMahon of Saratoga Thoroughbreds, which the complaint alleges bought Solomini in a private sale for $250,000 from Zayat Stables and Orpendale, even though both parties knew that Zayat Stables only owned 50 percent of the horse and that MGG had a security interest on that share. The July appraisal estimated the horses value at $375,000. 60 Broad St. Red Bank, NJ 07701, p: (732) 747-8060 [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) If the download does not complete, Click Here. 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. [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. 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. Worse, their counsel has engaged in extensive redactions of the bank account statements they did produce based upon nothing but their own unilateral determinations of relevance, and has also simply omitted bank records for important periods, the filing continued. A statement from Dean Dorton said Woodward was not aware an amended complaint was being filed by MGG Investment Group. A judge can also deny the discharge of a particular debt. [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. While the media horde was being directed as American Pharoah Justin Zayat, racing manager of American Pharoah, is keeping a periodic diary with The Post leading up to the Belmont Stakes on Saturday. I have never spoken to the creditor or received any notice from them since purchase. Finished nd t Union Rags justin zayat wife from being a successful to our,! 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. After a brief career in commercial real estate in New York City, he returned to Egypt, and for about a decade ran the Al-Ahram Beverages Company, which he owned as part of an investment group. He is the CEO of Zayat Stables, LLC, a Thoroughbred horse racing business which bred and owns the 2015 Triple Crown winner American Pharoah. The pillar of our industry is, when you buy something, you own it.. [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. A judge can either dismiss a case on his own or by acting on a trustee's objection. A 74-page list of assets and creditors was obtained by the New York Times. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. 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 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. As a senior at NYU, Ahmed and Justin Zayat have lived the dream. A judge can also deny the discharge of a particular debt. They have four children: Ashley, Justin, Benjamin, and Emma. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. On Mar. 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. . 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. "[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. 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. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. Three times Zayat's horses placed second in the Kentucky Derby. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. . [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. Your TDN download has begun. 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. 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. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. [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. Suite 100 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. Zayat, 52, moved to the U.S. at the age of 18. [49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. 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. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Flintshire Farm and Brad Sears of Houston, which the complaint alleges bought breeding interest in Lemoona in a private sale for $150,000 from Justin Zayat on behalf of Zayat Stables as president of Zayat Stables. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. A $23 million lawsuit involving American Pharoah breeding rights now includes some of the biggest names in Thoroughbred racing as an investment firm seeks to claw back money loaned to Ahmed Zayats stables. 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. . He stated that he thought the brothers were professional gamblers and that they had financial need. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. [25] Paynter went on to win the Grade I Haskell Invitational but shortly thereafter developed near-fatal complications from colitis and laminitis. 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. 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. [4] In 2015 the operation stood 13 breeding stallions at stud. [2] Race horse Justin Phillip was named for Justin. "[3], Zayat first began buying Thoroughbred race horses in 2005. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. 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. For more style advice from Jos. 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. Click Here to sign up for a free subscription. Morgan Eads covers criminal justice for the Lexington Herald-Leader. 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. 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. 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. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. 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. Kentucky basketball returns to the top 25. 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. 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. global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, stallion now stands at stud for a reported $200,000. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. ", "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. 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.. 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. He handled the logistics of any injuries and helped manage the business side of the stables, including the scouting and purchasing of new horses. He has prestige. 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 long wait is now at arm's length for Justin Zayat. 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. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. Justin Zayat, 23, is the racing and stallion manager at Zayat Stables . It was a historic event Zayat and his family had been waiting for since 2005. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. 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. They have lived it three times in fact. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. 60 Broad St. 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. 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. With only three days until the race, Zayat is trying Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. All rights reserved. Emails from Zayat in mid-January indicate there remained confusion on this point. A great negotiator. MGG has previously asserted in court that loans it made in 2016 to Zayat's racing and bloodstock business were the product of years of systematic fraud that Zayat allegedly orchestrated, including Zayat Stables' desperate selling-off of equine assets that had been pledged to MGG as collateral. Zayat also had difficulty obtaining the name from the Jockey Club, as it had been reserved by Earle I. Mack, who owned race horses and also happened to be the chairman of the board of Benjamin N. Cardozo School of Law, . Suite 100 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. 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