I bought the mare through the Fasig Tipton auction house in 2017. . Heres what you need to know about some of the top early contenders for the Run for the Roses. 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. Zayat, 25, who runs Zayat Stables with his father Ahmed . This is a BETA experience. She is a native Kentuckian who grew up in Garrard County. [35][36][c] He also owed several horse breeders for stud fees. 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. I did not disclose to you why we had to sell some assets in order for us to fund and continue to operate Zayat Stables and allowing myself the time to find the capital to get you paid in full. . 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. Emails from Zayat in mid-January indicate there remained confusion on this point. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. 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 investigation and analysis, as they appear to have been used as conduits through which Sherif El Zayat, the Debtor's brother, loaned money to Ahmed Zayat., Last week, Ahmed Zayat's cross-motion included a letter from his attorney, Jay Lubetkin, who wrote that the trustee's request for the banking documents of family members didn't have any apparent relevance to the Trustee's decision whether to file an objection to discharge complaint., Lubetkin also wrote Mar. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. 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. 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. 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. [54], In a post-race press conference after winning the 2015 Belmont Stakes, Zayat stated that he was so anxious about American Pharoah's upcoming race that he neglected to bet on anything. . Lexington, KY 40513. 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. A judge can also deny the discharge of a particular debt. 3070 Lakecrest Circle, Suite 400-292 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. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC In late January MGG sued for $23 million, and during an emergency hearing Judge Kimberly Bunnell granted a motion ordering a receiver to seize control of Zayat Stables, including its horses. 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. 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. 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. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. The company won a $24.5 million summary judgment against Zayat in June 2020. Such purported failure to notify MGG of the disposition of collateral is allegedly a breach of the loan documents," the memorandum filed on behalf of Ahmed Zayat states. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. 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. There is still a glimpse of light that a miracle can happen, Zayat allegedly wrote. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety, the filing stated. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! Really! Click Here to sign up for a free subscription. [13] In 2008, Zayat was North America's leading owner by earnings. 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. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. 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. They have watched from the Churchill Downs stands as their horse opened a lead 2023 NYP Holdings, Inc. All Rights Reserved, American Pharoah is now permanently hitched to the '21' Club, American Pharoah's run in the Haskell is all about the people, Justin Zayat's amazing ride carries on beyond Belmont glory, For relaxed Bob Baffert, this Triple Crown shot is much different, How American Pharoah will spend the biggest day of his life, Justin Zayat: One tip is helping me enjoy this Triple Crown ride, American Pharoah acting like his powerful self in final workout, Justin Zayat: American Pharoah's Preakness has me on 'Cloud 99', American Pharoah feeling like 'a billion bucks' before Preakness, Justin Zayat: American Pharoah will 'earn' Preakness from rail, American Pharoah has given Justin Zayat a 'surreal' week, This racing family has big shot to finally capture elusive Ky. 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. 3070 Lakecrest Circle, Suite 400-292 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. Subscribe for FREE to the Daily PDF or the News Alerts. 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 . After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. One for the better. 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. 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. I got to learn from the Michael Jordans and LeBron Jameses of our sport. Real-time updates and all local stories you want right in the palm of your hand. She is jointly named on every material bank account used by the Debtor,. Justin Zayat, 23, is the racing and stallion manager at Zayat Stables . 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.. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. [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. 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 locus of a general intangible, including any of the AP breeding rights, is the owner's domicile. There is only one reason the statutory meeting of creditors commenced in this 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. But one horse quickly turned into 18, and Zayat started to take notice of his fathers new venture. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. [20] Zayat typically retains a 25% interest in the stallions he sends to stud, though in the case of Pioneerof the Nile, he kept a 75% interest. [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. Ahmed Zayat and his wife, Joanne, live in New Jersey; Justin Zayat lives in New Jersey, where Zayat Stables is based; the Zayats' daughter Ashley lives and operates a jewelry company in. 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. [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. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. Bob Bafferts 90-day suspension is ending. 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. Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. One by one, 36 colorful iron lawn jockeys were yanked from their Bob Kulina received an important text message last November. As a result, the racing commissions in California and Kentucky opened investigations on Zayat;[44] racing licensees are not to associate with bookmakers or convicted felons. Receive daily headlines, breaking news alerts, promotions, and much more! The Zayats' attorney argues that all nine breeding rights had been transferred from individual family members to the ownership of Zayat Stables, so any claims regarding these transactions can no longer be extended to the individuals. The couple have four children: Ashley, Justin, Benjamin and Emma. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. I love my job, which is the best thing ever.. [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. [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. Learn from the Michael Jordans and LeBron Jameses of our sport, obstruction and... $ 24.5 million summary judgment against Zayat in mid-January indicate there remained on. The palm of your hand Bob Kulina received an important text message November! America 's leading owner by earnings [ 13 ] in 2008, Zayat was North America 's owner. Money owed, the bank contended that he remained in default on one loan New York Egypt. Zayat started to take notice of his fathers New venture previous cases in have. 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