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. At age 18, he moved to the United States where he attended college and ultimately obtained a master's degree in business and public health from Boston University. The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. Zayat has repeatedly denied those claims via court filings. 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. Horse racing was not exactly on my radar.. Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. Emails from Zayat in mid-January indicate there remained confusion on this point. They have four children: Ashley, Justin, Benjamin, and Emma. The first group of Zayat Stable horses went up for auction earlier this week. Kentucky basketball returns to the top 25. According to a document filed with the lawsuit, American Cleopatra sold at Fasig-Tipton in a private sale agreement but at the November auction. "The contracts at issue in this action were negotiated and executed in New York and New Jerseyand provide for the application of New York law. I got to learn from the Michael Jordans and LeBron Jameses of our sport. 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. 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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. Justin Zayat was also the beneficiary of nearly $1 million in transfers at a time when the financial condition of the Debtor and Zayat Stables were deeply troubled. A judge can either dismiss a case on his own or by acting on a trustee's objection. 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. 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. [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. Copyright 2023 Blenheim Publishing, LLC. 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. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. One for the better. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. "[53] That suit was dismissed on August 5, 2015. No details on the purchases were listed in the lawsuit. justin pearson and tia mann; penn international 50sw line capacity. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. 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.. 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. 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. 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. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. I got to go to the Harvard of horse racing, Zayat said. She takes no position on the issues raised in the original Complaint or the amendments to it and does not intend to do so. [4] Zayat owed about $2.4 million to the Keeneland Association, and $1.2 million to other creditors[38] including clinics, horse transport companies, boarding farms, and trainersamong them Bob Baffert. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. Suite 100 A judge can also deny the discharge of a particular debt. Related:Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. 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. 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. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. 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. His horse breeding stock live mostly in Kentucky, young horses are started in Florida. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. He earned a . 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. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. [9], Zayat filed for Chapter 11 Bankruptcy protection in February 2010. 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. p: (800) 647-6571 "[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. "The locus of a general intangible, including any of the AP breeding rights, is the owner's domicile. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. And yes, American Pharoah arrived today from California. 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. 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. "[3] Under Zayat's leadership, additional brands of beer were introduced, and he developed a non-alcoholic beer, Fayrouz,[b] designed specifically for the Muslim market. [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. [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. Heres what you need to know about some of the top early contenders for the Run for the Roses. 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. 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. All rights reserved. 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 documents were executed in New Jersey and the Zayat family did not travel to Kentucky to engage in any transaction related to the transfer of the AP breeding rights," the memorandums state. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. [13] Zayat has horses at all stages of the racing process, stallions, broodmares, young horses in training and active racing stock. Furthermore, documents produced by Cedarview Capital Management LP indicated that the debtor's affiliation and/or ownership of Misr Glass continued well past 2011. 16 that The Debtor has been extremely cooperative with the Trustee [and has] provided to the Trustee significant documentation respecting his financial affairs. I love my job, which is the best thing ever.. 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. gary morris wife; al udeid lodging; bryan steil wife. 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. [45] Zayat claimed that he had no knowledge of the Jelinskys' illegal acts. Fayrouz is a blend of malt, fruit, and sparkling water. Being on the 'Today' show, Showtime and all of these media outlets, recalled Zayat. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. High school basketball playoffs: Predictions for every region as the Boys Sweet 16 nears, New faces joining WKYT, The CW Lexington at anchor, weather desks, Saturdays Kentucky Derby preps: Points on line in Holy Bull but not in Baffert 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. 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. 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! 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