Odds, post positions and analysis for the Belmont Stakes, Kentucky Derby winner Rich Strike third betting choice for the Belmont Stakes. [13] Zayat has horses at all stages of the racing process, stallions, broodmares, young horses in training and active racing stock. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. A. No details on the purchases were listed in the lawsuit. MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. [32] The plaintiffs alleged that Zayat was allowed to bet on credit, which was a violation of state law. 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 emotion of the milestone victory physically overwhelmed Justin Zayat,. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. 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. [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. A. Banks new TravelTech collection. It kills me and tore me part, not being transparent with you, Zayat allegedly wrote at the time, apparently in an effort to stave off the impending legal action. 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. 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. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. I got to learn from the Michael Jordans and LeBron Jameses of our sport. Copyright 2023 Blenheim Publishing, LLC. 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. The complaint explains that the nine American Pharoah breeding . Justin Zayat says he has been dreaming about this moment ever since he got his first taste of the horse racing industry. 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. Bank suit, and the TravelTech fabric is extremely comfortable. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck. 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. Horse racing was not exactly on my radar.. [2] Race horse Justin Phillip was named for Justin. 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. Joe Drape of The New York Times described Zayat as "controversial" and "one of the most successful and flamboyant owners in thoroughbred racing.". Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. 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. MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. MGG's Mar. 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. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. Solomini stands at stud in New York for $6,500 for a live foal. 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. 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. 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. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. Consequently, Kentucky does not have 'any significant contacts' to this action, and Kentucky law should not apply.". [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. Zayat filed for Chapter 7 Bankruptcy last September after Zayat and Zayat Stables were sued by a lender, MGG Capital Group, for defaulting on a loan. 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. You may opt-out by, Storytelling and expertise from marketers. With having a decade of . [40] Ultimately, consistent with Zayat's tendency to retain a financial interest in his stallions, he sold an undisclosed share in the stallion to Jess Jackson and retained some breeding rights. [45] He was cleared in both states. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) 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. 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. The couple have four children: Ashley, Justin, Benjamin and Emma. 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.. The Receiver works for and reports to the Court, not MGG, or any other party.. 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. 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. A judge can either dismiss a case on his own or by acting on a trustee's objection. Especially me, as a younger individual in a sport where its mostly older people, I dont want to look as if Im dressed like a kid. 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 . Kentucky basketball returns to the top 25. 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. Yet despite the trustee's request for records of this transaction, no such records have been produced to date, the trustee wrote. Due to its perfected security interest in American Cleopatra, MGG also holds a security interest in the American Cleopatra/Tapit foal, the complaint alleges. 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. [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. Zayat, 25, who runs Zayat Stables with his father Ahmed . The long wait is now at arm's length for Justin Zayat. Bunnell has not yet entered an order. [e] Zayat stated that he had been visited by federal agents who played tapes where the Jelinsky brothers discussed how they had cheated Zayat out of money by giving him bad betting advice. MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. justin pearson and tia mann; penn international 50sw line capacity. Its my passion and I love doing it, he said. "MGG's fraud allegations primarily concern the allegedly fraudulent scheme whereby defendants sold 'collateral pledged to secure the loans, including equine collateral, without obtaining MGG's consent or otherwise notifying MGG as required by loan documents or paying MGG the proceeds of these Collateral sales.' Bankruptcy Judge: 'Zayat is a Perpetual Liar Determined to Hinder and Obstruct ' on his own or by on. Was not exactly on my radar.. 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