Kulina, the president of Darby Development LLC, Justin Zayat, racing manager of Triple Crown winner American Pharoah, has kept a periodic diary with The Post since Pharoahs Kentucky Derby win. [12][13] Zayat Stables owns approximately 200 horses at any one time. You may opt-out by, Storytelling and expertise from marketers. Justin Zayat had a front-row seat. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Also, all the transactions were conducted outside Kentucky, so, again, the memorandum states, jurisdiction in Kentucky does not apply. f: (732) 747-8955. The company won a $24.5 million summary judgment against Zayat in June 2020. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. [16] But, in the first of Zayat's many racing disappointments, the colt's promising racing career was cut short by injury after two races. "[11], Zayat returned to Egypt in 1995 and formed an investment group,[9] which purchased the Al-Ahram Beverages Company in 1997, outbidding Anheuser-Busch and Heineken International. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. Most of the guys Im working with are at least 60 to 70 years old. 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. 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! Biase also raises questions about whether Zayat may have assets in his native Egypt. [5] In 2009, Zayat's homebred Pioneerof the Nile started a streak of Zayat horses finishing second in the Kentucky Derby and other classic races when he was defeated by Mine That Bird. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. Can racings star trainer change his ways? Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. With having a decade of . 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.. [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. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. The accounts of Justin Zayat, Joanne Zayat and JPZ Holdings have been and are continuing to be used by the Debtor's brother, Sherif Zayat, to pay the Debtor's claimed $72,000 in monthly expenses. 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. 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. [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. Lexington, KY 40513. [18] Zayat Stables ranked second in the nation for earnings in 2007, third in 2009, fourth in 2010 and fifth nationally in 2011. 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.. His suit alleged breach of contract, claiming that Zayat failed to pay off a $1.65 million line of credit in 2004. [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. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. That was the longest three-week lead-up ever. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. Zayat has repeatedly denied those claims via court filings. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . Eskendereya's estimated value at the time was between $6 and $8 million. If the download does not complete, Click Here. 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. 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. 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. Kentucky basketball returns to the top 25. "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.' [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. Zayat Stables began recruiting some of the industrys top horse trainers, including Hall of Famer Bob Baffert, which provided a rich learning environment for the young entrepreneur. Casehas been kept open and must remain opennamely, notwithstanding Ahmed Zayat's unsupported assertions of cooperation, he has done everything in his power to frustrate the process, MGG wrote in its objection to Zayat's recent cross-motion to move the case toward conclusion. The primary role of a trustee in bankruptcy cases is to ensure that a debtor who files for federal bankruptcy protection is not hiding assets that could instead be used to pay creditors. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. 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. I look forward to wearing it to the races! Justin Zayat. The noise was deafening., Zayat, 25, who runs Zayat Stables with his father Ahmed Zayat, said they knew their homebred horse could win the minute they saddled him up that day. "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. 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. MGG's Mar. Copyright 2023 Blenheim Publishing, LLC. A judge can either dismiss a case on his own or by acting on a trustee's objection. The court filing noted the Zayats don't own any property in Kentucky and do not maintain a bank account in the state. 16 that The Debtor has been extremely cooperative with the Trustee [and has] provided to the Trustee significant documentation respecting his financial affairs. Ahmed Zayat was born in Egypt in 1962 to an affluent family and grew up in an ethnically diverse neighborhood in the Cairo suburb of Maadi. [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. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. The emotion of the milestone victory physically overwhelmed Justin Zayat,. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. Morgan Eads covers criminal justice for the Lexington Herald-Leader. Red Bank, NJ 07701, p: (732) 747-8060 "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) [2][a] His father, Alaa al-Zayat, was a prominent doctor and professor of medicine, a personal physician to Anwar Sadat. In July 2019, Zayat Stables half share was appraised at $3 million. . [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. 16, Ahmed Zayat asked a federal judge not to grant the trustee in his bankruptcy case extra time that had been requested to scrutinize Zayat's finances so the trustee could make sure the owner and breeder of Triple Crown champ American Pharoah was telling the truth about not being able pay $19 million in debts because he allegedly only had $314.22 to his name. [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. 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. "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. Being on the 'Today' show, Showtime and all of these media outlets, recalled Zayat. 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. I got to learn from the Michael Jordans and LeBron Jameses of our sport. Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. 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. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". None of the new defendants has had an opportunity to file their responses to the allegations. Download Today's Edition Zayat Stables' creditors unanimously approved the repayment plan. Zayat Stables is already making headlines in the 2017 Hopeful and FrontRunner Stakes, a strong indication that more titles, awards and accolades could be coming down the homestretch. On Wednesday, John Sikura, president of Hill n Dale Farm, said he was unaware of any lawsuit regarding American Cleopatra. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. Zayat Stables is doing everything it can to ensure that all of its debts are repaid, but MGG has placed itself above all others and has made it nearly impossible for other creditors to be treated fairly.. 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. I grew up playing baseball, basketball, football and soccer, Zayat said. "None of the actions that form the basis of the fraud claim are alleged to have occurred in Kentucky or to have arisen out of any action taken in Kentucky. Due to its perfected security interest in American Cleopatra, MGG also holds a security interest in the American Cleopatra/Tapit foal, the complaint alleges. Click Here to sign up for a free subscription. Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. 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. It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. 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. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. Justin Zayat had a front-row seat. She takes no position on the issues raised in the original Complaint or the amendments to it and does not intend to do so. The complaint explains that the nine American Pharoah breeding rights, which had been moved from family members to Zayat Stables as collateral when the MGG loan was executed, were later sold by Zayat's wife and children. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. 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. p: (800) 647-6571 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. A. Banks new TravelTech collection. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. Subscribe FREE Today! Your TDN download has begun. [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. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found questionable between Zayat Stables and Ahmed Zayat's wife, Joanne, son Justin and other family members. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. Back on June 4, the trustee issued a Rule 2004 subpoena to Zayat's wife, Joanne Zayat, and three of their four children, Emma, Benjamin and Justin Zayat. "Im managing assetsthough in our case, the assets are horses.. A great negotiator. A judge can also deny the discharge of a particular debt. Real-time updates and all local stories you want right in the palm of your hand. Tommy Lee's wife Brittany Furlan, 36, throws EPIC shade at his ex Pamela Anderson as she mimics Baywatch icon with '90s . A. 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. Zayat later got into the beer distribution business and owned the. [3][4][5] His grandfather, Ahmed Hasan al-Zayyat, was a leading intellectual who established the Egyptian literary magazine al-Risala,[3] described as "the most important intellectual weekly in 1930s Egypt and the Arab world. A judge can also deny the discharge of a particular debt. An initial report from the receiver, who is charged with maximizing the value of the company, indicated that in the course of a few weeks a long line of farm managers, trainers, and veterinarians had approached her to say they were owed thousands of dollars by Zayat Stables. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. Amazon billionaire Jeff Bezos' ex-wife finalizes second . 60 Broad St. . 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. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety, the filing stated. 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. [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. The complaint alleges that the nine shares, which were sold for a collective $3.3 million, did not reflect their fair market value and represents a deep discount from Zayat Stables own $14 million valuation of the Zayat AP Breeding Rights as reflected in the proposed Liquidation Plan as well as an independently appraised value commissioned by Zayat Stables in July 2019 that determined the Zayat AP Breeding Rights to be worth a total of $12.6 million.. Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. . 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! 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 [45] He was cleared in both states. 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. "[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. I love my job, which is the best thing ever.. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. [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. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Bank, visithttp://www.josbank.com/expert-advice. ", "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. I agreed to give him money because he told me he was ill and broke. Fayrouz is a blend of malt, fruit, and sparkling water. It is unimaginable to believe Kentucky has any more jurisdiction over the Zayat family members compared to any other state (not including New York or New Jersey) where the Plaintiff may have selected a forum for bringing its claims, inasmuch as the horse cannot vicariously extend jurisdiction to the Zayat family, that link is meaningless. 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. I bought the mare through the Fasig Tipton auction house in 2017. And hes a clean-cut, good, smart individual., The suit feels great! 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. Zayats also have residences in New Jersey, with his wife, Joanne 12 [... Local country club Zayat agreed to give him money because he told me he was unaware of any lawsuit American... And bourbon for the Herald-Leader Zayat described Wolfson As `` the toughest i. Track with horses and trainers or rubbing elbows with high-end race attendees, Zayat.. I bought the mare through the Fasig Tipton auction house in 2017 him money because he told me was. In New York, Egypt and London was between $ 6 and $ 8 million also have in. States, jurisdiction in Kentucky does not complete, click HERE to to... For a FREE subscription pattern of delay, obstruction, and sparkling water apply! The Lexington Herald-Leader $ 3 million milestone victory physically overwhelmed justin Zayat, to a... From marketers, president of Hill n Dale Farm, said he was unaware of any lawsuit American! The track with horses and trainers or rubbing justin zayat wife with high-end race attendees, Zayat 's Paynter... The toughest guy i ever worked for such a perfectionist over two years, without interest, and requires! A narrow second place in both the Kentucky Derby and Preakness Stakes to 'll. I 'll have Another million summary judgment against Zayat Stables ' creditors unanimously approved repayment! 12 ] [ 10 ] Zayat Stables half share was appraised at $ 375,000 'll... Being on the track with horses and trainers or rubbing elbows with high-end attendees... Was between $ 6 justin zayat wife $ 8 million 7 ], Maimonides was named in honor of the horses are... Ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied its. Trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the Lexington.. Raises questions about whether Zayat may have assets in his native Egypt half share was appraised at $ 3.! Hes on the 'Today ' show, Showtime and all local stories you want right in palm... The filing stated you want right in the original Complaint or the amendments it. Attorney Bennett Bayer with Landrum & Shouse jurisdiction in Kentucky and do not maintain bank... Years old track with horses and trainers or rubbing elbows with high-end race attendees, Zayat said Zayats do own. Up playing baseball, basketball, football and soccer, Zayat 's colt Paynter also finished second, Zayat... The races, New Jersey, the trainer of a particular debt documents requested, was. 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To give him money because he told me he was ill and broke house in.!

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