Copyright 2023 Blenheim Publishing, LLC. Really! Hill N Dale Farm, which the complaint alleges bought American Cleopatra in a private sale for $1.3 million from Justin Zayat, on behalf of Zayat Stables. [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. Download Today's Edition
16 that The Debtor has been extremely cooperative with the Trustee [and has] provided to the Trustee significant documentation respecting his financial affairs. He cited statements from Zayat that he had sold Egypt-based Misr Glass company in 2010 or 2011 for approximately $2 million and no longer had any interest in the company. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. Zayat Stables' creditors unanimously approved the repayment plan. Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. [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. 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. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. 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. Red Bank, NJ 07701, p: (732) 747-8060 [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. 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. As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. I agreed to give him money because he told me he was ill and broke. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. [23] In 2011, Zayat entered Nehro, who finished second to Animal Kingdom. 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. Bob Bafferts 90-day suspension is ending. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. [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. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. gary morris wife; al udeid lodging; bryan steil wife. 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. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. 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. 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. One for the better. erath county rant and rave; springfield, mo jail inmates; essex county hospital center jobs; blanching vs non blanching erythema; star trek next generation cast salaries The emotion of the milestone victory physically overwhelmed Justin Zayat,. [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. 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. He handled the logistics of any injuries and helped manage the business side of the stables, including the scouting and purchasing of new horses. Subscribe for FREE to the Daily PDF or the News Alerts. This is a BETA experience. [21], As of 2015[update], Zayat's horses include American Pharoah and 13 other Grade I winners. Subscribe FREE Today! 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. As a senior at NYU, Ahmed and Justin Zayat have lived the dream. That was the longest three-week lead-up ever. Justin Zayat had a front-row seat. Zayat's wife, Joanne Zayat, and his children, Justin Zayat, Ashley Zayat, Benjamin Zayat, and Emma Zayat, also signed the Zayat AP Breeding Rights Transfer Document. After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. I have never spoken to the creditor or received any notice from them since purchase. 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. I want to be dressed as a man and look professional. All rights reserved. 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. Fayrouz is a blend of malt, fruit, and sparkling water. [2] Race horse Justin Phillip was named for Justin. Amazon billionaire Jeff Bezos' ex-wife finalizes second . Zayat lives in Teaneck with his wife, two daughters, and two sons; 23-year-old, Justin, a student at NYU, currently manages the stables. 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. 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. "[38] Zayat Stables successfully completed the bankruptcy reorganization plan,[32][43] in the process his stable went from a high of 285 horses to a census of 118 in 2012. ", "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. With having a decade of . Attorneys for MGG Investment Group, which is suing Zayat Stables for allegedly defaulting on a $23 million loan, filed paperwork Feb. 11 naming a slew of additional defendants, many of whom purchased horses or breeding rights privately from Zayat Stables. [9] Though the Zayat Stables, LLC website once stated that Zayat attended Harvard University, he did not. . 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. Justin Zayat was one of three entrepreneurs custom-outfitted in Jos. 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. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. 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.. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. Red Bank, NJ 07701, p: (732) 747-8060 Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. [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. 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.. Solomini stands at stud in New York for $6,500 for a live foal. MGG's Mar. Bank, visithttp://www.josbank.com/expert-advice. f: (732) 747-8955. Your TDN download has begun. MGG has specifically alleged that the trustee needs to examine bank accounts in the names of Zayat's wife (Joanne Zayat) and son (Justin Zayat) because "they appear to have been used as. [35] He had also paid Fifth Third $4.3 million from the proceeds of the sale of breeding rights to Zensational, all of which left him low on cash when the bank called in its loans. global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, stallion now stands at stud for a reported $200,000. 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. It's personal. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. 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. Suite 100 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. LNJ Foxwoods were partners in 2019 controversial Kentucky Derby winner Country House and last month won two Eclipse Awards for their sprinter Covfefe; they bought two American Pharoah breeding shares for $375,000 each from Zayat Stables in 2018. Click here to sign up for the daily PDF or alerts. While Zayat Stables has done business in Kentucky, such as attending public auctions about 25 times over the past 15 years, the Zayats' attorney contends this does not meet the legal threshold required for jurisdiction. 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. Horse racing was not exactly on my radar.. [37] As part of his reorganization plan, he was to sell a number of horses, including 100% of his Grade I-winning horse Eskendereya. justin zayat net worth. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. The Receiver works for and reports to the Court, not MGG, or any other party.. 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. 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. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC 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. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. 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. . This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. A. 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 . It was a historic event Zayat and his family had been waiting for since 2005. A judge can also deny the discharge of a particular debt. 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 23-year-old that I am, I think I'm pretty well-rounded in the industry p: (800) 647-6571 He earned a . If you dont get clear title when you buy at public auction we have no horse business.. Subscribe for FREE to the Daily PDF or the News Alerts. Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck. [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. I got to learn from the Michael Jordans and LeBron Jameses of our sport. "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. The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. Bunnell has not yet entered an order. 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. Zayat's Triple Crown race losing-streak was finally broken by American Pharoah, who won the 2015 Kentucky Derby, the 2015 Preakness Stakes, and the 2015 Belmont Stakes,[31] becoming the first horse to win the Triple Crown since 1978. You can see the quality in each Jos. "[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. A business entity controlled by Justin, JPZ Holdings, LLC, was also subpoenaed. Texas tells HISA to take a hike, a shortsighted stance sure to hurt horse racing. [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. I did not want you to panic knowing that I still have a chance to save the day. Most of the guys Im working with are at least 60 to 70 years old. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. The Zayat family made an appearance on MSNBCs Morning Joe after American Pharoahs Triple Crown win, Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. Zayat Stables said from the beginning that it wanted to liquidate certain assets to generate enough proceeds to pay off all of its creditors, according to the statement. The subpoena also wanted access to four TVG betting accounts belonging individually to or jointly with, including as an additional or authorized userany member of the Debtor's Familyor JPZ Holding, as well as any passwords associated with such accounts. The filing continued: Justin Zayat was the President of Zayat Stables, and so far as can be determined his sole source of income during the relevant period was Zayat Stables. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. 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. 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. The bankruptcy trustee charged with sorting through the assets and liabilities of Ahmed Zayat, the Eclipse Award-winning owner of 2015 Triple Crown champion American Pharoah, alleged in court documents filed on Tuesday that Zayat and members of his immediate family are engaged in an exercise in gamesmanship, obstruction and delay to prevent the trustee from having access to financial documents. 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. Zayat later got into the beer distribution business and owned the Al-Ahram . Interest, and is also a joint account holder with Justin Zayat have lived the dream and American and. 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