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. Horse racing was not exactly on my radar.. 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. 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. [47] Zayat had been betting $200,000 a week through New Jersey's online betting system, and the agency allowed him to "float" $286,000 in credit, "as a courtesy. For Zayat, its all part of the thrill of competition and the sweet taste of victory. I want to be dressed as a man and look professional. f: (732) 747-8955. 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 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. Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. 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. 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. 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. [9] His motivation to return to the US was, in part, to commute less and be more involved with his family and children. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. [49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. Kentucky basketball returns to the top 25. . The day after his horse became the Bob Baffert was staring out on the Belmont Park oval Friday morning waiting for his most famous horse to arrive. 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. A motion by Zayat's attorneys to remove the receiver was denied last week. Im walking in the streets of New York and people are calling me horse boy'!. Zayat, 52, moved to the U.S. at the age of 18. [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. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. The Zayats led the entourage that greeted the Triple Crown winner at Blue Grass Airport and then followed him on the quick . 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. Justin Zayat had a front-row seat. Your TDN download has begun. "[53] That suit was dismissed on August 5, 2015. [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. Ahmed and Justin Zayat have lived the dream. 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. Nonetheless, Zayat generated considerable positive publicity on social media for his efforts to save his racehorse Paynter from life-threatening health problems, a successful struggle that earned the colt the 2012 NTRA Moment of the Year Award and Secretariat Vox Populi Award. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC 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. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. In many cases, the lawsuit is asking the court for the return of the horses; in others, the suit asks for a constructive trust for shares in potential offspring. Worse, their counsel has engaged in extensive redactions of the bank account statements they did produce based upon nothing but their own unilateral determinations of relevance, and has also simply omitted bank records for important periods, the filing continued. He would wake up at 5 a.m. to watch the horses train on the track. She is jointly named on every material bank account used by the Debtor,. [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. MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. 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. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. The complaint explains that the nine American Pharoah breeding . p: (800) 647-6571 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. Zayat Stables has argued a receiver is unnecessary. justin zayat wife justin zayat wife (No Ratings Yet) . "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. A business entity controlled by Justin, JPZ Holdings, LLC, was also subpoenaed. Copyright 2023 Blenheim Publishing, LLC. Really! An objection to a bankruptcy protection plea can be filed if a trustee believes aspects of the required documentation are not on the up-and-up. Upon returning to the United States for good in 2007, he made his racing stables his full-time occupation, working with his son, Justin, to build the business. The trustee obtained a Dec. 23, 2019, communication from Zayat to a creditor stating: Maybe it is our turn that things turn back to normalcy, and I will have the liquidity and right funds I need to manage Zayat Stables without relying on our income and ownerships on companies in Egypt that have been supporting this business., Another note from Zayat to a creditor on Jan. 12, 2020, stated: I have pushed myself to the brink of bankruptcy personally by using every dollar I have in America to fund the company until I find an investor to pay you in full., Biase observed: Given the foregoing facts, there is reason to believe the debtor still has assets in Egypt, some of which are the funds being funneled to him from the debtor's brother Sherif through accounts held in the name of JPZ Holdings (Justin Zayat's company) and Joanne Zayat.. A great negotiator. 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. "[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. Subscribe for FREE to the Daily PDF or the News Alerts. If the download does not complete, Click Here. 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. Click Here to sign up for a free subscription. He handled the logistics of any injuries and helped manage the business side of the stables, including the scouting and purchasing of new horses. The Zayat family lives in Teaneck, New Jersey with his wife, Joanne. Copyright 2023 Blenheim Publishing, LLC. Can racings star trainer change his ways? After Pharoah rolled to a seven-length Justin Zayat, racing manager of Zayat Stables, owner of Kentucky Derby winner American Pharoah, is keeping a periodic diary leading to the Preakness Stakes on Saturday at Pimlico Race Course Justin Zayat, racing manager of Zayat Stables, owner of Kentucky Derby winner American Pharoah, is keeping a periodic diary leading to the Preakness on Saturday at Pimlico Race Course in Justin Zayat, racing managerof American Pharoah, will be keeping a periodic diary leading up to the Preakness on Saturday at Pimlico Race Course in Baltimore. 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. [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. He stated that he thought the brothers were professional gamblers and that they had financial need. It's personal. Justin Zayat had a front-row seat. Suite 100 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. 25 Feb/23. His suit alleged breach of contract, claiming that Zayat failed to pay off a $1.65 million line of credit in 2004. None of the new defendants has had an opportunity to file their responses to the allegations. . "[3], Zayat first began buying Thoroughbred race horses in 2005. She is an award-winning business reporter who also has covered agriculture, gambling, horses and hemp. 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. 60 Broad St. 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. But one horse quickly turned into 18, and Zayat started to take notice of his fathers new venture. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. Click here to sign up for the daily PDF or alerts. 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. 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. 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. 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 noise was deafening.". 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. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! [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. 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. Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. 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. 23 filing in United States Bankruptcy Court (District of New Jersey) is rooted in the New York-based lending company's desire not to have Zayat's debts declared legally forgiven under the Chapter 7 bankruptcy protection he is seeking. 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. All rights reserved. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. "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. The Receiver works for and reports to the Court, not MGG, or any other party.. 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. The Derby and Preakness winner had his final workout Justin Zayat, racing manager of Zayat Stables, owner of American Pharoah, kept a diary with The Post throughout his horses run through the Preakness. 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. 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. I did not want you to panic knowing that I still have a chance to save the day. A. Banks new TravelTech collection. I got to go to the Harvard of horse racing, Zayat said. 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. And the Cats are rising on bracketology boards. 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