A. The couple have four children: Ashley, Justin, Benjamin and Emma. . Regarding the allegations of fraud in addition to breach of contract, the Zayats' attorney argues that all of MGG's allegations of fraud are actually purported misconduct related to the loan agreements. Zayat later got into the beer distribution business and owned the Al-Ahram . 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. That was the longest three-week lead-up ever. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Justin Zayat had a front-row seat. Copyright 2023 Blenheim Publishing, LLC. 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. 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. 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. Its been a wild ride since Zayat first joined his father in the horse racing business. Zayat Stables successfully completed its Chapter 11 reorganization, but Zayat was next plagued by legal issues related to his penchant for betting large sums of money on horse racing. 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. 3070 Lakecrest Circle, Suite 400-292 "The only link with the Commonwealth was the presence of American Pharoah being stabled in Kentucky. Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. [T]he Trustee's investigation reveals that the Debtor and his family members have engaged in a pattern of intermingling of assets and ongoing financial transactions among themselves, the attorney bankruptcy trustee Donald Biase wrote in a July 13 filing in United States Bankruptcy Court (District of New Jersey). Yet despite the trustee's request for records of this transaction, no such records have been produced to date, the trustee wrote. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". Justin Zayat had a front-row seat. If you dont get clear title when you buy at public auction we have no horse business.. A judge can also deny the discharge of a particular debt. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Zayat was born in Cairo, Egypt to a wealthy family, and grew up in an ethnically-diverse neighborhood where he learned to ride horses. [4] In 2015 the operation stood 13 breeding stallions at stud. [21], As of 2015[update], Zayat's horses include American Pharoah and 13 other Grade I winners. The trustee's investigation reveals that the debtor (Zayat) and his family members have engaged in a pattern of intermingling of assets and ongoing financial transactions among themselves, Zayat Stables, LLC, and the creditors of the debtor, the memorandum from Biase states. Subscribe for FREE to the Daily PDF or the News Alerts. This story was originally published February 12, 2020, 3:13 PM. The first group of Zayat Stable horses went up for auction earlier this week. Joanne Zayat was also directly involved in obtaining loans from close friends and acquaintances for the benefit of the Debtor and/or Zayat Stables, and she has recently been repaying one of those creditors out of a bank account held in the name of her speech pathology business. Real-time updates and all local stories you want right in the palm of your hand. Zayat Bankruptcy Trustee Alleges 'Ongoing Pattern of Delay, Obstruction, and Gamesmanship'. The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. 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. [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. Justin Zayat is the racing manager for Zayat Stables, which was founded in 2005 by his father, entrepreneur Ahmed Zayat (left, talking to trainer Bob Baffert). 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. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Solomini stands at stud in New York for $6,500 for a live foal. "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.' [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. The emotion of the milestone victory physically overwhelmed Justin Zayat,. 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. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. Ahmed and Justin Zayat have lived the dream. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. 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. Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck. I did not want you to panic knowing that I still have a chance to save the day. His racing stable survived Chapter 11 bankruptcy proceedings, and he faced a number of legal issues associated with his penchant for betting large sums of money on horse racing. MGG's filing contained excerpts from email exchanges between Ahmed Zayat and MGG that date to Jan. 12, 2020, which was 10 days before MGG filed its bombshell lawsuit against him in a Kentucky court. 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. f: (732) 747-8955. The Lexington Herald-Leader reported Wednesday that in 2009, "Fifth Third Bank sued Zayat for $34 million, alleging he had defaulted on loans, [and a] deal was reached in 2010 in federal. [9] His motivation to return to the US was, in part, to commute less and be more involved with his family and children. gary morris wife; al udeid lodging; bryan steil wife. [5] The original beer product was of poor quality, mocked as being able to "power heavy machinery if there was no diesel fuel available. The lawsuit is seeking $10.89 million from Coolmore and Ashford Stud and the return of seven breeding rights in American Pharoah; it also seeks the return of the two American Pharoah breeding rights sold to LNJ Foxwoods, as well as a share in any offspring created in the use of the nine breeding shares. justin zayat wife justin zayat wife (No Ratings Yet) . Can racings star trainer change his ways? One for the better. Red Bank, NJ 07701, p: (732) 747-8060 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. A great negotiator. The couple have four children: Ashley, Justin, Benjamin and Emma. [8], The business base for the horse racing operation is Hackensack, New Jersey, but Zayat's horses live in different locations across the US. Zayat lives in Teaneck with his wife, two daughters, and two sons; 23-year-old, Justin, a student at NYU, currently manages the stables. One trainer, Mike Maker, has filed a separate lawsuit against Zayat Stables and Ahmed Zayat, alleging Maker Stables, which trains Amandrea and other horses, is owed more than $120,000. I grew up playing baseball, basketball, football and soccer, Zayat said. Click here to sign up for the daily PDF or alerts. studentvue susd stockton; auburn ny police blotter; floodstop flashing green lights; uw madison engineering career fair; organic products regulations; dogs trust ceo salary; wood engraving services near london; what happened to pele massa; is cripple a slur; what happened to the crystal . 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. 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. Part of MGG's complaint has been that first the investment group, and later the receiver, have struggled to extract from Zayat an accurate list of horses owned by Zayat Stables. She is jointly named on every material bank account used by the Debtor,. Zayat Stables has argued a receiver is unnecessary. The July appraisal valued the mare at $6.5 million. A business entity controlled by Justin, JPZ Holdings, LLC, was also subpoenaed. A $23 million lawsuit involving American Pharoah breeding rights now includes some of the biggest names in Thoroughbred racing as an investment firm seeks to claw back money loaned to Ahmed Zayats stables. MGG has gone as far as filing baseless claims against reputable horse farms and bloodstock agents. 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. This is a BETA experience. 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. [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. I bought the mare through the Fasig Tipton auction house in 2017. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. 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. 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. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. You may opt-out by, Storytelling and expertise from marketers. All rights reserved. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. [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. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. Now MGG alleges that LNJ Foxwoods knew or should have known of MGGs security interest, making these sales improper as well, according to the amended complaint. They have lived it three times in fact. justin zayat net worth. 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. I look forward to wearing it to the races! Justin Zayat. 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. 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] 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. There is only one reason the statutory meeting of creditors commenced in this He earned a . Also added to the lawsuit: LNJ Foxwoods, the Long Island-based stable of Marchon eyewear principle Larry Roth, his wife Nanci and daughter Jaime Roth. MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. While the selling percentage and price were confidential, Zayat Stables' reported income to the bankruptcy court for the month the deal closed was $7.5 million. [49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. It was a historic event Zayat and his family had been waiting for since 2005. 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 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. One by one, 36 colorful iron lawn jockeys were yanked from their Bob Kulina received an important text message last November. A judge can either dismiss a case on his own or by acting on a trustee's objection. As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. Your TDN download has begun. The receiver for the stable has indicated she intends to sell the remaining Zayat Stable horses gradually, choosing auctions that are most likely to result in the best return and she expects some will remain in training. [22] He has entered horses in the Breeders' Cup races 16 times, with his best result a fourth-place finish in 2007. [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. [5] In 2010, Zayat campaigned Eskendereya, winner of the Wood Memorial and considered the favorite for the Kentucky Derby. 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. Zayat's lawyer described the suit as "a meritless claim",[32] filed a motion to dismiss in 2015 alleging lack of evidence,[43] and argued that the statute of limitations of six years had run. [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. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. As a senior at NYU, Ahmed and Justin Zayat have lived the dream. 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 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. [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. I have never spoken to the creditor or received any notice from them since purchase. 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. 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. 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. I love my job, which is the best thing ever.. 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. Zayat later got into the beer distribution business and owned the. [18] Zayat Stables ranked second in the nation for earnings in 2007, third in 2009, fourth in 2010 and fifth nationally in 2011. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. Fayrouz is a blend of malt, fruit, and sparkling water. 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. 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. 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. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. 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. 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. [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. The court filing noted the Zayats don't own any property in Kentucky and do not maintain a bank account in the state. If the download does not complete, Click Here. Zayat Stables' creditors unanimously approved the repayment plan. global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, stallion now stands at stud for a reported $200,000. Heres what you need to know about some of the top early contenders for the Run for the Roses. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. I think of this is as my sports team. 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. [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. 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. MyRacehorse.com, which the complaint alleges bought a 55 percent stake in Amandrea in October 2019 for $115,000. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . 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. Suite 100 Ahmed Zayat should not be able to impede the Trustee's analysis or derail his investigation, all of which is being conducted for the ultimate benefit of the Debtor's creditors, MGG wrote. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. Business and owned justin zayat wife Al-Ahram, no such records have been produced to date, the trustee wrote first foremost! Being stabled in Kentucky and do not maintain a bank account used by the Debtor.. Alleges 'Ongoing Pattern of Delay, Obstruction, and sparkling water lack of.! Stud in Versailles, stallion now stands at stud in New York Egypt... The Debtor, for records of this transaction, no such records have been produced to,... Steil wife out from under $ 19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck wrote. Heres what you need to know about some of the Wood Memorial considered! 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