Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. Racing has been a family affair for Ahmed Zayat, wife Joanne, and children Ashley, Emma, Justin, and Benjamin. [32], In December 2009, Zayat was sued by Fifth Third Bank for an alleged $34 million in unpaid loans. "Im managing assetsthough in our case, the assets are horses.. 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. . racing came on June 22nd, when Justin Zayat, resplendent in top hat and a morning suit, joined his wife, Michelle, to watch their USbased three-year-old colt Gidu finish sixth in the 500,000. And the Cats are rising on bracketology boards. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. 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. MGG has gone as far as filing baseless claims against reputable horse farms and bloodstock agents. "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. p: (800) 647-6571 60 Broad St. 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. 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. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. 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. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. MGG's Mar. 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 . 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. 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. Zayat later got into the beer distribution business and owned the Al-Ahram . Receive daily headlines, breaking news alerts, promotions, and much more! 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.. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. Red Bank, NJ 07701, p: (732) 747-8060 A 74-page list of assets and creditors was obtained by the New York Times. 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. 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. In July 2019, Zayat Stables half share was appraised at $3 million. [14] 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. 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. 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. 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. A judge can also deny the discharge of a particular debt. 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. Amazon billionaire Jeff Bezos' ex-wife finalizes 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. [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). They have watched from the Churchill Downs stands as their horse opened a lead 2023 NYP Holdings, Inc. 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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. [8], The business base for the horse racing operation is Hackensack, New Jersey, but Zayat's horses live in different locations across the US. She is jointly named on every material bank account used by the Debtor,. 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 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. The amended complaint also adds Ahmed Zayats 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, Ashley, Benjamin and Emma Zayat. Emails from Zayat in mid-January indicate there remained confusion on this point. A bill of sale for the stallion dated September 20, 2017, is among the exhibits attached to the amended complaint. [51][52] In a related matter, June 1, 2015, days before American Pharoah was to run in the 2015 Belmont Stakes, the New York Times reported that Rubinsky's lawyer, Joseph Bainton, filed a $10-million libel suit against Zayat for comments to the press, including the characterization of Rubinsky's other lawsuit as "extortion, a fraud and blackmail. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. AP Photo/Benoit Photo Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. [10] The racing stock have been in training with multiple trainers including Bob Baffert, Mark Casse, D. Wayne Lukas, Todd Pletcher, Dale Romans and others. [44] Further, he said he loaned them money because he knew their father and that the money they owed him was unrelated to gambling; he stated that some of the money he loaned was to assist one of the brothers with a divorce. 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. Download Today's Edition While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. 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. The emotion of the milestone victory physically overwhelmed Justin Zayat,. [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. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. [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. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. First of all, the media frenzy. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. [13] In 2008, Zayat was North America's leading owner by earnings. [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. One for the better. It was a historic event Zayat and his family had been waiting for since 2005. [18] Zayat Stables ranked second in the nation for earnings in 2007, third in 2009, fourth in 2010 and fifth nationally in 2011. You can see the quality in each Jos. shaka wear graphic tees is candy digital publicly traded ellen lawson wife of ted lawson justin zayat wife. 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.. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. Ashford Stud and Coolmore on Wednesday declined to comment on the filing. In late January MGG sued for $23 million, 2019 controversial Kentucky Derby winner Country House, Zayat Stables asks judge to reconsider takeover, says lawsuit is a soap opera, From the Triple Crown to broke: Even American Pharoah couldnt save Ahmed Zayat, Support my work with a digital subscription, Kentucky Derby Watch 2023: A look at the top 10 contenders, including Baffert horses, Fox News lawsuit unveils gaslighting that has become common practice in U.S. | Opinion, Rare animal dashes across road, then returns with precious cargo, Texas photos show. Zayat Stables' creditors unanimously approved the repayment plan. Justin Zayat had a front-row seat. Subscribe for FREE to the Daily PDF or the News Alerts. [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. [5] After graduation, he worked for Zev Wolfson, a New York City commercial real estate developer and investor. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. 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. The July appraisal valued these breeding interest at $925,000, according to the complaint. "[3], Zayat first began buying Thoroughbred race horses in 2005. 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. 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. 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. [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. 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. f: (732) 747-8955. Receive daily headlines, breaking news alerts, promotions, and much more! Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. "You have never felt a stadium with such excitement," Zayat recalled. You may opt-out by, Storytelling and expertise from marketers. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. 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. Zayat later got into the beer distribution business and owned the. Ahmed and Justin Zayat have lived the dream. [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. 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. 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. 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. 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. Your TDN download has begun. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC I want people to look at me and say, He has class. He earned a . The lawsuit, filed in Fayette Circuit Court in Lexington, accuses Coolmore and its affiliates of improperly buying seven of nine American Pharoahs lifetime breeding rights that were part of the collateral on a loan MGG made to Zayat Stables in 2016. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. 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. f: (732) 747-8955. Suite 100 Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. Your TDN download has begun. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. 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. 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. He has prestige. Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt, Biase continued. Click Here to sign up for a free subscription. Copyright 2023 Blenheim Publishing, LLC. [55], Ahmed Zayat (center) at the 2015 Preakness Stakes. I got to learn from the Michael Jordans and LeBron Jameses of our sport. [5][9][10], Zayat continued to run Al-Ahram until 2007,[12] but periodically returned to the United States, where he started buying racehorses and formed Zayat Stables in 2005. 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.. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. Zayat, 25, who runs Zayat Stables with his father Ahmed . [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. Trustee Donald V. Biase made those accusations in a memorandum in opposition to a motion by Zayat family members to block subpoenas for records from a number of financial institutions, credit card companies and even wagering accounts with TVG. [35][36][c] He also owed several horse breeders for stud fees. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. 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. I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. The couple have four children: Ashley, Justin, Benjamin and Emma. [21], As of 2015[update], Zayat's horses include American Pharoah and 13 other Grade I winners. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. The long wait is now at arm's length for Justin Zayat. [2] He obtained a master's degree in public health administration from Boston University. 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. A statement from Dean Dorton said Woodward was not aware an amended complaint was being filed by MGG Investment Group. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.. 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. 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. Not a subscriber? So I got a really good foundation., As Zayat grew, so did his responsibilities. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. [5] The company was modernized from a run-down operation to a publicly traded business that sold in 2002 to Heineken International for $280 million, more than three times its pre-acquisition valuation, in what was then the largest corporate buyout in Egyptian history. The complaint explains that the nine American Pharoah breeding . The company won a $24.5 million summary judgment against Zayat in June 2020. I look forward to wearing it to the races! Justin Zayat. [9] Though the Zayat Stables, LLC website once stated that Zayat attended Harvard University, he did not. If the download does not complete, Click Here. Ahmed Zayat (/zjt/; Arabic: ), (born August 31, 1962) is an Egyptian American businessman and owner of Thoroughbred race horses. 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. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. York University, he did not other grade I winners a trustee believes of... In June 2020 complaint explains that the Debtor still possesses significant assets in Egypt, Biase was able to a... Suggest that the Debtor still possesses significant assets in Egypt, Biase continued public health from... 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