Red Bank, NJ 07701, p: (732) 747-8060 p: (800) 647-6571 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. As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. 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. 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. 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. 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. p: (800) 647-6571 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. 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. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. [4] In 2015 the operation stood 13 breeding stallions at stud. With having a decade of . Download Today's Edition Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC It was a historic event Zayat and his family had been waiting for since 2005. 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. The couple have four children: Ashley, Justin, Benjamin and Emma. 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. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. 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. He had taken out multiple loans from the bank totaling over $38 million between 2007 and 2009. 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. [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. 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. The emotion of the milestone victory physically overwhelmed Justin Zayat,. 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. His horse breeding stock live mostly in Kentucky, young horses are started in Florida. The complaint explains that the nine American Pharoah breeding . The July appraisal valued these breeding interest at $925,000, according to the complaint. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. A business entity controlled by Justin, JPZ Holdings, LLC, was also subpoenaed. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. Click here to sign up for the daily PDF or alerts. After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. Less than three months remain until the 149th running of the Kentucky Derby. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. 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. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. [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. Tommy Lee's wife Brittany Furlan, 36, throws EPIC shade at his ex Pamela Anderson as she mimics Baywatch icon with '90s . Ahmed Zayat and his wife, Joanne, live in New Jersey; Justin Zayat lives in New Jersey, where Zayat Stables is based; the Zayats' daughterAshleylives and operates a jewelry company in Miami; son Benjamin goes to college in New York; and daughter Emma resides in New Jersey and will attend college in New York in the fall. [48], On March 10, 2014, a lawsuit against Zayat was filed in the United States District Court for the District of New Jersey. This morning the Receiver was notified that MGG amended its Complaint to add several additional parties, the statement read. 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. Yeomanstown Stud was named for its purchase of El Kabeir; Hill 'n' Dale for its purchase of American Cleopatra; LNJ Foxwoods and Orpendale (Coolmore) for their purchase of American Pharoah breeding rights; Flintshire Farm and Brad Sears for its purchase of breeding rights to mare Lemoona; Thomas Clark Bloodstock for its purchase of Lemoona from Flintshire (from consignment of Taylor Made Sales Agency, agent, at the 2020 Keeneland January Sale for $250,000); MyRacehorse.com for its purchase of part of Amandrea; and McMahon Thoroughbreds of Saratoga for its purchase of Solomini. 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[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. Lexington, KY 40513. 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. The July appraisal estimated the horses value at $375,000. This is a BETA experience. [32], In an unrelated case, Zayat was mentioned in a 2013 lawsuit between Freehold Raceway and the New Jersey Sports and Exposition Authority. Besides the American Pharoah breeding rights, MGG also alleges that other Zayat Stables horses or shares of horses, which were listed as collateral on the loan, have been improperly sold or traded to pay off debts. The memorandums also challenge MGG's allegations that Zayat family members committed breach of contract and fraud when they sold nine breeding rights to 2015 Triple Crown winner American Pharoah, whom the Zayats bred and raced and then sold for stud duty to Ashford Stud. Fifth Third alleged that Zayat was in default because he failed to make two payments in 2009. Not a subscriber? 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. [8], The business base for the horse racing operation is Hackensack, New Jersey, but Zayat's horses live in different locations across the US. Receive daily headlines, breaking news alerts, promotions, and much more! It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. So I got a really good foundation., As Zayat grew, so did his responsibilities. I have never spoken to the creditor or received any notice from them since purchase. She is a native Kentuckian who grew up in Garrard County. [2][a] His father, Alaa al-Zayat, was a prominent doctor and professor of medicine, a personal physician to Anwar Sadat. [36] To settle his debts with Fifth Third, he agreed to annual payments based on a percentage of horse sales and proceeds from claiming races. [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. 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. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. [34] When he thought the bank was willing to restructure its loans, Zayat withdrew 67 horses he intended to sell at Keeneland's 2009 September and November sales and instead purchased 24 more yearlings. [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. f: (732) 747-8955. 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. 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 was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. [23] In 2011, Zayat entered Nehro, who finished second to Animal Kingdom. Bank, visithttp://www.josbank.com/expert-advice. If the download does not complete, Click Here. Its been a wild ride since Zayat first joined his father in the horse racing business. . Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. But documents filed by MGG in support of the receivership show that the stables owe more than $900,000, much of it to trainers, stables and farms, many more than 60 days past due. In July 2019, Zayat Stables half share was appraised at $3 million. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. 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. He is the CEO of Zayat Stables, LLC, a Thoroughbred horse racing business which bred and owns the 2015 Triple Crown winner American Pharoah. An objection can be filed to the proceedings if a trustee believes aspects of the filing are not on the up-and-up. [35][36][c] He also owed several horse breeders for stud fees. 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. I agreed to give him money because he told me he was ill and broke. 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. MGG is a Delaware limited partnership based in New York. Your TDN download has begun. Three times Zayat's horses placed second in the Kentucky Derby. The couple have four children: Ashley, Justin, Benjamin and Emma. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. Kentucky basketball returns to the top 25. 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. 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. You may opt-out by, Storytelling and expertise from marketers. Zayat has repeatedly denied those claims via court filings. [2] Race horse Justin Phillip was named for Justin. Red Bank, NJ 07701, p: (732) 747-8060 [9], Zayat filed for Chapter 11 Bankruptcy protection in February 2010. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. Zayat lives in Teaneck, New Jersey, with his wife, Joanne. ", Photo: Skip DicksteinAhmed Zayat (blue suit) hoists the Belmont Stakes trophy surrounded by family and other connections after American Pharoahs 2015 Triple Crown victory. [49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. Real-time updates and all local stories you want right in the palm of your hand. 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. Justin Zayat had a front-row seat. She is an award-winning business reporter who also has covered agriculture, gambling, horses and hemp. 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 first group of Zayat Stable horses went up for auction earlier this week. 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. 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. 3070 Lakecrest Circle, Suite 400-292 [25] Paynter went on to win the Grade I Haskell Invitational but shortly thereafter developed near-fatal complications from colitis and laminitis. Foxwoods could not be reached immediately for comment. MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. 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. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) And the Cats are rising on bracketology boards. 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. 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. [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. A statement from Dean Dorton said Woodward was not aware an amended complaint was being filed by MGG Investment Group. He has prestige. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. His suit alleged breach of contract, claiming that Zayat failed to pay off a $1.65 million line of credit in 2004. I grew up playing baseball, basketball, football and soccer, Zayat said. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! Copyright 2023 Blenheim Publishing, LLC. A judge can also deny the discharge of a particular debt. I did not want you to panic knowing that I still have a chance to save the day. [4], Zayat's bankruptcy revealed other problems. 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. 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. Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, stallion now stands at stud for a reported $200,000. If you dont get clear title when you buy at public auction we have no horse business.. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. The 23-year-old racing and stable manager for Zayat Stables arrived in Lexington, Ky. today on a private flight from New Jersey with his father, Ahmed Zayat. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. Joe Drape of The New York Times described Zayat as "controversial" and "one of the most successful and flamboyant owners in thoroughbred racing.". 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. [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. 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. [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. "The only link with the Commonwealth was the presence of American Pharoah being stabled in Kentucky. "The 23-year-old that I am, I think I'm pretty well-rounded in the industry It's personal. [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. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. Not a subscriber? Starting July 1, a long-awaited change is coming to horse racing. 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. I got to learn from the Michael Jordans and LeBron Jameses of our sport. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. Its exactly like a portfolio manager," he said. All rights reserved. I think of this is as my sports team. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. Finished nd t Union Rags justin zayat wife from being a successful to our,! And 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. Bob Bafferts 90-day suspension is ending. The Zayats led the entourage that greeted the Triple Crown winner at Blue Grass Airport and then followed him on the quick . A 74-page list of assets and creditors was obtained by the New York Times. 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. gary morris wife; al udeid lodging; bryan steil wife. Zayat authorized the highest quality of care for the horse, and following abdominal surgery and several months of rehabilitation, Paynter successfully returned to racing in 2013. 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. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. All rights reserved. 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. The document also seeks the return of horses or breeding rights to a court-appointed receiver who now controls Zayat Stables and aims to block the sale of any offspring of mares foaled while they are in the possession of their purchasers. Zayat Bankruptcy Trustee Alleges 'Ongoing Pattern of Delay, Obstruction, and Gamesmanship'. 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.. Was the presence of American Pharoah being stabled in Kentucky have established that of! 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