[49] The plaintiff, Howard Rubinsky, was an associate of the Jelinskys who had also pleaded guilty in the illegal betting operation. [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. Zayat Stables' creditors unanimously approved the repayment plan. 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. 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. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. The company won a $24.5 million summary judgment against Zayat in June 2020. Racing has been a family affair for Ahmed Zayat, wife Joanne, and children Ashley, Emma, Justin, and Benjamin. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. 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 later got into the beer distribution business and owned the Al-Ahram . Not a subscriber? The Zayats' latest filing first and foremost seeks to have the case dismissed for lack of jurisdiction. Zayat agreed to pay off his unsecured creditors over two years, without interest, and pay off Fifth Third by 2014. MGG claims it never received the proceeds of those sales, which it says it was entitled to per its financing agreement with Zayat. 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. 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. And yes, American Pharoah arrived today from California. [4] He moved to the United States at the age of 18, and earned an undergraduate degree from Yeshiva University. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. He stated that he thought the brothers were professional gamblers and that they had financial need. 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. 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. A. Banks new TravelTech collection. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. Red Bank, NJ 07701, p: (732) 747-8060 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. Copyright 2023 Blenheim Publishing, LLC. Real-time updates and all local stories you want right in the palm of your hand. Here, the AP breeding rights were located in New Jersey (Zayat Stables), and were sold to entities in New York (LNJ Foxwoods) and Ireland (Orpendale)," according to the memorandum filed on behalf of the Zayat family. According to MGG, since Zayat filed for bankruptcy protection back in September, he has delayed the administration of his case by 1) Refusing to produce documents prior to the initial hearing; 2) Refusing to respond to numerous questions on the basis that he did not have the necessary documents in front of him; 3) Promising, then subsequently refusing, to produce requested materials; 4) Providing paperwork that was so heavily redacted that the documents made no sense. Your TDN download has begun. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. Click Here to sign up for a free subscription. In addition to the long hours and extensive research hes done over the years, Zayat realizes his outward appearance is also important to his success. f: (732) 747-8955. Ahmed Zayat was born in Egypt in 1962 to an affluent family and grew up in an ethnically diverse neighborhood in the Cairo suburb of Maadi. 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 complaint alleges that the nine shares, which were sold for a collective $3.3 million, did not reflect their fair market value and represents a deep discount from Zayat Stables own $14 million valuation of the Zayat AP Breeding Rights as reflected in the proposed Liquidation Plan as well as an independently appraised value commissioned by Zayat Stables in July 2019 that determined the Zayat AP Breeding Rights to be worth a total of $12.6 million.. I have never spoken to the creditor or received any notice from them since purchase. [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. 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.. 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. A 74-page list of assets and creditors was obtained by the New York Times. Zayat was in eighth grade when his Egyptian-born father decided to sell his beverage company and buy his first horse. [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. This is a BETA experience. They have lived it three times in fact. Married at First Sight's prior couples don't think highly of Zach Justice and the way he treats wife Mindy Shiben on the show -- and that might be a big understatement. Heres what you need to know about some of the top early contenders for the Run for the Roses. [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. justin zayat net worth. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat. . The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. 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. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. Its been a wild ride since Zayat first joined his father in the horse racing business. 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. Moreover, any purported harm as a result of the fraud alleged in the complaint will be suffered by plaintiff in New York. Attorneys representing Ahmed Zayat in a complicated bankruptcy proceeding have withdrawn as the owner/breeder's counsel due to delinquent payments, but July 28 this move was challenged as more. Not a subscriber? 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. He had taken out multiple loans from the bank totaling over $38 million between 2007 and 2009. He has prestige. Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions. 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. Justin Timberlake and Jessica Biel step out at charity gala 'Bros' movie has laughs, heart and poignant surprises (REVIEW) Nor did any injury occur to MGGin Kentucky," state all three memorandums filed by Lexington attorney Bennett Bayer with Landrum & Shouse. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! 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. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. 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. 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. As part of the loan package, the bank had a security interest in Zayat Stables' horses, prize money, stallion shares and stallion income. 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. Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet anotherand purportedly intentionallegal bottleneck. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt, Biase continued. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. Zayat has repeatedly denied those claims via court filings. The complaint explains that the nine American Pharoah breeding . 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