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25 Feb/23. "The locus of a general intangible, including any of the AP breeding rights, is the owner's domicile. 3070 Lakecrest Circle, Suite 400-292 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. [39] Two members of that family, Michael and Jeffrey Jelinsky, had pleaded guilty in 2009 to illegal bookmaking. [28] For his struggle to return to health, Paynter won NTRA Moment of the Year Award and Secretariat Vox Populi Award.[29][30]. "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.' [45] He was cleared in both states. [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. I got to go to the Harvard of horse racing, Zayat said. 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. Zayat Stables is already making headlines in the 2017 Hopeful and FrontRunner Stakes, a strong indication that more titles, awards and accolades could be coming down the homestretch. 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 . I want to be dressed as a man and look professional. 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. 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. Further, the bank added an amended provision to its later loans stating, "if Zayat Stables defaulted on any of the Notes, such default would be considered a default under all of the notes thereby entitling Fifth Third to accelerate the principal balance and all accrued interest due and owing under all of the Notes." Heres what you need to know about some of the top early contenders for the Run for the Roses. [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. Kentucky basketball returns to the top 25. 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. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. He his married to his wife Joanna and together the couple has four children together: Justin, Ashley, Emma and Benjamin. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. Real-time updates and all local stories you want right in the palm of your hand. These include: 2013 Breeders' Cup runner and 2012 Haskell Invitational winner Paynter; 2013 Alfred G. Vanderbilt Handicap winner Justin Phillip; 2012 Arkansas Derby winner Bodemeister; Pioneerof the Nile who won the 2008 CashCall Futurity and 2009 Santa Anita Derby; three-time Grade I winner Zensational. Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt, Biase continued. p: (800) 647-6571 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. "Im managing assetsthough in our case, the assets are horses.. 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. My Racehorse is a website where fans of racing can discover the thrill of owning fractional interests in racehorses. That dream came true, and American Pharoah became the first horse to win the coveted title in 37 years. Zayat later got into the beer distribution business and owned the Al-Ahram . "[3] Under Zayat's leadership, additional brands of beer were introduced, and he developed a non-alcoholic beer, Fayrouz,[b] designed specifically for the Muslim market. If the download does not complete, Click Here. Some of the horses now are being drawn into MGGs fraud lawsuit against Zayat Stables. [9] Though the Zayat Stables, LLC website once stated that Zayat attended Harvard University, he did not. 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. 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. Bunnell has not yet entered an order. Making the experience even more rewarding for Zayat was the way he shared it with his wife, family and friends. [2] While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. [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. "You have never felt a stadium with such excitement," Zayat recalled. [37], All cases were resolved with a settlement agreement in July 2010, seven months after the initial suit was filed. Receive daily headlines, breaking news alerts, promotions, and much more! It was a moment watched by millions across the country: American Pharoah, the horse with the misspelled name, had already won both the 2015 Kentucky Derby and Preakness, and he was closing in on the Triple Crown. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. 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. Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. [5] The original beer product was of poor quality, mocked as being able to "power heavy machinery if there was no diesel fuel available. Click here to sign up for the daily PDF or alerts. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. Starting July 1, a long-awaited change is coming to horse racing. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. I think of this is as my sports team. "Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. And hes a clean-cut, good, smart individual., The suit feels great! 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. "[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. . 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. 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. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. Morgan Eads covers criminal justice for the Lexington Herald-Leader. After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. As a result, the racing commissions in California and Kentucky opened investigations on Zayat;[44] racing licensees are not to associate with bookmakers or convicted felons. [13] Zayat has horses at all stages of the racing process, stallions, broodmares, young horses in training and active racing stock. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. 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'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. 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 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. 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. 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. 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. Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. 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. AP Photo/Benoit Photo [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. His bankruptcy documents listed four loans he had made to members of the Jelinsky family. [5] In 2010, Zayat campaigned Eskendereya, winner of the Wood Memorial and considered the favorite for the Kentucky Derby. [9], Zayat filed for Chapter 11 Bankruptcy protection in February 2010. [4] In 2015 the operation stood 13 breeding stallions at stud. All rights reserved. [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. 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. Two members of that family, Michael and Jeffrey Jelinsky, had guilty... 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