"The noise was deafening.". The long wait is now at arm's length for Justin Zayat. 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. It is this ongoing pattern of obstructive activity, coupled with the Debtor's shifting and highly questionable statements in his schedulesthat more than justified the Trustee's issuance of the subpoenas at issue. Solomini stands at stud in New York for $6,500 for a live foal. Your TDN download has begun. Red Bank, NJ 07701, p: (732) 747-8060 [8], Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Even without many of the documents requested, Biase was able to trace a number of financial transactions he found. Lexington, KY 40513. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. Four of six horses sold for a total of $366,000, in stark contrast to the $1.9 million valuation Zayat had provided to MGG in December for that same group of horses. 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. In 2015, in the midst of taking his final exams at New York University, Zayat found himself juggling his college graduation with American Pharoahs incredible run at Belmont Stakes. 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 contracts at issue in this action were negotiated and executed in New York and New Jerseyand provide for the application of New York law. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. Hi, I am Justin Zayat, a Proud Partner and Vice President of Development at Zayat Global Energy Holdings LLC, where I lead the business things from the inside out. 60 Broad St. 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. 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. Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. Due to its perfected security interest in American Cleopatra, MGG also holds a security interest in the American Cleopatra/Tapit foal, the complaint alleges. The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. 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. "[32] Zayat was not a party to the lawsuit and he paid off all debts owed to the Sports Authority. new homeless laws in california 2022; miller funeral home in woodbridge; baylor football staff salaries; gem seal vs sealmaster; michael lavaughn robinson photos; simon pearce markings Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! [5] In 2010, Zayat campaigned Eskendereya, winner of the Wood Memorial and considered the favorite for the Kentucky Derby. They have lived it three times in fact. They have four children: Ashley, Justin, Benjamin, and Emma. 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. 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. [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. Can racings star trainer change his ways? A. The first group of Zayat Stable horses went up for auction earlier this week. [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 had a front-row seat. 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 July appraisal valued the mare at $6.5 million. None of the new defendants has had an opportunity to file their responses to the allegations. [20] Zayat typically retains a 25% interest in the stallions he sends to stud, though in the case of Pioneerof the Nile, he kept a 75% interest. [5], In 2012, Zayat Stables' horses Bodemeister and then Paynter ran second in each of the three legs of the Triple Crown. He also filed bankruptcy proceedings in 2010 when a bank called a note due and tried to foreclose on his horses. 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. [22] He has entered horses in the Breeders' Cup races 16 times, with his best result a fourth-place finish in 2007. Click Here to sign up for a free subscription. [32] The plaintiffs alleged that Zayat was allowed to bet on credit, which was a violation of state law. I did not disclose to you why we had to sell some assets in order for us to fund and continue to operate Zayat Stables and allowing myself the time to find the capital to get you paid in full. 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. "[43] On June 4, 2015, a federal judge in Newark, New Jersey, dismissed Rubinsky's lawsuit, citing both Rubinsky's difficulty in proving his case and the expired statute of limitations. [2] Race horse Justin Phillip was named for Justin. Subscribe for FREE to the Daily PDF or the News Alerts. 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. The couple have four children: Ashley, Justin, Benjamin and Emma. I agreed to give him money because he told me he was ill and broke. One by one, 36 colorful iron lawn jockeys were yanked from their Bob Kulina received an important text message last November. If the download does not complete, Click Here. 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. global Irish breeding conglomerate Coolmore and Ashford Stud in Versailles, stallion now stands at stud for a reported $200,000. 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. 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. 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. 25 Feb/23. "The 23-year-old that I am, I think I'm pretty well-rounded in the industry Three separate memorandums filed April 21 outline why claims made against Ahmed Zayat, his son Justin Zayat, and the entire Zayat family by MGG Investment Group, which loaned tens of millions of dollars to Zayat Stables, should not be settled by a Kentucky court. [45] He was cleared in both states. She is jointly named on every material bank account used by the Debtor,. 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. There is only one reason the statutory meeting of creditors commenced in this 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. With having a decade of . "[38] Zayat Stables successfully completed the bankruptcy reorganization plan,[32][43] in the process his stable went from a high of 285 horses to a census of 118 in 2012. The July appraisal estimated the horses value at $375,000. An initial report from the receiver, who is charged with maximizing the value of the company, indicated that in the course of a few weeks a long line of farm managers, trainers, and veterinarians had approached her to say they were owed thousands of dollars by Zayat Stables. Foxwoods could not be reached immediately for comment. For Zayat, its all part of the thrill of competition and the sweet taste of victory. Its been a wild ride since Zayat first joined his father in the horse racing business. The subpoena also wanted access to four TVG betting accounts belonging individually to or jointly with, including as an additional or authorized userany member of the Debtor's Familyor JPZ Holding, as well as any passwords associated with such accounts. 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. 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. Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. Related:Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. Fayrouz is a blend of malt, fruit, and sparkling water. AP Photo/Benoit Photo 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. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. [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). I grew up playing baseball, basketball, football and soccer, Zayat said. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. 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. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. 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. And hes a clean-cut, good, smart individual., The suit feels great! [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. It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. Most of the guys Im working with are at least 60 to 70 years old. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. [2] He obtained a master's degree in public health administration from Boston University. 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.. 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. Three times Zayat's horses placed second in the Kentucky Derby. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. Motivated purely by self-interest and greed, MGG, however, was more interested in litigating this dispute at the expense of other creditors. But one horse quickly turned into 18, and Zayat started to take notice of his fathers new venture. 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