Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. 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. 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. "[53] That suit was dismissed on August 5, 2015. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. 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. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". Receive daily headlines, breaking news alerts, promotions, and much more! [9] Though the Zayat Stables, LLC website once stated that Zayat attended Harvard University, he did not. [24] Switching horses in the 2012 Belmont Stakes, Zayat's colt Paynter also finished second. 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 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. Hill N Dale Farm, which the complaint alleges bought American Cleopatra in a private sale for $1.3 million from Justin Zayat, on behalf of Zayat Stables. While residing primarily in New Jersey, the Zayats also have residences in New York, Egypt and London. I have never spoken to the creditor or received any notice from them since purchase. MGG is a Delaware limited partnership based in New York. 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. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. The couple have four children: Ashley, Justin, Benjamin and Emma. Less than three months remain until the 149th running of the Kentucky Derby. He had taken out multiple loans from the bank totaling over $38 million between 2007 and 2009. 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. 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. The court filing noted the Zayats don't own any property in Kentucky and do not maintain a bank account in the state. 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. Zayat Bankruptcy Trustee Alleges 'Ongoing Pattern of Delay, Obstruction, and Gamesmanship'. Lexington, KY 40513. 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. [21], As of 2015[update], Zayat's horses include American Pharoah and 13 other Grade I winners. 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. 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. You may opt-out by, Storytelling and expertise from marketers. [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. ", "Ahmed Zayat's Journey: Bankruptcy and Big Bets", "American Pharoah's owner focused on history, not past", "The Arabs and Nazi Germany: Collaborators and Antagonists", "Preakness Stakes 2015: 5 things to know about American Pharoah owner Ahmed Zayat", "North Jersey risk-taker is a force in horse racing", "Joanne Zayat's View from the Kentucky Derby Winner's Circle", "American Pharoah owner paved path of bold bets", "As a Derby Favorite Soars, His Owner Stumbles", "Stats Central-Owner Profile-Zayat Stables, LLC", "Zayat Stables, Thoroughbred Owner, Files Bankruptcy (Update4)", "Colt Serves as a Reminder of a Philosopher's Reach", "Kentucky Derby: American Pharoah chases racing crown", "American Pharoah owner Ahmed Zayat is living the dream, but still looking for Derby glory", "After Long Battle With Illness, Paynter Is Set to Make Return to Racetrack", "Twitter captured Paynter saga's ups and downs", "Racehorse Paynter to Resume Training, Wins Vox Populi", "Paynter's Recovery Is 'Moment of the Year', "Owner of American Pharoah Is Fighting Lawsuit Amid Triple Crown Bid", "Zayat files for bankruptcy; Monday's bank hearing likely postponed", "Zayat Stables Emerges from Bankruptcy with promise to pay 100%", "United States Bankruptcy Court District of New Jersey Case 10-13130-DHS", "Zayat Calls Gambling Debt Lawsuit Extortion", "New Jersey extended Ahmed Zayat betting credit, report claims", "Teaneck bettor ran up $286,000 debt; lawsuit targets online horse wagering", "American Pharoah's owner hit with gambling debt lawsuit", "Lawsuit against Zayat on alleged gambling debt thrown out", "Judge tosses gambling lawsuit against American Pharoah's owner", "Ahmed Zayat, American Pharoah's Owner, Is Named in $10 Million Libel Suit", "Court Dismisses Defamation Suit Against Zayat", https://en.wikipedia.org/w/index.php?title=Ahmed_Zayat&oldid=1113903252, This page was last edited on 3 October 2022, at 19:58. 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. [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. Most of the guys Im working with are at least 60 to 70 years old. MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. Horse racing was not exactly on my radar.. It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. Teaneck Manager Of Triple Crown Winner Named To Forbes' 30 Under 30 - Teaneck, NJ - Justin Zayat, 24, is vice president of Zayat Stables. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. 3070 Lakecrest Circle, Suite 400-292 A judge can either dismiss a case on his own or by acting on a trustee's objection. And hes a clean-cut, good, smart individual., The suit feels great! [5] In 2009, Zayat's homebred Pioneerof the Nile started a streak of Zayat horses finishing second in the Kentucky Derby and other classic races when he was defeated by Mine That Bird. His racing stable survived Chapter 11 bankruptcy proceedings, and he faced a number of legal issues associated with his penchant for betting large sums of money on horse racing. Janet Patton covers restaurants, bars, food and bourbon for the Herald-Leader. 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.. A. Bank, visithttp://www.josbank.com/expert-advice. So I got a really good foundation., As Zayat grew, so did his responsibilities. The couple have four children: Ashley, Justin, Benjamin and Emma. Justin Zayat had a front-row seat. [2] He obtained a master's degree in public health administration from Boston University. The company won a $24.5 million summary judgment against Zayat in June 2020. [8], Zayat lives in Teaneck, New Jersey, with his wife, Joanne. Justin Zayat, racing manager of American Pharoah, will be keeping a periodic diary leading up to the Belmont Stakes on Saturday. The purchase agreement specifies that terms and conditions of the auction are incorporated into the deal. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. This conduct demonstrates MGGs fundamental lack of knowledge of the horse industry and complete lack of respect for the parties essential to its success. 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. Support our journalism and access bonus content on our Patreon stream, Blenheim Publishing, LLC They have watched from the Churchill Downs stands as their horse opened a lead 2023 NYP Holdings, Inc. All Rights Reserved, American Pharoah is now permanently hitched to the '21' Club, American Pharoah's run in the Haskell is all about the people, Justin Zayat's amazing ride carries on beyond Belmont glory, For relaxed Bob Baffert, this Triple Crown shot is much different, How American Pharoah will spend the biggest day of his life, Justin Zayat: One tip is helping me enjoy this Triple Crown ride, American Pharoah acting like his powerful self in final workout, Justin Zayat: American Pharoah's Preakness has me on 'Cloud 99', American Pharoah feeling like 'a billion bucks' before Preakness, Justin Zayat: American Pharoah will 'earn' Preakness from rail, American Pharoah has given Justin Zayat a 'surreal' week, This racing family has big shot to finally capture elusive Ky. 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. For more style advice from Jos. 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. Although he has since worked his way up to the role ofpresident and CEO of Racing and Bloodstock at Zayat Stables,the young business owner said it wasnt always easy to prove his worth in the racing world. [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. While Zayat paid off some of the money owed, the bank contended that he remained in default on one loan. Its been a wild ride since Zayat first joined his father in the horse racing business. . After Zayat donated $100,000 to the school to "promote peace," Mack released his reservation of the name. [19] Zayat Stables keeps about 30 broodmares and their foals in Kentucky along with roughly 20 yearlings. Although New York also stated that they were investigating,[46] there were no news reports of any adverse action. The complaint explains that the nine American Pharoah breeding rights, which had been moved from family members to Zayat Stables as collateral when the MGG loan was executed, were later sold by Zayat's wife and children. 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. On Mar. justin zayat wife justin zayat wife (No Ratings Yet) . [13] In 2008, Zayat was North America's leading owner by earnings. He handled the logistics of any injuries and helped manage the business side of the stables, including the scouting and purchasing of new horses. The status of these breeding rights as "general intangible" property by state law also has a bearing on the jurisdiction issue, according to the memorandum. Being on the 'Today' show, Showtime and all of these media outlets, recalled Zayat. 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. Justin Zayat was also the beneficiary of nearly $1 million in transfers at a time when the financial condition of the Debtor and Zayat Stables were deeply troubled. [5][8] Al-Ahram had been owned by the Egyptian government and Zayat had helped find American investors to take over government-owned businesses that had been nationalized by Gamal Abdel Nasser back in the 1950s. I did not want you to panic knowing that I still have a chance to save the day. She is jointly named on every material bank account used by the Debtor,. [26] After Zayat and his son Justin began making regular social media updates on Twitter with the hashtag #PowerUpPaynter, the horse developed a significant fan base,[27] and received hundreds of get well cards, many from children. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, fraud, MGG, MGG Investment Group, Triple Crown, Zayat bankruptcy. Finished nd t Union Rags justin zayat wife from being a successful to our,! 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. Emails from Zayat in mid-January indicate there remained confusion on this point. Zayat also had difficulty obtaining the name from the Jockey Club, as it had been reserved by Earle I. Mack, who owned race horses and also happened to be the chairman of the board of Benjamin N. Cardozo School of Law, . His bankruptcy documents listed four loans he had made to members of the Jelinsky family. CLICK HERE TO SUBSCRIBE TO THE TDN FOR FREE! [22] He has entered horses in the Breeders' Cup races 16 times, with his best result a fourth-place finish in 2007. So to get their respect and their attention so they would actually listen to me was a steep (learning) curve, Zayat said. 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. [8][2][10] Zayat donates to schools and charities, including those that help special-needs children. McMahon of Saratoga Thoroughbreds, which the complaint alleges bought Solomini in a private sale for $250,000 from Zayat Stables and Orpendale, even though both parties knew that Zayat Stables only owned 50 percent of the horse and that MGG had a security interest on that share. Suite 100 [55], Ahmed Zayat (center) at the 2015 Preakness Stakes. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. 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. Remember Ben with a gift to Thoroughbred aftercare, Subscribe for FREE to the Daily PDF or the News Alerts, Home Archive Top News Zayat Bankruptcy Trustee Alleges 'Ongoing Pattern of Delay, Obstruction, and Gamesmanship'. Zayat Stables, LLC website once stated that they were investigating, 46! Chance to save the day American Pharoah and 13 other Grade I winners auction are incorporated the! 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