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Tiz the Law Confirmed for Pegasus, Franco Sacked

Confirming a report from Bill Finley in the Nov. 11 edition of the TDN, Sackatoga Stable’s Tiz the Law (Constitution) will train on in 2021 as a 4-year-old, with the $3-million GI Pegasus World Cup Invitational at Gulfstream Park Jan. 23. In a release pushed across its social media channels Thursday afternoon, Sackatoga announced that Manny Franco, who had ridden Tiz the Law to victories in the GI Curlin Florida Derby, GI Belmont S. and GI Runhappy Travers S. and to a runner-up effort to Authentic (Into Mischief) in the GI Kentucky Derby, would be replaced by Hall of Fame jockey John Velazquez.

In last Saturday’s GI Longines Breeders’ Cup Classic, Tiz the Law broke alertly from gate two, but was taken hold of by Franco to sit behind the pacesetting Authentic. He came under pressure with about three furlongs to race and could make no late impact, finishing sixth as the 3.20-1 favorite.

When asked during a Tuesday interview if a change in the saddle could be coming, Sackatoga Managing Partner Jack Knowlton told Finley: “I think that’s certainly on the table. “I don’t think any of us were pleased with his ride. I was in the paddock when [trainer] Barclay [Tagg] talked to Manny and gave him his instructions, how he wanted to see him ride him and where he wanted him to put the horse in the race. Unfortunately, that did not happen.”

Franco’s agent, Hall of Fame jockey Angel Cordero, also booked mounts for Velazquez for better than 25 years, but the two parted ways earlier this year. Cordero was not shocked at Thursday’s developments.

“It was not a surprise to me,” he told Finley. “I knew as soon as Manny got beat on him he was going to be removed. I am grateful that they gave us the opportunity to ride him. We won some big, important races on him that put us on the map. Maybe one day we’ll get another horse like him. He’s a good horse. Not too many people get to ride a horse like that.”

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Former Session Topper Given Away as Zayat Liquidation Continues

After nine months under court-appointed receivership to liquidate and manage its remaining equine assets, the insolvent Zayat Stables, LLC, is down to 12 remaining horses at eight locations, according to an October status report filed Nov. 11 in Kentucky’s Fayette Circuit Court.

One formerly valuable colt had to be given away during the most recent month of transactions: Lexington-based receiver Elizabeth Woodward wrote that she released the ownership of a 3-year-old Empire Maker-Duke’s Dream colt “to offset boarding, training and veterinary charges which exceeded the estimated fair market value of the horse.”

That colt was the seventh-session KEESEP sales topper in 2018, acquired for $450,000 in a partnership purchase between Zayat Stables and St. Elias Stable. The receiver’s report, however, stated Zayat Stables had 100% ownership interest in the colt at the time he was relinquished.

“He looked the part,” Zayat told TDN back in 2018 just after the hammer fell. “He was very well-balanced, he had a great walk and a great pedigree…. Everything was going for him.”

In more general terms concerning the financial state of Zayat Stables, the report stated that “As of Oct. 31, 2020, the Receiver has collected approximately $1,624,277 through the collection of purse proceeds and other funds held for Zayat Stables and from sales of the horses referenced herein. She has expended approximately $1,029,293 on operations, such as board bills, veterinary bills, and administrative fees and commissions necessary to be paid for the sales to date.”

Woodward reported the collection of $135,068 from the September sale of an American Pharoah–La Vita Bella yearling as the largest single transaction since her last report was filed with the court. That filly hammered at FTKSEP for $300,000.

Two of Zayat Stables’ horses raced in October: Bob and Jackie (Twirling Candy) ran third in the Oct. 3 GII City of Hope Mile S. at Del Mar, earning $24,000. Alex Joon (Flatter) ran second in an Oct. 29 N1X allowance at Churchill Downs, earning $9,800.

Zayat Stables was ordered into receivership back in January as part of a $24.5 million civil lawsuit by MGG Investment Group, LP, a lender alleging fraud and loan defaults by Ahmed Zayat and his family-owned bloodstock and racing operation.

That lawsuit revolves around accusations that Zayat Stables hid the proceeds from the sale of nine lifetime breeding rights shares to 2015 Triple Crown winner American Pharoah, plus at least 15 other “valuable racing Thoroughbreds” the lender held as collateral.

The MMG suit is one of three intertwined and currently active court cases involving Ahmed Zayat and his racing stable.

In a federal Chapter 7 bankruptcy petition filed by Ahmed Zayat Sept. 8, Thoroughbred trainers, horse farms, bloodstock businesses, veterinarians, and equine transportation companies were among 132 entities listed as creditors. They are due $14,755,1717 in “non-priority unsecured claims,” which means they are at the bottom of the hierarchy to get paid–if they get paid at all. Zayat Stables is listed as a co-debtor to 112 of those 132 non-priority unsecured claims.

Separately, Ahmed Zayat’s former financial advisor is among the entities who initiated a Sept. 14 federal “involuntary bankruptcy” petition against Zayat’s family-owned racing stable.

Although once prevalent, involuntary bankruptcy proceedings are now relatively uncommon in U.S. courts. They are designed to protect creditors, not debtors, and are often filed against companies (as opposed to individuals) as an attempt to get paid when it is believed that a firm is rapidly burning through assets and/or financial malfeasance is alleged.

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Gulfstream Park West Turf Stakes Rescheduled

Continuing wet weather conditions in South Florida have led Gulfstream Park West officials to postpone four Florida-bred turf stakes scheduled for Saturday, Nov. 14 to Saturday and Sunday, Nov. 21 and 22.

The $60,000 Millions Turf Preview for 3-year-olds and up at 1 1/16 miles and the $60,000 Juvenile Fillies Turf at one mile have both been moved to the Nov. 21 program.

Females three and up will go 7 1/2 furlongs in the $60,000 Filly & Mare Turf Preview, and 2-year-olds will travel one mile in the $60,000 Juvenile Turf Nov. 22.

Five of Saturday’s nine-race card are $60,000 state-bred stakes, all scheduled for the main track–the Millions Classic Preview for 3-year-olds and up at one mile (Race 3); Juvenile Fillies Sprint (Race 4) and Juvenile Sprint (Race 7), each at 6 1/2 furlongs; six-furlong Millions Sprint (Race 5) and seven-furlong Millions Distaff (Race 8).

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PETA Files Resolution with Churchill Downs

People for the Ethical Treatment of Animals (PETA), which has been buying stock in racetrack companies this year and earlier had purchased stock in Churchill Downs, submitted a resolution calling on Churchill Downs, Inc., to report to shareholders on the feasibility of replacing the Churchill main track with a synthetic surface.

The Jockey Club’s Equine Injury Database, which compiles statistics regarding racing fatalities, indicates fewer horses sustain fatal catastrophic injuries on synthetic surfaces than on dirt tracks. The incidence of fatality per 1,000 starts for dirt in 2019 was 1.6 and per 1,000 starts for the same period on synthetic was .93.

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