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		<title>Catching Up with 2015 Breeders’ Cup Classic Winner American Pharoah</title>
		<link>https://horseracingfreetips.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Wed, 01 Nov 2023 23:01:45 +0000</pubDate>
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		<category><![CDATA[40 Years 40 Winners]]></category>
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		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=393328</guid>

					<description><![CDATA[<p>The sport's first Triple Crown winner since 1978, <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link" target="_blank" rel="noopener">American Pharoah</a> famously went through Fasig-Tipton's Select Saratoga Yearling Sale in 2013 only to be bought back by his breeder to race as a homebred. He spent eight months at Taylor Made Farm before the sale; Mark Taylor, who has had his hands on a lot of</p>
<p>The post <a href="https://www.thoroughbreddailynews.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/">Catching Up with 2015 Breeders’ Cup Classic Winner American Pharoah</a> appeared first on <a href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/">Catching Up with 2015 Breeders’ Cup Classic Winner American Pharoah</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>The sport's first Triple Crown winner since 1978, <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> famously went through Fasig-Tipton's Select Saratoga Yearling Sale in 2013 only to be bought back by his breeder to race as a homebred. He spent eight months at Taylor Made Farm before the sale; Mark Taylor, who has had his hands on a lot of nice horses, distinctly remembers him.</p>
<p>&#8220;It's kind of a microcosm of this industry: when you think you have it figured out, you don't have it figured out. He was born at Vinery, then went to Tom Van Meter. We got him in December of his weanling year; he stayed with us through the Saratoga sale, so we had him December through August.</p>
<p>&#8220;This is no revisionist history; he was not the highest-regarded yearling on our farm.&#8221;</p>
<p>Taylor continued: &#8220;He was a very, very nice horse, very well balanced. Great body, great muscle, very correct, huge walk, touch long in his pasterns. I've looked back on our notes and he got into Saratoga on his physical. He was a nice horse, but he went up there and, really, everybody looked and said, 'Zayat Stables bred this horse, they're not going to give him away. I'm not really going to risk that much on a Pioneerof the Nile right now.' If you look back on it, Pioneerof the Nile had 2-year-olds when he was a yearling. We must have had 20 people ask what the Zayats would take for this horse; they really did want a lot for the stage Pioneerof the Nile was at in his career and we didn't get him sold.</p>
<p>&#8220;In the end, we had the Triple Crown winner right there in front of us, right in front of all the best judges of horseflesh, and no one took a swing. It was amazing. It's a cautionary tale that you have to give every horse a chance.&#8221;</p>
<p><strong><a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> </strong>(2012 bay horse, Pioneerof the Nile&#8211;Littleprincessemma, by Yankee Gentleman)</p>
<p><strong>Lifetime record:</strong> Horse of the Year, Ch. 2yo colt, Ch. 3yo colt, MGISW, 11-9-1-0, $8,650,300</p>
<p><strong>Breeders' Cup connections:</strong> B/O-Zayat Stables, LLC (KY); T-Bob Baffert; J-Victor Espinoza.</p>
<p><strong>Current location:</strong> Coolmore America/Ashford Stud, Versailles, Ky.</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img decoding="async" src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a href="https://www.thoroughbreddailynews.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/">Catching Up with 2015 Breeders&#8217; Cup Classic Winner American Pharoah</a> appeared first on <a href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/catching-up-with-2015-breeders-cup-classic-winner-american-pharoah/">Catching Up with 2015 Breeders’ Cup Classic Winner American Pharoah</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>New Court Filings in Zayat Bankruptcy Proceedings</title>
		<link>https://horseracingfreetips.com/new-court-filings-in-zayat-bankruptcy-proceedings/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Tue, 06 Sep 2022 21:32:04 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Bankruptcy]]></category>
		<category><![CDATA[Donald Biase]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[Sherif Zayat]]></category>
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		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=339002</guid>

					<description><![CDATA[<p>The trustee overseeing owner, breeder Ahmed Zayat's personal bankruptcy proceedings made several court filings Tuesday to recover roughly $90,000 in allegedly fraudulent payments to various law firms. According to the court filings, Zayat was insolvent at the time the transfers were made, and therefore, the law firms who are the defendants in the suits received</p>
<p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/new-court-filings-in-zayat-bankruptcy-proceedings/">New Court Filings in Zayat Bankruptcy Proceedings</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/new-court-filings-in-zayat-bankruptcy-proceedings/">New Court Filings in Zayat Bankruptcy Proceedings</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>The trustee overseeing owner, breeder Ahmed Zayat's personal bankruptcy proceedings made several court filings Tuesday to recover roughly $90,000 in allegedly fraudulent payments to various law firms.</p>
<p>According to the court filings, Zayat was insolvent at the time the transfers were made, and therefore, the law firms who are the defendants in the suits received more than they would have done through the Chapter 7 bankruptcy proceedings &#8220;had the Transfer[s] not been made.&#8221;</p>
<p>Trustee Donald Biase alleges in his court filings that the largest transfer of money Zayat fraudulently made was $42,812.32 to Rabinowitz, Lubetkin and Tully.</p>
<p>Zayat also made separate $20,000 payments to law firms Landrum &amp; Shouse and Lavely &amp; Singer respectively, and another $7,500 to Becker &amp; Poliakoff, the suits allege.</p>
<p>Biase suggests that the monies stipulated might not be the total amounts Zayat allegedly paid to each company, his attorney writing in all filings that Biase is seeking to recover both the stipulated transfers &#8220;and such other Transfers that may be unknown to the Trustee.&#8221;</p>
<p>TDN reached out via email to each of the law firms listed as defendants in the filings but didn't hear back from any before deadline.</p>
<p>When reached by phone Tuesday, Zayat declined to comment.</p>
<p>This latest round of legal crossfire constitutes just the latest twist in a long, complicated and often-times convoluted war of financial attrition, as creditors have sought to reclaim millions from Zayat and his now-disbanded Thoroughbred racing and breeding stable, one most famously attached to 2015 Triple Crown winner <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a>.</p>
<p>In his own Chapter 7 filing in 2020, Zayat admitted to owing some $19 million to 132 non-secured creditors, the majority of whom consisted of Thoroughbred trainers, horse farms, bloodstock businesses, veterinarians, and equine transportation companies.</p>
<p>Towards the end of last month it appeared as though events had drawn to a close with the approval of two settlement plans in separate bankruptcy cases. Neither settlement delivered significant compensation to these 132 non-secured creditors though.</p>
<p>In Zayat's personal bankruptcy case, the trustee in June negotiated a $1.5 million settlement to be paid by the debtor's brother, Sherif Zayat, one which allows Zayat and his family to continue to live in an eight-bedroom, 7,714-square-foot home in Teaneck, New Jersey, that is currently assessed at $2.6 million.</p>
<p>In July, the court-appointed trustee in the involuntary bankruptcy case negotiated a settlement in which Zayat and his family members divvy up $5 million between MGG Investment Group and the trustee.</p>
<p>MGG is the lender that alleged in a 2020 lawsuit that Zayat and his family members fraudulently obtained $30 million in loans, then never repaid a large chunk of that debt.</p>
<p>Of that Zayat Stables settlement, only $30,000 was earmarked for the unsecured creditors who are legally much further down the payment ladder of priority.</p>
<p>In each of the court documents filed Tuesday, Biase seeks judgment against the defendants &#8220;for the avoidance and recovery&#8221; of the amounts allegedly transferred, for the defendants &#8220;to immediately pay to the Trustee the sums owed,&#8221; the interest owed and costs of suit, and &#8220;for such further relief as the Court may allow.&#8221;</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/new-court-filings-in-zayat-bankruptcy-proceedings/">New Court Filings in Zayat Bankruptcy Proceedings</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/new-court-filings-in-zayat-bankruptcy-proceedings/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/new-court-filings-in-zayat-bankruptcy-proceedings/">New Court Filings in Zayat Bankruptcy Proceedings</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Filing Could Trigger Foreclosure on Zayat’s $3.5M Home</title>
		<link>https://horseracingfreetips.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Fri, 07 Jan 2022 20:06:18 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[american pharoah]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[Top News]]></category>
		<category><![CDATA[Zayat bankruptcy]]></category>
		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=310299</guid>

					<description><![CDATA[<p>On the same day that the federal judge overseeing Ahmed Zayat's two intertwined bankruptcy cases ordered the 13th consecutive extension of time for the trustee poring over Zayat's racing stable finances to file a complaint objecting to the dischargeability of any debt, the company that services the mortgage on Zayat's $3.5-million New Jersey home on</p>
<p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/">Filing Could Trigger Foreclosure on Zayat’s $3.5M Home</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/">Filing Could Trigger Foreclosure on Zayat’s $3.5M Home</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>On the same day that the federal judge overseeing Ahmed Zayat's two intertwined bankruptcy cases ordered the 13th consecutive extension of time for the trustee poring over Zayat's racing stable finances to file a complaint objecting to the dischargeability of any debt, the company that services the mortgage on Zayat's $3.5-million New Jersey home on Friday filed a separate motion asking the court to remove the automatic stay on that property.</p>
<p>Such a request, if granted at a Feb. 1 hearing, could pave the way for the financial institution to initiate foreclosure proceedings against Zayat.</p>
<p>Citing the $1.86 million outstanding on the loan plus liens totaling $2.91 million, lawyers for Fay Servicing, LLC, wrote in a Jan. 7 motion in United States Bankruptcy Court (District of New Jersey) that &#8220;it is self-evident that the debtor lacks any equity in the subject property [and] the debtor has failed to make any showing that the property is required for reorganization under the Bankruptcy code.&#8221;</p>
<p>The filing specifically asks for relief &#8220;including but not limited to allowing [Fay] to enforce its remedies to foreclose upon and obtain possession of the Property.&#8221;</p>
<p>In a riches-to-rags case brimming with fraud allegations that has languished in federal court for an unusually long 16 months, the owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> is seeking legal clearance to get out from under $19 million in debt.</p>
<p>Many of those creditors are Zayat's former Thoroughbred trainers, plus numerous breeding, boarding, horse transportation and veterinary entities.</p>
<p>When Zayat first filed for Chapter 7 bankruptcy protection on Sept. 8, 2020, he wrote in court documents that he owned only $300 in cash and $14.22 in two checking accounts.</p>
<p>Yet he and his wife continue to own and live in a 7,714-square-foot home in Teaneck, New Jersey.</p>
<p>Six days after Zayat filed his personal bankruptcy claim, Zayat's former financial advisor and several other entities initiated a separate &#8220;involuntary bankruptcy&#8221; petition against Zayat's family owned racing stable.</p>
<p>Involuntary bankruptcy proceedings, although relatively uncommon in U.S. courts, 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.</p>
<p>Donald Biase, the trustee assigned by the court to find out if Zayat is being truthful about his alleged state of impoverishment in his personal bankruptcy petition, has repeatedly told the judge in the case that Zayat and his family members are refusing to cooperate in his legal attempt to trace millions of dollars in possibly fraudulent transfers.</p>
<p>In July, Biase wrote in a court filing aimed at uncovering hidden assets that &#8220;Documents obtained by the trustee from third parties strongly suggest that the Debtor still possesses significant assets in Egypt.&#8221;</p>
<p>Zayat has repeatedly denied that he has engaged in any illegal activity or that he is hiding money. He has also insisted that neither he nor his family members are trying to hinder the work of either of the trustees who are assigned to vet his personal finances and business operations.</p>
<p>Beyond not having his Chapter 7 bankruptcy protection granted by the court if he isn't being truthful, Zayat faces a possible federal investigation and/or charges if the U.S. Department of Justice believes crimes have been committed.</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/">Filing Could Trigger Foreclosure on Zayat&#8217;s $3.5M Home</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/filing-could-trigger-foreclosure-on-zayats-3-5m-home/">Filing Could Trigger Foreclosure on Zayat’s $3.5M Home</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Kentucky Appeals Court Upholds Dismissal Of Farms From MGG/Zayat Case</title>
		<link>https://horseracingfreetips.com/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Thu, 18 Nov 2021 01:31:50 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[kentucky court of appeals]]></category>
		<category><![CDATA[MGG Investment Group]]></category>
		<category><![CDATA[NL Article]]></category>
		<category><![CDATA[The Biz]]></category>
		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.paulickreport.com/?p=316090</guid>

					<description><![CDATA[<p>A Kentucky appeals court has upheld a lower court's dismissal of several Thoroughbred entities from a civil suit between MGG Investments and Zayat Stables. The Kentucky Court of Appeals unanimously upheld the actions of Fayette County Circuit Court, which determined the New York investment firm could not sue the purchasers of stallions, mares, and stallion […]</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/">Kentucky Appeals Court Upholds Dismissal Of Farms From MGG/Zayat Case</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News &#124; Paulick Report</a>.</p>
The post <a href="https://horseracingfreetips.com/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/">Kentucky Appeals Court Upholds Dismissal Of Farms From MGG/Zayat Case</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>A Kentucky appeals court has upheld a lower court's dismissal of several Thoroughbred entities from a civil suit between MGG Investments and Zayat Stables. The Kentucky Court of Appeals unanimously upheld the actions of Fayette County Circuit Court, which determined the New York investment firm could not sue the purchasers of stallions, mares, and stallion shares sold by Zayat.</p>
<p><div class="desktop-only inline-advertisement zoneid-290"  id="adleft"><span id='zone_290_0' class='digome_advertising'><ins data-revive-zoneid=290 data-revive-id="b284fa4ee2b53b5c0fb16aa42e76910a"></ins></span></div><div class="mobile-only mobile-content-inline mobilezoneid-"><ins data-revive-zoneid= data-revive-id="b284fa4ee2b53b5c0fb16aa42e76910a"></ins></div>MGG sued Zayat Stables in early 2020 after the investment firm said the stable failed to pay back a $23 million loan. Among its accusations against the Triple Crown-winning owner, MGG claimed that Zayat had sold off assets without informing MGG or giving the company the money it was entitled to from those sales. MGG had named Yeomanstown Stud, Hill 'n' Dale, LNJ Foxwoods, Orpendale, and others who had purchased bloodstock assets from Zayat.</p>
<p>Zayat Stables was put under the care of a third-party receiver, and as of early 2021 was down to two horses. Zayat Stables owners Ahmed Zayat has filed for Chapter 7 bankruptcy since the start of the MGG lawsuit.</p>
<p>Read more at <a href="https://www.bloodhorse.com/horse-racing/articles/255007/appeals-court-backs-dismissed-claims-tied-to-zayat-suit">The Blood-Horse</a></p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/">Kentucky Appeals Court Upholds Dismissal Of Farms From MGG/Zayat Case</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News | Paulick Report</a>.</p>

<p class="syndicated-attribution"><a href="https://www.paulickreport.com/news/the-biz/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/kentucky-appeals-court-upholds-dismissal-of-farms-from-mgg-zayat-case/">Kentucky Appeals Court Upholds Dismissal Of Farms From MGG/Zayat Case</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>New Fraud Allegations Against Zayat Over $400K Mortgage</title>
		<link>https://horseracingfreetips.com/new-fraud-allegations-against-zayat-over-400k-mortgage/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Fri, 24 Sep 2021 22:20:20 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Bankruptcy]]></category>
		<category><![CDATA[fraud]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[mortgage]]></category>
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		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=298665</guid>

					<description><![CDATA[<p>In a bankruptcy case already brimming with fraud allegations that has languished in federal court for over a year, the trustee pouring over the finances of Ahmed Zayat filed a new complaint alleging wrongdoing Friday. This latest court action in the twisted saga of the owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link" target="_blank" rel="noopener">American Pharoah</a> alleges</p>
<p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/new-fraud-allegations-against-zayat-over-400k-mortgage/">New Fraud Allegations Against Zayat Over $400K Mortgage</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/new-fraud-allegations-against-zayat-over-400k-mortgage/">New Fraud Allegations Against Zayat Over $400K Mortgage</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>In a bankruptcy case already brimming with fraud allegations that has languished in federal court for over a year, the trustee pouring over the finances of Ahmed Zayat filed a new complaint alleging wrongdoing Friday.</p>
<p>This latest court action in the twisted saga of the owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> alleges that Zayat and his wife, Joanne, secured a $400,000 mortgage on two back lots adjacent to their New Jersey home in 2018, then had the money wired to the bank account of Zayat's fiscally troubled racing stable in an alleged attempt to execute a &#8220;fraudulent transfer&#8221; that resulted in &#8220;unjust enrichment.&#8221;</p>
<p>According to a Sept. 24 filing by trustee Donald Biase in United States Bankruptcy Court (District of New Jersey), &#8220;The Defendant received payments on the Leicht Mortgage where collateral was against the Debtor's Properties as opposed to the party in receipt of the funds, Zayat Stables, LLC&#8230;. The Defendant's Leicht Mortgage placed a first lien on the assets of the Debtor's Properties and the equity in the Properties, thereby reducing the equity available to the Debtor's individual legitimate creditors.&#8221;</p>
<p>Many of those creditors to whom Zayat owes $19 million are Zayat's former Thoroughbred trainers, plus numerous breeding, boarding, horse transportation and veterinary entities.</p>
<p>When he first filed for Chapter 7 bankruptcy protection in September 2020, Zayat said he owned only $300 in cash and $14.22 in two checking accounts.</p>
<p>Yet he and his wife own and live in a 7,714-square-foot home in Teaneck, New Jersey, that is currently assessed at $2.6 million.</p>
<p>And the trustee assigned by the court to find out if Zayat is being truthful about his alleged state of impoverishment has repeatedly told the judge in the case that Zayat and his family members are refusing to cooperate in the trustee's attempt to trace millions of dollars in possibly fraudulent transfers.</p>
<p>In July, Blaise wrote in a court filing aimed at uncovering hidden assets that &#8220;Documents obtained by the trustee from third parties strongly suggest that the Debtor still possesses significant assets in Egypt.&#8221;</p>
<p>Zayat has repeatedly denied that he has engaged in any illegal activity or that he is hiding money. He has also insisted that neither he nor his family members are trying to hinder the trustee's work.</p>
<p>Beyond not having his bankruptcy protection granted by the court if he isn't being truthful, Zayat faces a possible federal investigation if the U.S. Department of Justice believes a crime has been committed.</p>
<p>The latest legal filing by the trustee lays out the new allegations like this:</p>
<p>&#8220;On July 2, 2018, the Debtor and his non-debtor spouse, Joanne Zayat, executed a Mortgage, Assignment of Leases And Rents, Security Agreement, Financing Statement, and Fixture Filing in favor of the Defendant in the amount of $400,000&#8230;</p>
<p>&#8220;The Leicht Mortgage was secured by two parcels of real property co-owned by the Debtor and Joanne Zayat&#8230;. The Properties comprise the back lots of the Debtor's and Spouse's primary residence&#8230;</p>
<p>&#8220;Documents obtained by the [trustee] indicate that the funds from the Leicht Mortgage, upon closing of the Leicht Mortgage, were deposited via wire transfer into the bank account of [Zayat] Stables. Neither the Debtor nor Joanne Zayat received funds from the Leicht Mortgage despite the Leicht Mortgage being secured by the Debtor's co-owned Properties.</p>
<p>&#8220;The Debtor and Joanne Zayat granted a lien on the co-owned Properties without reasonable compensation to same, granting a first position lien to the Defendant reducing the equity in the Properties to the detriment of his other creditors&#8230;. The Debtor received no value or less than reasonably equivalent value in exchange for the Leicht Mortgage.&#8221;</p>
<p>The filing summed up: &#8220;In consideration of the above allegations and counts, the [trustee] demands entry of judgment against the Defendant 1) Cancelling the obligation of the Leicht Mortgage as against the Debtor's Properties on the basis of Fraudulent Transfer; 2) Cancelling the obligation of the Leicht Mortgage based on the Defendant's unjust enrichment.&#8221;</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/new-fraud-allegations-against-zayat-over-400k-mortgage/">New Fraud Allegations Against Zayat Over $400K Mortgage</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/new-fraud-allegations-against-zayat-over-400k-mortgage/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/new-fraud-allegations-against-zayat-over-400k-mortgage/">New Fraud Allegations Against Zayat Over $400K Mortgage</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Claiming They Are Owed $368,272, Zayat’s Attorneys Want Out Of Bankruptcy Case</title>
		<link>https://horseracingfreetips.com/claiming-they-are-owed-368272-zayats-attorneys-want-out-of-bankruptcy-case/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Tue, 27 Jul 2021 21:06:34 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[jay lubetkin]]></category>
		<category><![CDATA[MGG Investment Group]]></category>
		<category><![CDATA[Rabinowitz Lubetkin and Tully]]></category>
		<category><![CDATA[The Biz]]></category>
		<category><![CDATA[Zayat bankruptcy]]></category>
		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.paulickreport.com/?p=305172</guid>

					<description><![CDATA[<p>Ahmed Zayat, who filed for Chapter 7 bankruptcy last year after being sued by MGG Investment Group for allegedly defaulting on a $24 million loan, has stopped paying his attorneys, according to a court filing. Jay L. Lubetkin, a partner in the Rabinowitz, Lubetkin &#38; Tully law firm that has been representing Zayat in both […]</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/claiming-they-are-owed-368272-zayats-attorneys-want-out/">Claiming They Are Owed $368,272, Zayat’s Attorneys Want Out Of Bankruptcy Case</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News &#124; Paulick Report</a>.</p>
The post <a href="https://horseracingfreetips.com/claiming-they-are-owed-368272-zayats-attorneys-want-out-of-bankruptcy-case/">Claiming They Are Owed $368,272, Zayat’s Attorneys Want Out Of Bankruptcy Case</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p class="p1">Ahmed Zayat, who filed for Chapter 7 bankruptcy last year after being sued by MGG Investment Group for allegedly defaulting on a $24 million loan, has stopped paying his attorneys, according to a court filing.</p>
<p class="p1">Jay L. Lubetkin, a partner in the Rabinowitz, Lubetkin &amp; Tully law firm that has been representing Zayat in both the bankruptcy and MGG adversary proceedings, filed a notice with U.S. Bankruptcy Court in New Jersey on Monday seeking to withdraw from the case.</p>
<p class="p1">Lubetkin said Zayat has failed to fulfill his promise to keep outstanding invoices within 60-day terms and a subsequent promise to make minimum monthly payments of $50,000. Lubetkin said he tried communicating with Zayat “at least nine times” in July to discuss the status of payments but has not received a “substantive or satisfactory response” from the Eclipse Award-winning owner and breeder who campaigned 2015 Triple Crown winner and Horse of the Year American Pharoah.</p>
<p class="p1">Lubetkin said Zayat currently owes $368,273.33, not including billings incurred since June 29, 2021. Lubetkin said the last payment received was May 5, with outstanding bills now dating back to February of this year.</p>
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<p class="p1">“If (Zayat) were to satisfy his previously expressed commitment to keep our receivables within 60-day terms,” Lubetkin wrote, “it would require an immediate payment of $232,899, and a further payment of $76,717 when the billing governing July's efforts is tendered.”</p>
<p class="p1">Lubetkin commented that the MGG Investment Group lawsuit is “in its earliest stages” and likely would not go to trial until the second quarter of 2022, at the soonest.</p>
<p class="p1">Zayat's “payment failures constitute a failure to substantially fulfill obligations to our firm,” Lubetkin wrote, “and the debtor (Zayat) has been given reasonable warning that we will have no choice but to withdraw unless those obligations were fulfilled. … Additionally, continuing representation of the debtor will result in an unreasonable financial burden on our firm.”</p>
<p class="p1">Zayat, Lubetkin added, is “an extremely intelligent individual who fully understands the Chapter 7 bankruptcy process, the nature of the claims being made against him by MGG Investment Group in its adversary proceeding seeking the non-dischargeability of the alleged debt due MGG Investment Group, the role of his individual Chapter 7 trustee, the role of the Chatper 7 trustee for Zayat Stables LLC, the prospect of an objection to discharge complaint being filed against the debtor by his individual Chapter 7 trustee and the prospect of a Section 523 complaint being filed against the debtor by the Stables' trustee. The debtor also understands the exemption available to his interest in residential real property, the exemption available to his ownership interest in home furnishings, and the impact of the real property and personalty appraisals<span class="Apple-converted-space">  </span>obtained by his Chapter 7 trustee.</p>
<p class="p1">“Based on the debtor's intelligence and the detailed statutory and caselaw information which has been shared with the debtor,” Lubetkin concluded, “the debtor is fully capable of representing himself in his main bankruptcy case and in the adversary proceeding.”</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/claiming-they-are-owed-368272-zayats-attorneys-want-out/">Claiming They Are Owed $368,272, Zayat&#8217;s Attorneys Want Out Of Bankruptcy Case</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News | Paulick Report</a>.</p>

<p class="syndicated-attribution"><a href="https://www.paulickreport.com/news/the-biz/claiming-they-are-owed-368272-zayats-attorneys-want-out/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/claiming-they-are-owed-368272-zayats-attorneys-want-out-of-bankruptcy-case/">Claiming They Are Owed $368,272, Zayat’s Attorneys Want Out Of Bankruptcy Case</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Trustee In Zayat Bankruptcy Cites Potential Assets in Egypt</title>
		<link>https://horseracingfreetips.com/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Thu, 15 Jul 2021 05:14:11 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[Joanne Zayat]]></category>
		<category><![CDATA[Justin Zayat]]></category>
		<category><![CDATA[MGG Investment Group]]></category>
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		<guid isPermaLink="false">https://www.paulickreport.com/?p=303952</guid>

					<description><![CDATA[<p>The bankruptcy trustee entrusted with sorting through the assets and liabilities of Ahmed Zayat, the Eclipse Award-winning owner of 2015 Triple Crown champion American Pharoah, charged 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 […]</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/">Trustee In Zayat Bankruptcy Cites Potential Assets in Egypt</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News &#124; Paulick Report</a>.</p>
The post <a href="https://horseracingfreetips.com/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/">Trustee In Zayat Bankruptcy Cites Potential Assets in Egypt</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>The bankruptcy trustee entrusted with sorting through the assets and liabilities of Ahmed Zayat, the Eclipse Award-winning owner of 2015 Triple Crown champion American Pharoah, charged 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.</p>
<p>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. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC.</p>
<p>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 company won a $24.5 million summary judgment against Zayat in June 2020.</p>
<p>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.</p>
<p>“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.</p>
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<p>Biase also raises questions about whether Zayat may have assets in his native Egypt. 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. “Yet despite the trustee's request for records of this transaction, no such records have been produced to date,” the trustee wrote.</p>
<p>“Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million,” Biase wrote. “Furthermore, documents produced by Cedarview Capital Management LP … indicated that the debtor's affiliation and/or ownership of Misr Glass continued well past 2011.</p>
<p>“Documents obtained by the trustee from third parties strongly suggest that the debtor still possesses significant assets in Egypt,” Biase continued.</p>
<p>The trustee obtained a Dec. 23, 2019, communication from Zayat to a creditor stating: “Maybe it is our turn that things turn back to normalcy, and I will have the liquidity and right funds I need to manage Zayat Stables without relying on our income and ownerships on companies in Egypt that have been supporting this business.”</p>
<p>Another note from Zayat to a creditor on Jan. 12, 2020, stated: “I have pushed myself to the brink of bankruptcy personally by using every dollar I have in America to fund the company until I find an investor to pay you in full.”</p>
<p>Biase observed: “Given the foregoing facts, there is reason to believe the debtor still has assets in Egypt, some of which are the funds being funneled to him from the debtor's brother Sherif through accounts held in the name of JPZ Holdings (Justin Zayat's company) and Joanne Zayat.”</p>
<p>&nbsp;</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/news/the-biz/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/">Trustee In Zayat Bankruptcy Cites Potential Assets in Egypt</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News | Paulick Report</a>.</p>

<p class="syndicated-attribution"><a href="https://www.paulickreport.com/news/the-biz/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/trustee-in-zayat-bankruptcy-cites-potential-assets-in-egypt/">Trustee In Zayat Bankruptcy Cites Potential Assets in Egypt</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Zayat Bankruptcy Trustee Alleges ‘Ongoing Pattern of Delay, Obstruction, and Gamesmanship’</title>
		<link>https://horseracingfreetips.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Wed, 14 Jul 2021 17:32:52 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[american pharoah]]></category>
		<category><![CDATA[Chapter 7]]></category>
		<category><![CDATA[Donald Biase]]></category>
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		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=289976</guid>

					<description><![CDATA[<p>Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet another–and purportedly intentional–legal bottleneck. The trustee assigned to the case is now alleging that three children and the wife of the financially strapped owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link" target="_blank" rel="noopener">American Pharoah</a> are refusing to cooperate in providing documentation the</p>
<p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/">Zayat Bankruptcy Trustee Alleges ‘Ongoing Pattern of Delay, Obstruction, and Gamesmanship’</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/">Zayat Bankruptcy Trustee Alleges ‘Ongoing Pattern of Delay, Obstruction, and Gamesmanship’</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>Ahmed Zayat's attempt to get out from under $19 million in debt has reached yet another&#8211;and purportedly intentional&#8211;legal bottleneck.</p>
<p>The trustee assigned to the case is now alleging that three children and the wife of the financially strapped owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> are refusing to cooperate in providing documentation the trustee had subpoenaed from them to try and trace millions of dollars in possibly fraudulent transfers.</p>
<p>&#8220;[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,&#8221; the attorney bankruptcy trustee Donald Biase wrote in a July 13 filing in United States Bankruptcy Court (District of New Jersey).</p>
<p>&#8220;Notably, the [Zayats] have made only paltry productions in response to the subpoenas directed to them. 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,&#8221; the filing continued.</p>
<p>Ahmed Zayat's case seeking Chapter 7 bankruptcy protection has now dragged past the 10-month mark and has been hallmarked by the trustee's multiple allegations of stalling, evasion and non-cooperation. Zayat has repeatedly denied those claims via court filings.</p>
<p>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 creditors&#8211;many of whom in Zayat's case are Thoroughbred trainers for his now-liquidated racing stable and various racing- and bloodstock-related entities.</p>
<p>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. A judge can either dismiss a case on his own or by acting on a trustee's objection. A judge can also deny the discharge of a particular debt.</p>
<p>If alleged fraud is uncovered in a bankruptcy filing, the Federal Bureau of Investigation can investigate, and the U.S. Department of Justice can prosecute if it believes a crime has been committed.</p>
<p>Back on June 4, the trustee issued a Rule 2004 subpoena to Zayat's wife, Joanne Zayat, and three of their four children, Emma, Benjamin and Justin Zayat. A business entity controlled by Justin, JPZ Holdings, LLC, was also subpoenaed.</p>
<p>Federal Rule of Bankruptcy Procedure 2004 authorizes the Trustee to investigate the &#8220;acts, conduct, or property or to the liabilities and financial condition of the debtor, or to any matter which may affect the administration of the debtor's estate, or to the debtor's right to a discharge.&#8221;</p>
<p>Specifically, the trustee wanted to see detailed information from the family's allegedly intermingled accounts with banks, credit card companies, other lending-related institutions.</p>
<p>The subpoena also wanted access to four TVG betting accounts &#8220;belonging individually to or jointly with, including as an additional or authorized user&#8230;any member of the Debtor's Family&#8230;or JPZ Holding,&#8221; as well as any passwords associated with such accounts.</p>
<p>On June 23, the four above-named Zayat family members (the &#8220;movants&#8221;) asked the court to quash the trustee's subpoena, alleging that &#8220;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.&#8221;</p>
<p>In the trustee's July 13 memorandum in opposition to that proposed quashing, Biase contended that the motion to quash &#8220;is an exercise in gamesmanship, obstruction, and delay&#8230;. [T]hree of the Movants [Justin, JPZ Holdings and Joanne] were tied especially closely to the finances of the Debtor and to Zayat Stables.&#8221;</p>
<p>The filing continued: &#8220;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. 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. Justin Zayat's company, JPZ Holdings, has also received millions of dollars in payments from the Debtor's brother and creditor, Sherif Zayat.</p>
<p>&#8220;Joanne Zayat, the Debtor's wife, was the recipient of over $1 million dollars of direct transfers from Zayat Stables. She is jointly named on every material bank account used by the Debtor, and is also a joint account holder with Justin Zayat.</p>
<p>&#8220;The accounts of Justin Zayat, Joanne Zayat and JPZ Holdings have been and are continuing to be used by the Debtor's brother, Sherif Zayat, to pay the Debtor's claimed $72,000 in monthly expenses. 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.</p>
<p>&#8220;In short, if the Trustee is to understand the conduct and financial transactions of the Debtor, he must necessarily obtain financial information relating to these third parties,&#8221; the filing contended.</p>
<p>The trustee further argued that the subpoenas at issue &#8220;are not only fully justified, but many are made necessary because the Debtor himself refused to produce records from a number of the financial institutions at which he has accounts.&#8221;</p>
<p>Biase explained the convoluted process by which Zayat, during the course of his bankruptcy plea, even directed the Trustee to serve his own financial institutions with subpoenas, &#8220;only to then have the Debtor's family members then move to quash those very subpoenas&#8230;.&#8221;</p>
<p>&#8220;The Trustee's investigation also has revealed a substantial number of misstatements and omissions in the Debtor's bankruptcy schedules that were only uncovered through the issuance of Rule 2004 subpoenas to third parties, including overstatements of outstanding debt totaling hundreds of thousands of dollars.</p>
<p>&#8220;It is this ongoing pattern of obstructive activity, coupled with the Debtor's shifting and highly questionable statements in his schedules&#8230;that more than justified the Trustee's issuance of the subpoenas at issue. That same ongoing pattern of delay, obstruction, and gamesmanship requires that the Motion be denied in its entirety,&#8221; the filing stated.</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/">Zayat Bankruptcy Trustee Alleges &#8216;Ongoing Pattern of Delay, Obstruction, and Gamesmanship&#8217;</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/zayat-bankruptcy-trustee-alleges-ongoing-pattern-of-delay-obstruction-and-gamesmanship/">Zayat Bankruptcy Trustee Alleges ‘Ongoing Pattern of Delay, Obstruction, and Gamesmanship’</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>Bankruptcy Judge Grants Extra Time to Probe Zayat’s Finances</title>
		<link>https://horseracingfreetips.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Sat, 03 Apr 2021 17:38:10 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[MGG Investment Group]]></category>
		<category><![CDATA[Top News]]></category>
		<category><![CDATA[Zayat bankruptcy]]></category>
		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.thoroughbreddailynews.com/?p=278101</guid>

					<description><![CDATA[<p>The federal judge overseeing Ahmed Zayat's Chapter 7 bankruptcy petition has ordered that the trustee in the case will now have through Apr. 30 to pore over financial documentation to make sure the allegedly insolvent owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link" target="_blank" rel="noopener">American Pharoah</a> isn't hiding assets. In a court order dated Mar. 31 that</p>
<p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/">Bankruptcy Judge Grants Extra Time to Probe Zayat’s Finances</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN &#124; Thoroughbred Daily News &#124; Horse Racing News, Results and Video &#124; Thoroughbred Breeding and Auctions</a>.</p>
The post <a href="https://horseracingfreetips.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/">Bankruptcy Judge Grants Extra Time to Probe Zayat’s Finances</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>The federal judge overseeing Ahmed Zayat's Chapter 7 bankruptcy petition has ordered that the trustee in the case will now have through Apr. 30 to pore over financial documentation to make sure the allegedly insolvent owner and breeder of Triple Crown champ <a href="https://coolmore.com/farms/america/stallions/american-pharoah" class="horse-link">American Pharoah</a> isn't hiding assets.</p>
<p>In a court order dated Mar. 31 that was filed Apr. 2 in United States Bankruptcy Court (District of New Jersey), Judge Vincent Papalia wrote that &#8220;the Trustee's time to file a complaint objecting to the Debtor's discharge is further extended&#8230;&#8221;</p>
<p>In the same order, the judge also denied a cross-motion that Zayat had filed Mar. 16 asking the court to put a stop to the discovery process, which is now nearing the seven-month mark since Zayat filed for bankruptcy protection.</p>
<p>According to documentation that Zayat filed back in September, he allegedly has $19 million in debt but only $314.22 in assets.</p>
<p>MGG Investment Group, LP, the lender who is separately suing Zayat and his family members for allegedly obtaining a $24-million loan by fraud and then not repaying it, told the court Mar. 23 that the trustee's probe must be allowed to go forward with the extra time granted because Zayat's attempt to put an end to the discovery process &#8220;does nothing more than establish that Ahmed Zayat is a perpetual liar determined to hinder and obstruct the Trustee, the Court and creditors at every turn.&#8221;</p>
<p>MGG has previously asserted that loans it made in 2016 to Zayat's racing and bloodstock business were the product of years of systematic fraud that Zayat allegedly orchestrated, including Zayat Stables' desperate selling-off of equine assets that had been pledged to MGG as collateral.</p>
<p>Because MGG is seeking to recover that money, it does not want Zayat's debts to be declared legally forgiven under the Chapter 7 bankruptcy protection he is seeking.</p>
<p>MGG has specifically alleged that the trustee needs to examine bank accounts in the names of Zayat's wife (Joanne Zayat) and son (Justin Zayat) because &#8220;they appear to have been used as conduits through which Sherif El Zayat, the Debtor's brother, loaned money to Ahmed Zayat.&#8221;</p>
<p>Ahmed Zayat's Mar. 16 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 &#8220;have any apparent relevance to the Trustee's decision whether to file an objection to discharge complaint.&#8221;</p>
<p>Lubetkin also wrote that &#8220;The Debtor has been extremely cooperative with the Trustee [and has] provided to the Trustee significant documentation respecting his financial affairs&#8230;.&#8221;</p>
<p>The primary role of a trustee in bankruptcy cases is to ensure that a debtor who files for federal bankruptcy protection is not hiding assets that could instead be used to pay creditors. An objection can be filed to the proceedings if a trustee believes aspects of the filing are not on the up-and-up. A judge can either dismiss a case on his own or by acting on a trustee's objection. A judge can also deny the discharge of a particular debt.</p>
<p>If alleged fraud is uncovered in a bankruptcy filing, the Federal Bureau of Investigation can investigate, and the U.S. Department of Justice can prosecute if it believes a crime has been committed.</p>
<p><a href="https://as.thoroughbreddailynews.com/www/delivery/ck.php?n=af62659d&amp;cb=67700179"><img src="https://as.thoroughbreddailynews.com/www/delivery/avw.php?zoneid=45&amp;cb=67700179&amp;n=af62659d" border="0" alt=""/></a></p><p>The post <a rel="nofollow" href="https://www.thoroughbreddailynews.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/">Bankruptcy Judge Grants Extra Time to Probe Zayat&#8217;s Finances</a> appeared first on <a rel="nofollow" href="https://www.thoroughbreddailynews.com/">TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions</a>.</p>

<p class="syndicated-attribution"><a href="https://www.thoroughbreddailynews.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/bankruptcy-judge-grants-extra-time-to-probe-zayats-finances/">Bankruptcy Judge Grants Extra Time to Probe Zayat’s Finances</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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		<title>The Friday Show Presented By Diamond B Farm’s Rowayton: Ponying Up</title>
		<link>https://horseracingfreetips.com/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/</link>
		
		<dc:creator><![CDATA[News]]></dc:creator>
		<pubDate>Fri, 26 Mar 2021 01:44:48 +0000</pubDate>
				<category><![CDATA[Horse Racing News]]></category>
		<category><![CDATA[ahmed zayat]]></category>
		<category><![CDATA[Horse racing news]]></category>
		<category><![CDATA[Invasor]]></category>
		<category><![CDATA[jazil]]></category>
		<category><![CDATA[Ken Ramsey]]></category>
		<category><![CDATA[Kenneth and Sarah Ramsey]]></category>
		<category><![CDATA[mike maker]]></category>
		<category><![CDATA[Natalie Voss]]></category>
		<category><![CDATA[NL Article]]></category>
		<category><![CDATA[Ray Paulick]]></category>
		<category><![CDATA[Rowayton]]></category>
		<category><![CDATA[shadwell stable]]></category>
		<category><![CDATA[Sheikh Hamdan bin Rashid Al Maktoum]]></category>
		<category><![CDATA[The Friday Show]]></category>
		<category><![CDATA[The Paddock]]></category>
		<category><![CDATA[Toast to Vino Rosso]]></category>
		<category><![CDATA[trainer day rate]]></category>
		<category><![CDATA[Videos]]></category>
		<category><![CDATA[Wesley Ward]]></category>
		<category><![CDATA[zayat stables]]></category>
		<guid isPermaLink="false">https://www.paulickreport.com/?p=295899</guid>

					<description><![CDATA[<p>Trainers Mike Maker and Wesley Ward aren't the only horsemen who have encountered Thoroughbred owners who have been slow to pay their bills. In their cases, the two trainers filed suit against owners Kenneth and Sarah Ramsey alleging nearly $1 million was owned to each of them for past due training bills and purse earnings. […]</p>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/features/the-friday-show/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/">The Friday Show Presented By Diamond B Farm’s Rowayton: Ponying Up</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News &#124; Paulick Report</a>.</p>
The post <a href="https://horseracingfreetips.com/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/">The Friday Show Presented By Diamond B Farm’s Rowayton: Ponying Up</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></description>
										<content:encoded><![CDATA[<p>Trainers Mike Maker and Wesley Ward aren't the only horsemen who have encountered Thoroughbred owners who have been slow to pay their bills. In their cases, the two trainers filed suit against owners Kenneth and Sarah Ramsey alleging nearly $1 million was owned to each of them for past due training bills and purse earnings. Ken Ramsey has said he'll make good on both cases and that the lawsuits will be dropped.</p>
<p>In the case of Ahmed Zayat and his family's Zayat Stables – now going through bankruptcy – a host of trainers and other businesses are owed a significant amount of money.</p>
<p>It  begs the question of how many other trainers have had to &#8220;carry&#8221; owners for extended periods of time, negotiate fees after the fact or put liens on bloodstock in order to get paid.</p>
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<p>Watch this week's Friday Show for a discussion on this subject with Ray Paulick and Paulick Report editor in chief Natalie Voss. Bloodstock editor Joe Nevills joins the show for a retrospective on the late Sheikh Hamdan of Shadwell Stables, a Toast to <a href="https://www.spendthriftfarm.com/stallions/vino-rosso/" class="blue-link">Vino Rosso</a> and some news about a new product coming next week that covers the auction front.</p>
<div class="inline-youtube"><iframe width="685" height="400" src="https://www.youtube.com/embed/JByWDVgj0to?modestbranding=1&showinfo=0&showsearch=0&rel=0&theme=light" frameborder="0" allowfullscreen style="margin:0 auto 0 auto;"></iframe></div>
<p>The post <a rel="nofollow" href="https://www.paulickreport.com/features/the-friday-show/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/">The Friday Show Presented By Diamond B Farm&#8217;s Rowayton: Ponying Up</a> appeared first on <a rel="nofollow" href="https://www.paulickreport.com/">Horse Racing News | Paulick Report</a>.</p>

<p class="syndicated-attribution"><a href="https://www.paulickreport.com/features/the-friday-show/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/">Source of original post</a></p>The post <a href="https://horseracingfreetips.com/the-friday-show-presented-by-diamond-b-farms-rowayton-ponying-up/">The Friday Show Presented By Diamond B Farm’s Rowayton: Ponying Up</a> first appeared on <a href="https://horseracingfreetips.com">Horse Racing Free Tips</a>.]]></content:encoded>
					
		
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