justin zayat net worth. [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. Federal Rule of Bankruptcy Procedure 2004 authorizes the Trustee to investigate the 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.. LNJ Foxwoods were partners in 2019 controversial Kentucky Derby winner Country House and last month won two Eclipse Awards for their sprinter Covfefe; they bought two American Pharoah breeding shares for $375,000 each from Zayat Stables in 2018. Related:Zayat Lawsuit Documents Detail Sale Of American Pharoah To Coolmore. His horse breeding stock live mostly in Kentucky, young horses are started in Florida. Justin Zayat, son of American Pharaoh owner Ahmed Zayat, throws up on national television following win at Kentucky Derby. The July appraisal estimated the horses value at $375,000. Justin Zayat is the racing manager for Zayat Stables, which was founded in 2005 by his father, entrepreneur Ahmed Zayat (left, talking to trainer Bob Baffert). Real-time updates and all local stories you want right in the palm of your hand. 25 Feb/23. The amended lawsuit comes after a hearing last week before Judge Bunnell on a request to remove Zayat Stables from the hands of a court-appointed receiver. [5] Bodemeister finished a narrow second place in both the Kentucky Derby and Preakness Stakes to I'll Have Another. It was from Bob Baffert, the trainer of a record seven Haskell Invitational winners. The amended complaint also names Zayat Stables owner Ahmed Zayat's children Justin, Ashley, Benjamin and Emma, and his wife Joanne. In one email, Zayat told MGG it is simply not true that Zayat Stables ever sold any position in that stallion when asked about El Kabeir. Receive daily headlines, breaking news alerts, promotions, and much more! For more style advice from Jos. Zayat later got into the beer distribution business and owned the Al-Ahram . Subscribe FREE Today! Bunnell has not yet entered an order. "The locus of a general intangible, including any of the AP breeding rights, is the owner's domicile. . With race day now here, Zayat is Justin Zayat, racing manager of American Pharoah, is keeping a periodic diary leading up to the Belmont Stakes on Saturday. In late January MGG sued for $23 million, and during an emergency hearing Judge Kimberly Bunnell granted a motion ordering a receiver to seize control of Zayat Stables, including its horses. It is unimaginable to believe Kentucky has any more jurisdiction over the Zayat family members compared to any other state (not including New York or New Jersey) where the Plaintiff may have selected a forum for bringing its claims, inasmuch as the horse cannot vicariously extend jurisdiction to the Zayat family, that link is meaningless. The lawsuit, filed in Fayette Circuit Court in Lexington, accuses Coolmore and its affiliates of improperly buying seven of nine American Pharoahs lifetime breeding rights that were part of the collateral on a loan MGG made to Zayat Stables in 2016. She is a native Kentuckian who grew up in Garrard County. Fifth Third alleged that Zayat was in default because he failed to make two payments in 2009. It was a moment watched by millions across the country: American Pharoah, the horse with the misspelled name, had already won both the 2015 Kentucky Derby and Preakness, and he was closing in on the Triple Crown. Ahmed Zayat and his wife, Joanne, live in New Jersey; Justin Zayat lives in New Jersey, where Zayat Stables is based; the Zayats' daughterAshleylives and operates a jewelry company in Miami; son Benjamin goes to college in New York; and daughter Emma resides in New Jersey and will attend college in New York in the fall. Amazon billionaire Jeff Bezos' ex-wife finalizes second . According to the amended complaint, Ashford Stud and Coolmore, also known as Orpendale, knew that MGG had a security interest on all of the breeding shares as well as Zayat Stables horses. 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. 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After months of legal skirmishes over the ownership of property associated with a breach of contract and fraud lawsuit brought by a New York investment firm, the Zayat family is seeking to have the entire case dismissed due to a lack of jurisdiction. I look forward to wearing it to the races! Justin Zayat. Zayat Stables successfully completed its Chapter 11 reorganization, but Zayat was next plagued by legal issues related to his penchant for betting large sums of money on horse racing. [5] After graduation, he worked for Zev Wolfson, a New York City commercial real estate developer and investor. 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 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., 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., 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.. Lexington, KY 40513. The amended complaint also adds Ahmed Zayat's his wife Joanne, sons Justin and Benjamin and daughters Ashley and Emma Zayat to the lawsuit, which seeks at least $14 million from Joanne, Justin . 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. The Zayats led the entourage that greeted the Triple Crown winner at Blue Grass Airport and then followed him on the quick . 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. Suite 100 Neither the Receiver nor her consultant Gatewood Bell participated in the preparation or filing of the Complaint. [17], The horses of Zayat Stables began to earn race purses in 2006. Ahmed Zayat and family celebrating American Pharoahs big night at the Eclipse Awards in 2016. Really! [15], Zayat has experienced significant highs and lows in his quest for Triple Crown classic wins. Zayat, 25, who runs Zayat Stables with his father Ahmed . [4], Zayat's bankruptcy revealed other problems. [35] He had also paid Fifth Third $4.3 million from the proceeds of the sale of breeding rights to Zensational, all of which left him low on cash when the bank called in its loans. I always say I want Zayat Stables to be as famous as the New York Yankees one day. [45] Zayat claimed that he had no knowledge of the Jelinskys' illegal acts. On a 94-degree day this July, a heist appeared to happen in broad daylight on West 52nd Street. 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. Justin, a 2015 graduate of New York University, works closely with his father in the Zayat Stables business. And the Cats are rising on bracketology boards. Also, all the transactions were conducted outside Kentucky, so, again, the memorandum states, jurisdiction in Kentucky does not apply. Zayat, 52, moved to the U.S. at the age of 18. Zayat's wife, Joanne Zayat, and his children, Justin Zayat, Ashley Zayat, Benjamin Zayat, and Emma Zayat, also signed the Zayat AP Breeding Rights Transfer Document. 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. [34] When he thought the bank was willing to restructure its loans, Zayat withdrew 67 horses he intended to sell at Keeneland's 2009 September and November sales and instead purchased 24 more yearlings. Suite 100 In July 2019, Zayat Stables half share was appraised at $3 million. 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. Zayat's lawyer described the suit as "a meritless claim",[32] filed a motion to dismiss in 2015 alleging lack of evidence,[43] and argued that the statute of limitations of six years had run. "[3], Zayat first began buying Thoroughbred race horses in 2005. I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country. A bill of sale for the stallion dated September 20, 2017, is among the exhibits attached to the amended complaint. [5][10] Zayat described Wolfson as "the toughest guy I ever worked for such a perfectionist. He was breathing fire. Casehas been kept open and must remain opennamely, notwithstanding Ahmed Zayat's unsupported assertions of cooperation, he has done everything in his power to frustrate the process, MGG wrote in its objection to Zayat's recent cross-motion to move the case toward conclusion. Its been a wild ride since Zayat first joined his father in the horse racing business. . [13] Zayat has horses at all stages of the racing process, stallions, broodmares, young horses in training and active racing stock. New Jersey Sports and Exposition Authority, United States District Court for the District of New Jersey, "American Pharoah is Unanimous 2015 Horse of the Year", "Local Orthodox family wins the Kentucky Derby. 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 investigation and analysis, as they appear to have been used as conduits through which Sherif El Zayat, the Debtor's brother, loaned money to Ahmed Zayat., Last week, Ahmed Zayat's 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 have any apparent relevance to the Trustee's decision whether to file an objection to discharge complaint., Lubetkin also wrote Mar. The amended complaint also adds Ahmed Zayats his wife Joanne, sons Justin and Benjamin and daughters Ashley and Emma Zayat to the lawsuit, which seeks at least $14 million from Joanne, Justin, Ashley, Benjamin and Emma Zayat. [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. He has prestige. In addition, Zayat paid $1.6 million for the highest-priced horse at the 2006 Fasig-Tipton Saratoga select yearling sale, a filly by Empire Maker named Mushka, whom he resold in 2008 for $2.4 million. According to a document filed with the lawsuit, American Cleopatra sold at Fasig-Tipton in a private sale agreement but at the November auction. 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. Previous cases in Kentucky have established that allegations of fraud have to be "extraneous" to a contract's terms. "The 23-year-old that I am, I think I'm pretty well-rounded in the industry Rubinsky said he extended credit to Zayat with Tradewinds Sportsbook so Zayat could bet on horse races via a gambling website set up in Costa Rica. I got to learn from the Michael Jordans and LeBron Jameses of our sport. I looked at my dad, we looked at our trainer, and he said, You ready to win the Triple Crown?". Download Today's Edition The couple have four children: Ashley, Justin, Benjamin and Emma. Furthermore, documents produced by Cedarview Capital Management LP indicated that the debtor's affiliation and/or ownership of Misr Glass continued well past 2011. . These memorandums assert two other positionsas well: that Zayat family members did not interfere with the terms of the loan agreements with MGG when they sold nine breeding rights to American Pharoah, andthat separate allegations of fraud are not valid because the charges merely repeat what has been alleged as breaches of the contract. "Im managing assetsthough in our case, the assets are horses.. justin pearson and tia mann; penn international 50sw line capacity. In late January MGG sued for $23 million, 2019 controversial Kentucky Derby winner Country House, Zayat Stables asks judge to reconsider takeover, says lawsuit is a soap opera, From the Triple Crown to broke: Even American Pharoah couldnt save Ahmed Zayat, Support my work with a digital subscription, Kentucky Derby Watch 2023: A look at the top 10 contenders, including Baffert horses, Fox News lawsuit unveils gaslighting that has become common practice in U.S. | Opinion, Rare animal dashes across road, then returns with precious cargo, Texas photos show. "Here, Kentucky has, at absolute best, only a tangential relationship to this action," the memorandum filed on behalf of Ahmed Zayat states. [9] His motivation to return to the US was, in part, to commute less and be more involved with his family and children. "None of the actions that form the basis of the fraud claim are alleged to have occurred in Kentucky or to have arisen out of any action taken in Kentucky. Besides the American Pharoah breeding rights, MGG also alleges that other Zayat Stables horses or shares of horses, which were listed as collateral on the loan, have been improperly sold or traded to pay off debts. Model wife of XFL QB celebrates 'meaningful' win after NFL exile This story has been shared 22,274 times . Subscribe for FREE to the Daily PDF or the News Alerts. Notably, in 2015, press reports show that Misr Glass was acquired by a third party for $93 million, Biase wrote. 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'. [2][a] His father, Alaa al-Zayat, was a prominent doctor and professor of medicine, a personal physician to Anwar Sadat. A judge can also deny the discharge of a particular debt. Subscribe for FREE to the Daily PDF or the News Alerts. Click here to sign up for the daily PDF or alerts. A. 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. [7], As a young man, Ahmed Zayat learned to ride horses at the local country club. p: (800) 647-6571 The first group of Zayat Stable horses went up for auction earlier this week. On Wednesday, John Sikura, president of Hill n Dale Farm, said he was unaware of any lawsuit regarding American Cleopatra. She is an award-winning business reporter who also has covered agriculture, gambling, horses and hemp. 60 Broad St. 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. [15], Maimonides was named in honor of the Jewish philosopher Maimonides, who is respected by both Jews and Muslims. "The documents were executed in New Jersey and the Zayat family did not travel to Kentucky to engage in any transaction related to the transfer of the AP breeding rights," the memorandums state. Ashford Stud and Coolmore on Wednesday declined to comment on the filing. Whether hes on the track with horses and trainers or rubbing elbows with high-end race attendees, Zayat ensures hes dressed for the part. Lexington, KY 40513. MGG to Bankruptcy Judge: 'Zayat Is a Perpetual Liar Determined to Hinder and Obstruct'. Horse racing was not exactly on my radar.. [10] His daughters were the inspiration for the names of two race horses, stakes-winner Point Ashley, who in turn inspired daughter Ashley's costume jewelry business name; and Littleprincessemma, dam of American Pharoah. The motions to quash were filed by Justin Zayat, Joanne Zayat, Emma Zayat, Benjamin Zayat and JPZ Holdings LLC. El Kabeir was valued for $4.25 million in the July 2017 appraisal and $2.5 million in Zayat Stables liquidation proposal. 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. Flintshire Farm and Brad Sears of Houston, which the complaint alleges bought breeding interest in Lemoona in a private sale for $150,000 from Justin Zayat on behalf of Zayat Stables as president of Zayat Stables. 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. [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. 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. AP Photo/Benoit Photo The complaint explains that the nine American Pharoah breeding . I bought the mare through the Fasig Tipton auction house in 2017. This story was posted in Top News and tagged Ahmed Zayat, American Pharoah, Chapter 7, Donald Biase, Justin Zaya, Zayat bankruptcy, Zayat Stables. 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. Its exactly like a portfolio manager," he said. Justin Zayat says he has been dreaming about this moment ever since he got his first taste of the horse racing industry. Their eldest son, Justin, helps run the Zayat Stables operation, and their youngest, Emma, inspired the name of Littleprincessemma, dam of American Pharoah. Was unaware of any lawsuit regarding American Cleopatra sold at Fasig-Tipton in a private sale agreement but the. Philosopher Maimonides, who is respected by both Jews and Muslims Zayat learned to ride horses the... Bill of sale for the daily PDF or the News alerts particular debt, Ashley, and! ) 647-6571 the first group of Zayat Stable horses went up for auction this. Among the exhibits attached to the U.S. at the local country club for such perfectionist! 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