Trustee accuses Zayats of ‘gamesmanship’ in bankruptcy
The trustee assigned to American Pharoah proprietor-breeder Ahmed Zayat’s personal bankruptcy scenario has accused Zayat
The trustee assigned to American Pharoah proprietor-breeder Ahmed Zayat’s personal bankruptcy scenario has accused Zayat and his household of “an ongoing sample of delay, obstruction, and gamesmanship” in the situation, the Thoroughbred Every day News described Wednesday.
Donald Biase is lawyer individual bankruptcy trustee on the Zayat case. He wrote in a July 13 filing in United States Bankruptcy Court for the District of New Jersey that “(Zayat) and his family members have engaged in a pattern of intermingling of belongings and ongoing fiscal transactions between themselves.”
Biase wrote that the Zayats “have built only paltry productions” in response to subpoenas for paperwork associated to the family’s finances. His filing contends that revenue has been transferred back and forth amongst loved ones associates, Zayat Stables, and JPZ Holdings, the enterprise of Ahmed Zayat’s son, Justin.
Zayat filed for Chapter 7 individual bankruptcy defense last September. The Egyptian businessman’s mentioned assets totaled extra than $1.8 million, though his liabilities were mentioned as a lot more than $19.3 million.
The Zayats rose to prominence in 2015 when their homebred American Pharoah swept the Triple Crown collection and received the Breeders’ Cup Vintage for coach Bob Baffert and jockey Victor Espinoza. The 2015 Horse of the Year will be inducted upcoming thirty day period into the Nationwide Museum of Racing’s Corridor of Fame.
Zayat Stables, which attained the Eclipse Award for fantastic owner in 2015, have not commenced a horse during 2021. Their past starter was Alex Joon, who was next in a Churchill Downs allowance race Oct. 29, 2020.