Who is Ahmed Zayat and what does he do?
Zayat’s racing operation known as Zayat Stables is embroiled in a complicated legal battle with MGG Investment Group, a New York-based company that loaned Zayat Stables tens of millions of dollars.
When did Ahmed Zayat file for Chapter 7 bankruptcy?
Claiming access to only $300 in cash and $14.22 in two checking accounts, Ahmed Zayat, the financially embattled Triple Crown-winning breeder and owner, filed for Chapter 7 protection Sep. 8 in United States Bankruptcy Court in his home state of New Jersey.
Where do Ahmed Zayat’s horses come from?
The business base for the horse racing operation is Hackensack, New Jersey, but Zayat’s horses live in different locations across the US. His horse breeding stock live mostly in Kentucky, young horses are started in Florida.
Who is the Attorney for Ahmed Zayat Stables?
Attorney W. Craig Robertson III, who is representing MGG, said because only Ahmed Zayat filed for bankruptcy this action is unlikely to impact MGG’s judgment against Zayat Stables.
He is an Egyptian American entrepreneur with Jewish ancestry, perhaps better known for being the CEO of Zayat Stables, owning thoroughbred race horses and the famed American Pharaoh, the first racehorse to win the Triple Crown since 1978. His business ventures have raised his net worth to where it is today. How rich is Ahmed Zayat?
When did Ahmed Zayat start his horse racing business?
After the company was purchased by Heineken in 2002, Zayat stayed on a few more years but also began investing in racehorses and established Zayat Stables in 2005. Upon returning to the United States for good in 2007, he made his racing stables his full-time occupation, working with his son, Justin, to build the business.
What kind of loan did Zayat get from MGG?
According to the Jan. 22, 2020, lawsuit, on July 26, 2016, Zayat entered into an agreement with MGG to finance existing debt via a series of loans totaling $30 million. On its corporate Linked In page, MGG describes itself as “a private direct lender focused on the deeply under-served and less competitive lower-middle market.
When did MGG call Zayat about American Pharoah?
On Jan. 7, an MGG official called Zayat to “confront him regarding the breeding rights to American Pharoah. On that call, Mr. Zayat denied that any of the breeding rights had been sold,” the suit states.
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