Trustee accuses Zayats of ‘gamesmanship’ in bankruptcy
The trustee assigned to the bankruptcy case of US owner-rancher of Pharoah, Ahmed Zayat, accused Zayat and his family of “a continuing pattern of delay, obstruction and cunning” in the case, reported Wednesday the Thoroughbred Daily News.
Donald Biase is a bankruptcy trustee lawyer in the Zayat case. He wrote in a July 13 filing in the United States Bankruptcy Court for the District of New Jersey that “(Zayat) and members of his family have engaged in a scheme of mixing assets and transactions. financial transactions between them. “
Biase wrote that the Zayats “made nothing but ridiculous productions” in response to subpoenas for documents relating to the family’s finances. His case alleges that money was transferred between family members, Zayat Stables, and JPZ Holdings, the company of Ahmed Zayat’s son, Justin.
Zayat filed for Chapter 7 bankruptcy last September. The Egyptian businessman’s listed assets were over $ 1.8 million, while his liabilities were over $ 19.3 million.
The Zayats rose to prominence in 2015 when their purebred American Pharoah swept the Triple Crown Series and won the Breeders’ Cup Classic for trainer Bob Baffert and jockey Victor Espinoza. The 2015 Horse of the Year will be inducted into the National Museum of Racing Hall of Fame next month.
Zayat Stables, which won the Eclipse Outstanding Owner Award in 2015, did not start a horse in 2021. Their last starter was Alex Joon, who finished second in an allocation race from Churchill Downs on October 29, 2020 .