Ahmed Zayat

Defendants Ahmed Zayat, his family members, and the financially troubled Zayat Stables, LLC, are collectively asking a Kentucky court to dismiss a "fraudulent scheme" contract breach lawsuit by New York investment firm MGG Investment Group, LP, on the basis that the complaint has not been brought in the correct legal jurisdiction. Eric Mitchell of the Blood-Horse first reported the story Friday, citing Apr. 21 court documents. The January civil suit claimed that financially strapped Zayat family members allegedly orchestrated a years-long scheme "to sell at a steep discount several millions...

Judge Kim Bunnell ruled to dismiss the claims brought by the MGG Investment Group against Yeomanstown Stud in which they sought the return of the stallion El Kabeir in Fayette County (Ky.) Circuit Court Friday morning. Yeomanstown purchased the stallion from Ahmed Zayat's Zayat Stables Sept. 20, 2017, for $500,000. MGG was attempting to acquire the horse as part of its suits seeking the return of horses and breeding shares sold by the Zayats which had been pledged as collateral for $30 million in loans. Yeomanstown had moved to discuss...

A Friday hearing could bring much-needed clarity to the $23 million lawsuit against Ahmed Zayat and his financially troubled Zayat Stables, LLC, regarding whether or not the court-appointed receiver in the Kentucky case should be allowed to have broadly expanded legal powers over racing and breeding stock. But instead of categorically fighting the receiver's Feb. 18 motion for more control over his horse business, lawyers for Zayat on Feb. 20 filed a response that asked a Fayette Circuit Court judge to grant that motion in part and to deny it...

After filing a civil complaint against numerous individuals and entities that had purchased horses or other assets from Ahmed Zayat, MGG Investments has given up the portion of its complaint that aims to collect money from Thomas Clark Bloodstock. Clark's attorney Tom Miller received a notice Tuesday from lawyers representing MGG notifying him that the complaint against Clark had been voluntarily dismissed. Last week, MGG amended its civil complaint against Zayat to include several breeding farms and individuals, including Coolmore Stud, Hill 'n' Dale and LNJ Foxwoods. MGG has sued...

The New York lending firm that last month initiated a $23-million lawsuit against Ahmed Zayat and his financially troubled Zayat Stables, LLC, broadly amended its civil complaint in a Kentucky court earlier this week (click here). Zayat Stables issued the following statement Thursday regarding the amended complaint: "We are disappointed but not surprised at MGG and Kevin Griffin's aggressive attack on the horse industry. Zayat Stables said from the beginning that it wanted to liquidate certain assets to generate enough proceeds to pay off all of its creditors. Motivated purely...

The New York lending firm that last month initiated a $23-million lawsuit against Ahmed Zayat and his financially troubled Zayat Stables, LLC, has broadly amended its civil complaint in a Kentucky court. As of Tuesday, the suit now additionally targets 10 prominent bloodstock individuals and entities that the plaintiff alleges played a role in the "fraudulent scheme" orchestrated by Zayat family members "to sell at a steep discount several millions of dollars of Zayat Stables' assets" that had been pledged as collateral for $30 million in loans. The wide-ranging updated...

Ahmed Zayat has lost the latest round in the courts. Fayette County (Ky) Judge Kim Bunnel has denied Zayat's motion to have the court dissolve an order that appointed a receiver to take control of and sell off the assets of his Zayat Stables. The original order to appoint a receiver came after MGG Investment Group sued Zayat for $23 million, alleging that he had defaulted on loans. "We are pleased that the court has recognized the need for a receiver in this case," said MGG lawyer Craig Robertson. "Zayat...

Submitting an initial report to the Fayette County (Ky) Circuit Court, lawyers for Elizabeth Woodward, who was appointed the receiver for Zayat Stable, claimed that Zayat has not turned over financial information necessary for her to catalogue the assets of the stable. "The Receiver has made considerable progress, but initial set-up of the receivership accounts and the collection and sales process was hampered by the Receiver's lack of accounting information," the filing read. "Despite the language of the Order granting the Receiver possession and control of the Property, her personal...

Jay Ingle, an attorney with the Lexington, Kentucky-based law firm Jackson Kelly PLLC, released a statement on behalf of owner Ahmed Zayat Saturday morning addressing the complaint filed by trainer Mike Maker in Jefferson County Court this past Thursday seeking better than $120,000 in alleged unpaid training bills. "This lawsuit from Mike Maker is absurd," the statement read. "Ahmed Zayat made all payments required under his prior settlement with Mr. Maker until MGG seized control of Zayat Stables' bank account last month. It is outrageous for Mr. Maker to cry...

Ahmed Zayat's legal problems continue to grow. Trainer Mike Maker filed a complaint in Jefferson County (Kentucky) Court Thursday seeking $120,921 over what he alleged are unpaid training bills. Maker's complaint was filed less than two weeks after a Kentucky court ordered Zayat's assets into receivership, the result of claims by an investment group that says Zayat owes it $23 million. Maker's complaint was first reported by BloodHorse. According to the complaint, Maker trained as many as eight horses for Zayat Stables, which was falling behind on paying its training...

Drew Mollica started his career in racing as a jockey agent, but had an epiphany at the age of 47: he was miserable. While keeping his day job, Mollica enrolled in law school, and today, is the most popular and affable lawyer on the New York Racing circuit. Mollica joins Joe Bianca, Bill Finley, Brian DiDonato and Jon Green to talk about Ahmed Zayat and other legal issues in this edition of the Writers' Room.

Ahmed Zayat has filed a motion asking the same court that appointed a receiver to oversee the assets of his Zayat Stables to dissolve that order and instead allow the stable to resolve its dispute with MGG Investment Group in some other matter. The filing came five days after a Fayette County (Ky) Circuit Court judge ordered Zayat's assets into receivership, a response to a $23-million civil lawsuit lodged by the investment firm, MGG Investment Group, LP. MGG had alleged that Zayat had defaulted on his loans and had improperly...