bankrupcy

The court-appointed trustee in the nearly two-year-old Zayat Stables involuntary bankruptcy case is proposing a settlement in which Ahmed Zayat and his family members would pay $5 million to be allocated between MGG Investment Group and the trustee. Of that amount, only $30,000 is earmarked to eventually go to "unsecured creditors," some of whom are Thoroughbred industry participants owed money by Zayat Stables and are much further down the legal pecking order for otherwise getting repaid. MGG will also get a disbursement from the funds in the bankruptcy trustee's account...