Receiver

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...

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...