Elizabeth Woodward

Zayat’s Motion to Dissolve Appointment of Receiver Denied

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...

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Receiver Alleges Zayat is Stonewalling Her Efforts

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...

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Zayat Stables in Receivership: What Exactly Does That Mean?

Additional reporting by Lucas Marquardt When the assets of Zayat Stables, LLC, were ordered into receivership by a Fayette Circuit Court judge in Kentucky on Wednesday as part of a $23 million lawsuit by a lender alleging fraud and loan defaults, the judgment caused reverberations within the Thoroughbred bloodstock and racing world beyond those felt by Ahmed Zayat and his family. (Click here to read the TDN story.) Specifically, questions began to swirl about what would happen to the Zayat horses either at farms or currently in training in New...

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