Fifth Third Bank suing Zayat

[Sightseek]

Bank sues prominent owner Zayat
By Glenye Cain Oakford

LEXINGTON, Ky. - Fifth Third Bank has filed a lawsuit against prominent racehorse and stallion owner Ahmed Zayat, alleging that he owes the bank more than $34 million on loans for his equine operations.

http://www.drf.com/news/article/109567.html

[randallscott35]

Couldn't happen to a nicer guy.

[Scav]

Originally Posted by randallscott35

Couldn't happen to a nicer guy.

Maybe I am wrong, but I heard Zayat was a nice guy

[randallscott35]

Originally Posted by Scav

Maybe I am wrong, but I heard Zayat was a nice guy

Seems like a blowhard owner to me.

[randallscott35]

34 million is a nice chunk of change. Smells like fraud.

[VOL JACK]

I don't know which of the two I'm more surprised.

Zayat has to take out loans to buy horses??

Or there is a bank out there dumb enough to loan someone $34,000,000 to purchase race horses.

[NTamm1215]

Damn, I had after February 2010 in the when is Zayat gonna go tits up pool.

NT

[Danzig]

Originally Posted by VOL JACK

I don't know which of the two I'm more surprised.

Zayat has to take out loans to buy horses??

Or there is a bank out there dumb enough to loan someone $34,000,000 to purchase race horses.

i'd imagine 'equine operations' involves more than purchasing. and not the first time fifth third has been in the news regarding racing deals.

[Scav]

Originally Posted by VOL JACK

I don't know which of the two I'm more surprised.

Zayat has to take out loans to buy horses??

Or there is a bank out there dumb enough to loan someone $34,000,000 to purchase race horses.

The racehorse loan industry was probably one of the hardest hit industries from the recession. Pure speculation but Zayat probably used assets as collateral instead of tying up a bunch of cash. It is pretty common.

[parsixfarms]

Probably explains why all those wonderful horses of his were sold for stud duty, even the ones like Alaazo who shouldn't be standing anywhere.

[philcski]

Originally Posted by parsixfarms

Probably explains why all those wonderful horses of his were sold for stud duty, even the ones like Alaazo who shouldn't be standing anywhere.

Bingo!

Fifth Third USED to do a lot of equine-related lending.

[VOL JACK]

Originally Posted by Scav

The racehorse loan industry was probably one of the hardest hit industries from the recession. Pure speculation but Zayat probably used assets as collateral instead of tying up a bunch of cash. It is pretty common.

If you have to borrow money to play this game (betting or Owning) you are in the wrong sport.

[Danzig]

Originally Posted by VOL JACK

If you have to borrow money to play this game (betting or Owning) you are in the wrong sport.

most businesses and individuals have lines of credit. what, you think all those bidding at auctions have cash in their pockets?

[VOL JACK]

Originally Posted by Danzig

most businesses and individuals have lines of credit. what, you think all those bidding at auctions have cash in their pockets?

No Dipstick, I know how the game works.
I've been to the sales and bought horses....have you?

You have a line with the sale companies....but to not pay them back immediately is really screwy.
It sounds like to me that Zayat was borrowing money to even pay his millions in training bills.
Do you have any idea how much Zayat is out everyday for training....with trainers like Baffert, Mitchell, Zito, and Asmussen? Those guys are not cheap.

To have his size of stable....$34 Million to him should be like $340 to the rest of us.

[freddymo]

Originally Posted by VOL JACK

No Dipstick, I know how the game works.
I've been to the sales and bought horses....have you?

You have a line with the sale companies....but to not pay them back immediately is really screwy.
It sounds like to me that Zayat was borrowing money to even pay his millions in training bills.
Do you have any idea how much Zayat is out everyday for training....with trainers like Baffert, Mitchell, Zito, and Asmussen? Those guys are not cheap.

To have his size of stable....$34 Million to him should be like $340 to the rest of us.

Closer to 3400 but agreed.. Do your part Jack book a mare to POTN at 25k or NOT..

I am pretty sure this is a Bullshat lawsuit..Sounds to me it is about nothing

[randallscott35]

Originally Posted by VOL JACK

No Dipstick, I know how the game works.
I've been to the sales and bought horses....have you?

You have a line with the sale companies....but to not pay them back immediately is really screwy.
It sounds like to me that Zayat was borrowing money to even pay his millions in training bills.
Do you have any idea how much Zayat is out everyday for training....with trainers like Baffert, Mitchell, Zito, and Asmussen? Those guys are not cheap.

To have his size of stable....$34 Million to him should be like $340 to the rest of us.

I love the pissing contests on here. "I buy horses." "I train horses." "I've peed in the stall next to Garrett Gomez." "Pat Day was at my wedding."

WHO CARES.....Tiring listening to people try and pull rank on this site.

[VOL JACK]

Originally Posted by randallscott35

I love the pissing contests on here. "I buy horses." "I train horses." "I've peed in the stall next to Garrett Gomez." "Pat Day was at my wedding."

WHO CARES.....Tiring listening to people try and pull rank on this site.

Sorry Bro, but I wasn't the one that started the 'talking down to like I'm an idiot.'

[VOL JACK]

Originally Posted by freddymo

Closer to 3400 but agreed.. Do your part Jack book a mare to POTN at 25k or NOT..

I am pretty sure this is a Bullshat lawsuit..Sounds to me it is about nothing

It smells to me like this fifth third's way of getting their money back and dumping a big pile of overhead and risk.

[The Indomitable DrugS]

Originally Posted by randallscott35

I love the pissing contests on here. "I buy horses." "I train horses." "I've peed in the stall next to Garrett Gomez." "Pat Day was at my wedding."

WHO CARES.....Tiring listening to people try and pull rank on this site.

They're just jockeying for position for when Byk decides to steal a page from the TVG message board playbook....





I hear she edged out StoneGossard666 in a close vote.

[smuthg]

Originally Posted by The Indomitable DrugS

They're just jockeying for position for when Byk decides to steal a page from the TVG message board playbook....





I hear she edged out StoneGossard666 in a close vote.

are we sure that's a "she"?