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  #1  
Old 12-16-2009, 01:26 PM
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Sightseek Sightseek is offline
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Default Fifth Third Bank suing Zayat

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
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  #2  
Old 12-16-2009, 01:41 PM
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randallscott35 randallscott35 is offline
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Couldn't happen to a nicer guy.
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  #3  
Old 12-16-2009, 02:03 PM
Scav Scav is offline
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Quote:
Originally Posted by randallscott35
Couldn't happen to a nicer guy.
Maybe I am wrong, but I heard Zayat was a nice guy
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  #4  
Old 12-16-2009, 02:06 PM
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randallscott35 randallscott35 is offline
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Quote:
Originally Posted by Scav
Maybe I am wrong, but I heard Zayat was a nice guy
Seems like a blowhard owner to me.
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  #5  
Old 12-16-2009, 02:07 PM
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randallscott35 randallscott35 is offline
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34 million is a nice chunk of change. Smells like fraud.
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  #6  
Old 12-16-2009, 02:07 PM
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VOL JACK VOL JACK is offline
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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.
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  #7  
Old 12-16-2009, 02:20 PM
NTamm1215 NTamm1215 is offline
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Damn, I had after February 2010 in the when is Zayat gonna go tits up pool.

NT
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  #8  
Old 12-16-2009, 03:30 PM
Danzig Danzig is offline
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Quote:
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.
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  #9  
Old 12-16-2009, 04:04 PM
Scav Scav is offline
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Quote:
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.
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  #10  
Old 12-16-2009, 04:34 PM
parsixfarms parsixfarms is offline
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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.
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  #11  
Old 12-16-2009, 04:48 PM
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philcski philcski is offline
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Quote:
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.
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  #12  
Old 12-16-2009, 05:34 PM
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Quote:
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.
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  #13  
Old 12-16-2009, 05:52 PM
Danzig Danzig is offline
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Quote:
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?
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  #14  
Old 12-16-2009, 06:07 PM
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VOL JACK VOL JACK is offline
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Quote:
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.
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  #15  
Old 12-16-2009, 06:10 PM
freddymo freddymo is offline
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Quote:
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
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  #16  
Old 12-16-2009, 06:14 PM
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randallscott35 randallscott35 is offline
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Quote:
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.
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  #17  
Old 12-16-2009, 06:30 PM
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Quote:
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.'
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  #18  
Old 12-16-2009, 06:31 PM
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Quote:
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.
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  #19  
Old 12-16-2009, 06:43 PM
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The Indomitable DrugS The Indomitable DrugS is offline
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Quote:
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.
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  #20  
Old 12-16-2009, 06:45 PM
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smuthg smuthg is offline
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Quote:
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"?
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