Bankruptcy Filings Suggest Zayat ‘Consistently Provided Inaccurate Info’
The sport of horsing has long been about honesty and ethics --- and here we have a horse on the verge of making history. His name is American Pharoah.
If you have been following Gambling911.com in recent days, it becomes clear that media reports paint American Pharoah’s owner, Ahmed Zayat as someone, at the very least, that has a history of embellishment and confused recollections.
Zayat, embroiled in a messy legal dispute with an individual claiming he owes over $2 million in gambling debts to offshore wagering firms, once said he attended Harvard yet the Ivory League university has no records to support this claim.
In recent depositions, Zayat claimed to have invented Heineken Light, and to have raised $1 Billion off-shore in seven days.
Today we wanted to provide a link to other court filings involving Zayat. A lender, Fifth Third Bank filed an opposition to his use of cash they loaned to him – and in the filings they make some pretty strong claims.
The bank then goes on to note: “ The speculation and riskiness that undermine the adequacy of the protection of Fifth Third’s cash collateral are especially noteworthy here because of the Debtor’s history of providing inaccurate and misleading information to Fifth Third. In re Certified Corp., 51 B.R. 768, 772 (Bankr. D. Haw. 1985) (based on evidence of possible dishonesty, mismanagement and
fraud, the court questioned the value of collateral and utilized flexibility permitted by Section 361(3) to fashion and grant relief as would result in the realization of the creditor’s indubitable equivalent of its interest in its cash collateral).”
Say what?
We learn that there are multiple news outlets reporting further on Ahmed Zayat – and one can expect to see more.
www.ahmedzayat.com has a poll which asks whether Zayat should be allowed to have a horse compete for the Triple Crown. 87% of people say No.
There are clearly many in the gambling world who will be rooting against him.
- Jagajeet Chiba, Gambling911.com
