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

Couldn't happen to a nicer guy.

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

Seems like a blowhard owner to me.

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

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.:zz:

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

NT

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

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.

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.

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?

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

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.'

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

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"?

That is a DrugS stache.

Just asking, but how is that overhead when involving a guy like him who is a cajionaire? If I had to guess, those loans were made to the LLC but he still had to personally guarantee them so I see little risk or overhead unless he is personally having some major financial issues.

It is obviously a problem that he hasn't made the payments

Oh my God .... that site would be the gift that keeps on giving for Morty!!

He would have an absolute field day over there!

Barbarolover lives right by Cleveland...

http://community.tvg.com/t5/The-Loun...nth/td-p/73989


Mortimer would be in there like swimwear.

Is that a boy or a girl?

'It' even has an ambiguous name, Angel.

If it's a girl, Erie is close to Cleveland. You could be on that like glue stick, Drugs.

my brother in law was doing inspections on the values of the loans he had out
vs the worth of the stock around derby time..guess the numbers did lie..

feel better now?

Shock and awe?

http://www.bloodhorse.com/horse-raci...-banks-lawsuit

All real businesses play with other peoples money. The IRS likes when you pay interest. When you are spending money like he is you dont want to be deemed a hobby. It is surprising that the bank would continue to loan at those levels based soley on the value of the bloodstock.

:tro:

He had to have PG'd the loans

Maybe he put up Sohby as collateral?

And now Cash Assmussen:

http://www.drf.com/news/article/109820.html

omg thats too easy....

So the take-home is Fifth Third is beyond broke, and desperate to not go bust.

Actually, I admit I'm rather happy to see it. I've never liked this bank over the years. They put customer care last. Wouldn't mind seeing them go away.

Fifth Third is getting out of the equine lending business. Most of the people who are current on their horse loans with them have gotten notices telling them they have 30 days to settle up. This is not a positive for the business as many of the bigger breeders use that money as cash flow to pay bills on monthly bills on things like having racehorses at the track. Fewer owners is a bad thing for everyone.