Fifth Third Bank suing Zayat

[VOL JACK]

Originally Posted by smuthg

are we sure that's a "she"?

That is a DrugS stache.

[Scav]

Originally Posted by VOL JACK

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

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

[The Indomitable DrugS]

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.

[philcski]

Originally Posted by The Indomitable DrugS

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.

[hoovesupsideyourhead]

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..

[Danzig]

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.

feel better now?

[randallscott35]

Shock and awe?

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

[Cannon Shell]

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.

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.

[Cannon Shell]

Originally Posted by VOL JACK

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

[freddymo]

Originally Posted by Cannon Shell

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.

He had to have PG'd the loans

[Cannon Shell]

Originally Posted by freddymo

He had to have PG'd the loans

Maybe he put up Sohby as collateral?

[Sightseek]

And now Cash Assmussen:

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

[hoovesupsideyourhead]

Originally Posted by The Indomitable DrugS

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.

omg thats too easy....

[Riot]

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.

[Cannon Shell]

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.