Who “told you” that?
Stonewall was the Haisfields’ 5/3rd disaster. Gaudy, over the top elaboration. Beautiful farm, but the chandeliers in tobacco barns was just one example of unnecessary spending. “Never Tell” was their racing business name. Seriously.
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Let’s argue venue, because that’ll make the attorneys fat and happy!
This is interesting. Was Zayat getting over charged by trainers, etc.? Was it an added risk fee? Was it ethical? This is actually the first time that I thought that Zayat had any grounds for anything, frankly…
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I didn’t understand what I was reading. :o The overcharging benefited the receivership? Will someone with a banking brain please explain?
Skydy, I believe what she meant was that her diligence in uncovering those transgressions was what benefited the receivership.
Woodward stated she has reconciled billing records for Zayat Stables with invoices submitted by service providers for the purpose of calculating statutory liens against various horses. She also has uncovered “unorthodox, possibly fraudulent, billing practices and billing errors in which trainers and other care providers effectively overbilled costs as a means of increasing the Receiver’s statutory lien obligations, resulting in a significant savings to the Receivership.”
Nevertheless, I will withhold judgement about what was or wasn’t going on until she provides some specifics.
Thanks. I appreciate your explanation. The sentence makes sense now.
I can be pretty thick sometimes.:o
I had to read it twice myself. It wasn’t your fault–the sentence was very poorly written. :yes:
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Too true. However, my statement stands- I was amazed that there was anything to implicate anyone other than Zayat.
Looks like the Judge is splitting the baby on some of this…interesting…
MGG has been awarded a 24M summary judgement against Zayat Stables. The story is on the Paulick Report.
(can’t post a link, sorry.)
The guy is a tumor, he needs to have his license revoked forever.
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Rudy Rodriguez hoping to ride on the big buys coat tails- and finally get paid!
It’s easy to see why MGG doesn’t want him “jumping ahead in line”. Especially since they’ve been the ones doing all the heavy lifting (financially) so far.
What always boggles my mind is that trainers (and farm owners) let big owners like these get so far in debt to them–because they promise to pay at some unspecified future point. It’s seems like a really dumb way to do business.
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And now Sears and Flintshire would like to keep what they purchased, thanks!
They’ll keep her If the sale was under the Kentucky jurisdiction. The law is quite clear.
It really seems like MGG Investment Group is just flailing around in all directions hoping something will stick. I wish they would get their act together–and make Zayat pay.
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It may simply be blood from a stone time. Zayat may have things hidden, co-mingled, or simply be so tapped out that they can’t get to anything.
I wouldn’t be at all surprised if assets are hidden or co-mingled, but MGG seems wasting a bunch of time and resources going after things they think are low-hanging fruit. And once again that “fruit” has proven to be beyond their reach. Surely their legal department could have figured out the first time one of their lawsuits was thrown out that none of them were going to work. In the meantime Zayat has been gifted with ample opportunity to make sure anything that wasn’t hidden before, has now gone poof!
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Additional Zayat horses were “liquidated” at Monday’s Fasig Tipton Horses of Racing Age Sale. Zayat had valued them at 3.5M to MMG in December 2019. They brought a total of 337K at the sale.
The story is on the Paulick report.
