Ahmed Zayat, owner of dual classic winner and Triple Crown hopeful American Pharoah, said a lawsuit seeking to collect from him $1.65 million in gambling debts amounts to extortion.
The U.S. Court of Appeals this month upheld a U.S. District Court's ruling that the state should not have collected millions of dollars from the estate of the bankrupt account-deposit wagering outlet Racing Services Inc.
Prominent Thoroughbred owner-breeder Halsey Minor, who also had expressed interest in becoming a track owner, filed for Chapter 7 bankruptcy May 24.
Norman Ridker, whose Thoroughbred Times owed millions of dollars to creditors when he closed the company through Chapter 7 bankruptcy, secured a large personal payday Feb. 1 by selling his remaining magazines.
Several intellectual property disputes to be settled in a Jan. 24 hearing.
Lexington-based bloodstock agent Dennis Stiff has filed for Chapter 7 federal bankruptcy protection, listing $13,915 in assets and $705,833.12 in liabilities.
Plans call for the usual 60-day summer meeting in 2013 beginning on Memorial Day. The track has not raced since 2010 and last year former owner Yavapai County Farm and Agriculture Association filed Chapter 7 bankruptcy.
A meeting is scheduled in Lexington Oct. 16 for creditors of Thoroughbred Times Inc., which filed for Chapter 7 bankruptcy protection Sept. 14 and ceased operations of the Thoroughbred magazine and website.
Thoroughbred Times, a Lexington-based magazine dedicated to the Thoroughbred racing industry, declared Chapter 7 bankruptcy and terminated operations Sept. 14, editor in chief Mark Simon confirmed the following day.
Central Kentucky equine broker Bill Mauk has filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court for the Eastern District of Kentucky.
The second New York off-track betting corporation to seek bankruptcy protection has filed a proposed schedule with a federal court to make good on its liabilities.
Indianapolis Downs LLC, which operates Indiana Downs and its companion Indiana Live! Casino, said April 7 it has filed voluntary Chapter 11 petitions.
A U.S. District Court judge in Maryland Feb. 2 upheld the purchase of shuttered Rosecroft Raceway by Penn National Gaming Inc., which operates a casino in the state and owns 49% of the Maryland Jockey Club.
A federal bankruptcy judge Jan. 25 dismissed the shuttered New York City Off-Track Betting Corp.'s Chapter 9 bankruptcy case, rejecting a motion by a union representing more than 1,000 fired workers.
Gastar Exploration Ltd. said it entered into a settlement agreement effective Nov. 1 regarding seven lawsuits tied to the ClassicStar mare lease program.
A federal bankruptcy judge has ruled that simulcast providers owed money from tracks operated by bankrupt Magna Entertainment are entitled to funds they paid bettors but not reimbursement for fees and commissions.
Seven creditors are negotiating to clear the slate on nearly $100 million in debt owned by the New York Off-Track Betting Corp.
A major creditor of Richard and Audrey Haisfield's Stonewall Stallions and related entities has filed an emergency motion in federal bankruptcy court seeking to foreclose on the Midway, Ky., farm and stallions.
A group of creditors involved in the NYCOTB bankruptcy proceeding has suggested a number of changes, including a 1% surcharge on wagers, according to a June document.
- By Tom Precious
The New York Racing Association could run out of cash before July 1 under a doomsday scenario provided to its board of directors.
- By Tom LaMarra
A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
NYRA may get a $17 million loan to help its cash crunch. Meanwhile, New York Off-Track Betting on April 23 cut 35 employees from his staff as it works through bankruptcy reorganization.
- By Ron Mitchell
Zayat Stables has agreed to sell all of grade I winner and probable Kentucky Derby favorite Eskendereya this year under a bankruptcy reorganization plan that projects all creditors will be paid in full.
- By Ron Mitchell
Attorneys for Ahmed Zayat's Zayat Stables are refuting claims by Fifth Third Bank that the prominent stable violated terms of a cash collateral agreement by withdrawing four horses from a Keeneland sale.
A United States Bankuputcy Court judge in Maryland has tossed out a plan by Cloverleaf Enterprises Inc. to sell Rosecroft Raceway without having to make good on several claims.
New York City Off-Track Betting Corp., facing a possible shutdown, can continue its bankruptcy reorganization case, a federal judge ruled March 22.
Thoroughbred owner Ahmed Zayat will keep control of his stable for the time being as Fifth Third Bank has decided not to seek a trustee to run Zayat Stables.
Even though Zayat Stables has filed for Chapter 11 bankruptcy protection, Fifth Third Bank will continue its push to have a trustee named to oversee the operation.
The Feb. 3 Chapter 11 bankruptcy filing by Zayat Stables shows that Keeneland sales company, a handful of trainers across the country, and breeding farms are among the creditors of Ahmed Zayat's racing operation.
- By Tom Precious
The New York City Off-Track Betting Corp.'s bankruptcy petition and attempt to alter how it funds the industry risks undermining the state's already hard-hit breeding programs, New York's leading breeding group is warning.
The recent bankruptcy petition by the New York City Off-Track Betting Corp. should be tossed out of federal court, the New York Racing Association argues in a lengthy legal brief filed Jan. 4 in Manhattan.
A new entity called Blow Horn Equity has submitted a bid for the Maryland Jockey Club assets, the company announced Dec. 18.
- By Tom LaMarra
New York City Off-Track Betting Corp. plans to seek Chapter 9 bankruptcy protection in an attempt to reorganize its business.
New York Gov. David A. Paterson on Sept. 1 signed Executive Order No. 27, authorizing the New York City Off-Track Betting Corporation (NYCOTB) to file a petition for reorganization under Chapter 9 of the federal bankruptcy code. The governor issued the order after it was determined that NYCOTB requires major restructuring to regain solvency. Paterson has directed the NYCOTB board of directors, led by Chairman Meyer "Sandy" Frucher, to provide the governor's office with a restructuring plan within two months, which likely will include a Chapter 9 filing for NYCOTB.
Joanne Nor, who operated Norfields Farm near Versailles, Ky., and raced Breeders' Cup winner Desert Stormer, has filed for Chapter 7 bankruptcy protection in the Eastern District of Kentucky U.S. Bankruptcy Court.
A Maryland harness track July 15 was denied a temporary restraining order to force TrackNet Media Group and 15 other racetracks to provide it with Thoroughbred signals.
The Thoroughbred Owners of California is among the interested bidders in Santa Anita Park, an organization official confirmed.
Magna Entertainment Corp. chairman Frank Stronach criticized certain hedge-fund investors for putting "unwarranted" pressure on the bankrupt racetrack company's parent entity, suggesting May 8 that those antagonists could start their own company if they didn't like what they saw.
Magna Entertainment Corp. submitted a new court plan May 1 to auction off some of its racetracks, including Santa Anita Park, as part of its Chapter 11 bankruptcy reorganization.
Breeders' Cup said April 29 this year's two-day World Championships will remain at Santa Anita Park.
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
The Office of U.S. Trustee is backing a shareholder's demand to install an independent examiner as an overseer of transactions related to Magna Entertainment Corp.'s bankruptcy reorganization, a move which the horse racing company claims will be detrimental to various interests.
Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.
Technology entrepreneur Halsey Minor said on April 3 that he has submitted a bid to Magna Entertainment Corp. under which he would buy substantially all of that bankrupt company's assets except Gulfstream Park in Hallandale Beach, Fla.
Magna Entertainment Corp. received an additional $2.5 million in interim financing to continue its operations through the initial stages of its bankruptcy reorganization April 3 after apparent agreements were reached with some of its objecting creditors
Joining in the parade of objectors to Magna Entertainment Corp.'s proposed debtor financing and sale of assets is the unsecured creditors committee, which primarily singled out company chairman Frank Stronach for his role in MEC's bankruptcy reorganization process.
Thistledown, at the suggestion of the Ohio Horsemen's Benevolent and Protective Association, has suspended the $300,000 Ohio Derby (gr. II) for 3-year-olds. The race was to have its 75th running in 2009.
Churchill Downs Inc. has moved to protect its interest in joint ventures with bankrupt Magna Entertainment Corp. by joining in a flurry of objections filed recently in a Delaware federal court.
Three banks holding liens on racetracks such as Pimlico Race Course, Santa Anita Park, and Golden Gate Fields have filed objections over Magna Entertainment Corp.'s proposed bidding process to sell those racetracks and certain other assets.
Magna Entertainment Corp. announced March 26 that it will not be filing its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2008, nor will it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor in possession under the U.S. Bankruptcy Code.
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