A trustee overseeing the Chapter 7 case of Ahmed Zayat, the former owner of Triple Crown winner American Pharoah, urged the bankruptcy court to compel Zayat’s brother to comply with subpoenas seeking information on their financial dealings.
The trustee’s discovery dispute involves allegations that Zayat’s brother, Sherif El Zayat, received payments and a security interest in a property from Ahmed Zayat before his Chapter 7 filing.
Those actions are improper preferential payments that Ahmed Zayat made right before his bankruptcy, the Chapter 7 trustee said in a court filing Tuesday. Such payments deplete assets that otherwise would be available to ...
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