Thursday, April 08, 2010
Thoroughbred Owner Files Counterclaim
KENTUCKY....
Prominent thoroughbred owner Ahmed Zayat, the owner of top Kentucky Derby contender Eskendereya, is asking a bankruptcy judge to rule that Fifth Third Bank's claims of loan default are false. He is asking the judge to hold Fifth Third to promises he claims the bank made in July 2009 to restructure loans. Fifth Third has said Zayat would not agree to any restructuring that did not release his personal guarantee of the loans. Zayat also seeks damages for what the suit calls "multimillion-dollar lender liability claims arising out of a long-standing pattern of misleading, deception and predatory lending practices. Fifth Third sued Zayat in U.S. District Court in Lexington in December, and Zayat filed a counterclaim in the same court.
Prominent thoroughbred owner Ahmed Zayat, the owner of top Kentucky Derby contender Eskendereya, is asking a bankruptcy judge to rule that Fifth Third Bank's claims of loan default are false. He is asking the judge to hold Fifth Third to promises he claims the bank made in July 2009 to restructure loans. Fifth Third has said Zayat would not agree to any restructuring that did not release his personal guarantee of the loans. Zayat also seeks damages for what the suit calls "multimillion-dollar lender liability claims arising out of a long-standing pattern of misleading, deception and predatory lending practices. Fifth Third sued Zayat in U.S. District Court in Lexington in December, and Zayat filed a counterclaim in the same court.
# posted by Homer Owens @ 10:08 PM 
