Prominent thoroughbred owner Ahmed Zayat has reached a globalsettlement with Fifth Third Bank that will ensure the bank isrepaid the $34 million in loans it claims he defaulted on.The agreement, filed on Thursday, will be considered bybankruptcy court on June 30. If approved, it would then go beforethe bank for confirmation on July 15.“I’m tickled pink, actually,” Zayat said. “Now I can put thisall behind me and focus on what I know I do better and that ismanaging my stable.”The bank filed a lawsuit in December in U.S. District Courtclaiming that Zayat Stables defaulted on $34 million in loans.Zayat responded by filing for bankruptcy protection on behalf ofthe stable Feb. 3 to block the bank’s attempt to take over thebusiness.Zayat put forth a preliminary plan in March that allowed him tokeep his stables operational. In 2008, Zayat Stables was theleading thoroughbred owner by earnings, winning almost $6.9million. Late in 2009, Zayat was in third place with more than $6.2million.Zayat said the reorganization plan, which will take about fiveyears, will not hurt his racing business. He has stables in severalstates, including Kentucky, Florida and New York.“We have always been leaner and meaner, always been efficientand effective,” he said. “We will do… Read full this story
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