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THURSDAY, FEBRUARY 13, 2020
by: Valerie Mellema
Here's what has been happening this week in the world of horse racing.
Zayat's Selling of American Pharoah Rights was in the Wrong
MGG Investment Group filed a lawsuit against Zayat Stables last month. This week they made an amendment to the complaint. The filing states that Hill 'n' Dale, and LNJ Foxwoods should have been made aware that the purchases they made from Zayat Stables were being used as collateral for a $23 million loan to Zayat. The updated complaint states that the 2017 sale of rights in graded stakes winner EL KABEIR was well below the independent appraisal by Zayat Stables. Zayat sold the rights for $500,000 but he was appraised at $4.25 million. According to the filing, AMERICAN CLEOPATRA was valued at $6.5 million in foal to Uncle Mo, but she was sold for $1.3 million to Hill 'n' Dale. MGG also alleges that the sale of breeding rights to AMERICAN PHAROAH was sold for $3.3 million, but they were appraised at $14 million. Additionally, Zayat's family members are now being considered as “active participants in the fraudulent scheme,” as his wife and children signed an agreement pledging the assets in their names and also sold their breeding nine shares despite the deal with MGG.
California Chrome Suffers Bout of Enteritis
CALIFORNIA CHROME was not included in the recent stallion show at japan's Arrow Stud. Owners JS Company announced that he had suffered a minor bout of enteritis, or inflammation of the intestines, and was improving day by day. Once healthy, his stud fee is $36,500, the highest fee at Arrow Stud. Also on the roster in Japan is ANIMAL KINGDOM and BRICKS AND MORTAR.
Long Range Toddy at Oaklawn with New Trainer
After not starting since finishing seventh in the Oklahoma Derby back in September at Remington Park, LONG RANGE TODDY has been moved to Oaklawn under trainer Dallas Stewart, rather than Steve Asmussen. There's no target date set for his comeback yet, but he went three furlongs in :38.40 in his first workout of the season.
Have a great week!
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