(Bloomberg) — The owner of the Triple Crown-winning horse American Pharaoh filed for personal bankruptcy protection, seeking to discharge more than $19 million of debts.Ahmed Zayat’s Chapter 7 bankruptcy case, filed in New Jersey, lists around $1.9 million of assets and $19.4 million of liabilities, most of which are business obligations, court records show. Zayat’s stables are listed as insolvent in the papers filed Tuesday.Zayat’s attorney Jay Lubetkin didn’t immediately respond to messages seeking comment. A Chapter 7 bankruptcy allows a borrower to liquidate certain assets to compensate creditors without filing a repayment plan.The filing lists between 100 and 199 …read more
Source:: Yahoo Finance
