Counsel for Elizabeth Z. Woodward, Receiver, In re Zayat Stables, LLC
Ellen represented Elizabeth Z. Woodward in her role as court appointed receiver in the case MGG Investment Company v. Zayat Stables LLC et al, and successfully defended a challenge to the continued receivership when Zayat Stables, LLC filed for bankruptcy protection. Zayat Stables, LLC was the owner of the 2015 Triple Crown and Breeders Cup Classic winner American Pharoah, and more than 70 thoroughbreds when the receiver action was filed. The receiver was tasked with locating and physically securing the Zayat Stables horses, which were being boarded and trained all over the country and selling them through a combination of auctions at Keeneland Association, Inc., Fasig-Tipton Co. and private sales. Through the sales process, Ellen assisted the receiver in evaluating asserted lien claims and making the appropriate distributions out of sale proceeds. The receiver was also tasked with racing decisions, which required placing horses in appropriate races along with the administrative work of securing insurance and care for horses as may be necessary, determining ownership of breeding rights which had been assigned to others by Zayat Stables, collecting unclaimed purses at race courses across the country, settling unresolved claims against Zayat Stables filed before racing authorities in several states and filing her accounting with the presiding courts.