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Success-after-bankruptcy stories make my heart sing. I spend the majority of my life stomping out the stigma of Bankruptcy. People should not feel like they will be judged or discriminated for seeking a second chance. Especially when it’s their basic constitutional right. So, when I posted on Facebook that I was watching the Preakness Stakes (aka ‘the second gem in the Triple Crown’ for horseracing), and a friend commented that the owner of the winning horse had filed Bankruptcy, I immediately realized that I needed to highlight his accomplishments to show my clients that people can go from Bankruptcy to Belmont. Just look at Walt Disney, P.T. Barnum, Francis Ford Coppola and Abe Lincoln. They all filed Bankruptcy, and they were all major stars in their respective arenas.

The owner of the winning horse, American Pharaoh, who is on his way to a possible Triple Crown win, is a man named Ahmed Zayat. He is the owner and CEO on Zayat Stables, LLC.

“Despite the bankruptcy troubles, Zayat maintains the focus of his operation has not changed. ‘While Chapter 11 was a necessary step to take, Zayat Stables has emerged stronger and we are excited about building on our many recent successes in the racing industry,’ he said. ‘I look forward to carrying out our reorganization plan, and continuing to develop some of the best horses in the country.’” SOURCE: Wikipedia 

It was later reported by Bloomberg Business that “Zayat Stables LLC, the third-highest earner in North American thoroughbred horse racing last year, will repay creditors in full after emerging from bankruptcy.”

Another {Bankruptcy} success story in the books!

Side Note: Chapter 11 Bankruptcy is for businesses, most individuals file Chapter 7 Bankruptcy, and are discharged and relieved of all or most of their obligations, depending on their specific circumstances.

If you, or someone you know, needs a second chance, please contact me.

I am always here to help!

Sincerely,

Theresa Rose DeGray, Attorney at Law