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Fifth Third Bank v. Zayat Stables, et al.

Client(s): Fifth Third Bank

KMK represented plaintiff Fifth Third Bank who filed a complaint against a borrower, Zayat Stables, and its grantors for default on loans totaling over $34 Million.  Plaintiff also filed an Emergency Motion to Appoint a Receiver and a hearing was set. Defendants filed their Second Amended Answer and Counterclaim alleging breach of contract, promissory estoppel, fraud, negligent misrepresentation, declaratory relief and breach of fiduciary duty.  The Counterclaim seeks unspecified compensatory damages, declaratory relief and an award of costs and attorney’s fees.  Defendant Zayat Stables, LLC filed for Chapter 11 Bankruptcy in the District of New Jersey.  After extensive negotiations, Zayate Stables confirmed a Plan of Reorganization with Fifth Third Bank’s support.