National Events Creditor Nabs Remaining Assets, Ch. 7 Looms

Law360, New York (July 27, 2017, 10:00 PM EDT) -- The messy bankruptcy of ticket reseller and alleged Ponzi scheme vehicle National Events Holdings LLC entered a new phase Thursday, as a New York bankruptcy court finally let its largest creditor collect on the company's $730,000 in remaining assets, opening the door for a Chapter 7 trustee to take over.

The move will strip National Events of the last of its assets, leaving the company an empty husk when a Chapter 7 trustee takes over the case next week and begins an investigation into the tangled web of transactions that led to the debtor's downfall. U.S. Bankruptcy Judge James L. Garrity's...

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