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Fyre Festival Investors Secure Involuntary Ch. 7

Law360, Los Angeles (August 30, 2017, 11:02 PM EDT) -- Bankruptcy proceedings are officially underway for infamous music festival production company Fyre Festival LLC after a New York bankruptcy judge on Tuesday granted an involuntary petition for Chapter 7.

The Chapter 7 petition was filed in July by investors John Nemeth, Raul Jimenez and Andrew Newman, who said they put a total of roughly $530,00 into Fyre Festival LLC, a subsidiary of Fyre Media LLC.

In a brief order issued Tuesday, U.S. Bankruptcy Judge Martin Glenn granted the petition and ordered the festival entity to file...
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