National Events DIP Loan Will Finance Dueling Investigations

Law360, New York (September 6, 2017, 10:41 PM EDT) -- The structure for one of two parallel bankruptcy cases for defunct ticket reseller National Events finally fell into place Wednesday, as a New York bankruptcy court agreed to leave in place a state court-appointed receiver who will investigate the suspected Ponzi scheme vehicle alongside an independent examiner.

U.S. Bankruptcy Judge James L. Garrity agreed to sign off on a motion to leave receiver Edward J. LoBello in place as an "estate fiduciary," and also agreed to sign an interim debtor-in-possession financing package put forward by a handful of National Events' creditors.

The DIP loan will advance $280,000 to the debtor, with...

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