National Events DIP Loan Will Finance Dueling Investigations
By Ryan Boysen (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!