National Events Probes Will Proceed With $280K DIP Approval
Law360, New York (October 4, 2017, 8:13 PM EDT) -- The bankruptcy of defunct ticket reseller and possible Ponzi scheme vehicle National Events has entered a wait-and-see mode after a New York bankruptcy judge on Wednesday approved a final $280,000 loan that will fund dueling investigations into possible causes of action.
The debtor-in-possession loan will advance $280,000 to the debtor, with $135,000 to fund an investigation by “estate fiduciary” Edward J. LoBello and $45,000 for another investigation by Alan D. Halperin, an independent examiner appointed by the U.S. trustee, after a $100,000 roll-up is accounted for.
Both investigations will be aimed at untangling the web of transactions that led to National...
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