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Photoboy
02-01-2017, 08:51 AM
Last week, near perfect conditions hit the Pillar Point region of the California coast and over 50 big wave surfers charged to Mavericks
and made the best of the excellent conditions. (http://www.pressure-drop.us/forums/content.php?7031-Mavericks-Primo-Day)

The big question lingering about the day, "Why didn't the organizers pull the trigger?"

That question seems to have been answered today with Titans of Mavericks and Cartel Management announcement that they have filed for Chapter 11 Bankruptcy:


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SAN FRANCISCO, Feb. 1, 2017 /PRNewswire/ -- Titans of Mavericks, LLC, Surfing's premier event and lifestyle brand and its affiliate Cartel Management, Inc. filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Central District of California, initiating a process intended to preserve value and accommodate an orderly going-concern sale of its business operations. Since 2014, up to $3 million has gone into developing the brand and staging the annual event, which features the world's best surfers competing on waves that can reach 60 feet.

The Chapter 11 filings by Titans of Mavericks and Cartel Management represent the culmination of a strategy designed to implement a sale of the assets and intellectual property of the companies to afford a buyer certain protections available only in bankruptcy. Titans of Mavericks intends for such a sale to ensure a smooth and swift transition of the business and operations. "The brand has seen explosive growth since its creation," said Griffin Guess, Titans of Mavericks founder.

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Jeff Clark, Mavericks Pioneer


The companies determined that a sale through a Chapter 11 process is likely to achieve the highest and best value for their assets. "The process will allow Titans of Mavericks to reach new heights in the right hands. It is time for a larger organization to gain from all of our hard work," said Guess.

Levene, Neale, Bender, Yoo & Brill L.L.P. is serving as legal counsel, and the Company has appointed Klinedinst PC to serve as transactional counsel.

About Titans of Mavericks
Titans of Mavericks, LLC. is a lifestyle brand and the world's premiere big wave surfing action sports event that takes place south of San Francisco, in Northern California. Thirty of the world's best athletes compete annually in the biggest conditions that can reach up 60 feet in wave height. Titans of Mavericks is an expansive brand that includes media, distribution, apparel, hard and soft goods, festival, and licensing.

For more information, go to: www.titansofmavericks.com



To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/titans-of-mavericks-llc-announces-asset-sale-through-chapter-11-300400191.html

"Additionally, Red Bull Media House North America filed suit against the companies in Los Angeles Superior Court for breach of contract in and unjust enrichment last Friday. Red Bull Media had been contracted to provide live streaming of the contest."

Runs_with_sissors
02-02-2017, 08:20 AM
You have to wonder, with little in person, public viewing, with no admission fee, POP sales and a large variety
of expensis, how promoters ever plan to make a profit.