As you can see, this comes on the heels of a "Chapter 7 Trustee's Report of No Distribution" on Friday, which is a signal to the unsecured creditors that there are no unsecured assets to distribute to them, and they will get nothing. And sadly, that includes all of you party goers who followed horrific advice, and failed to get refunds in time.
And there you have it, case closed. And rather suddenly, I must say...for a while I thought it might get a bit more interesting, due to a planned behind-the-scenes "asset" sale by the trustee, but I guess this "asset" sale fell through. Perhaps due to people realizing there was really no legally transferable asset to sell after all. Oh well!
Anyways, what happens now is...Chisholm Properties Circuit Events, LLC ceases to exist. Unlike when an individual goes through Chapter 7, a business (in this case, a limited liability company) does NOT get it's debts discharged. Instead, the business entity gets liquidated and dissolved at the conclusion of the bankruptcy, in accordance with state law.
One Mighty Weekend is now officially dead. As Tony Hayden of The Circuit Dog graphically described it last year:
Not so fast, evil doesn't die so easily, www.onemightyreunionevents.com
ReplyDeleteYes, saw this coming. Stay tuned for an important blog post tomorrow...
ReplyDeleteThere will be no Reunion parties as all ticket sales $$ will go to the vendors that are owed money in the bankrupcy. Chisholm's "partner" that is backing the pool parties is included in the legal leins. Anyone who buys a ticket will lose their money.
ReplyDeleteMaybe Jim Windor could clarify the post by "concerned party boy" above. Jim, is Reunion Events, Inc. in bankruptcy currently? How will money taken in by this newly set up company (One Mighty Reunion Events) affect that? I'm not sure if the statement above is actually true; however :
ReplyDeleteI WOULD NOT FOR ANY REASON BUY A TICKET TO REUNION UNTIL THE DAY OF THE EVENT.
I don't really know anything about what COPB is saying, however...
ReplyDeleteReunion Events is actually one the few Chisholm companies actually not in bankruptcy. However, it got hit with a huge default judgment by lighting company PRG, when Johnny Chisholm decided to simply ignore the PRG lawsuit. See here:
http://forestmoonendor.blogspot.com/2009/06/prg-vs-jc.html
So, you can see why this new company (One Might Reunion Events) was created. It's basically an attempt to dodge this massive $300K+ PRG debt.
I have to imagine that PRG's lawyers are looking at this situation VERY intensely. I'll keep an eye on the files, let you all know if anything develops...