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They'll be back under a new name next year and try to screw people again.
They are creditors because they paid LGS entry fees to be involved in their various tournaments and didn’t get the service / event they paid for. No different than any individual who they took money from and then didn’t deliver the service / event. But at least if these larger organizations band together they can pool resources and drive a better result than mom and pop trying to go after LGS individually.
You can’t just put business competitors into involuntary chapter 7 for no reason.
Nice conspiracy theory though.
I hope they get as much money back for their families as possible.
LGS may be and is crooked. But this chapter 7 smells like a takeover attempt by Dubinsky (the rat) and his gang.
A great guy Dubs ? Why not ask the husbands in Chicago. he's the rat of spring hockey
Can you share a link or something where the bankruptcy is confirmed. I’ve heard this about a thousand times in the last month and yet zero evidence ever shown. If you can please provide where you got that info I’d really appreciate it and so would a hundred other “customers” of LGS.
Do they still have Google?
It was an involuntary Chapter 7, meaning the secured creditors forced them into liquidation. As I explained in a previous post, an events company like LGS has almost no assets, and typically run with negative working capital, meaning they have a lot of liabilities (prepaid fees). Unfortunately, if you prepaid for a tourney, you’re still an unsecured creditor in this situation, and there is zero chance you will see a dime back. Someone could sue them for fraudulent conveyance (theft), but that’s hard to prove (what is a legitimate salary vs illegal payout to themselves), and in any case whatever you get out of them probably won’t even cover the senior creditors, let alone lawyer fees.
Sorry about this guys.
It was an involuntary Chapter 7, meaning the secured creditors forced them into liquidation. As I explained in a previous post, an events company like LGS has almost no assets, and typically run with negative working capital, meaning they have a lot of liabilities (prepaid fees). Unfortunately, if you prepaid for a tourney, you’re still an unsecured creditor in this situation, and there is zero chance you will see a dime back. Someone could sue them for fraudulent conveyance (theft), but that’s hard to prove (what is a legitimate salary vs illegal payout to themselves), and in any case whatever you get out of them probably won’t even cover the senior creditors, let alone lawyer fees.
Sorry about this guys.
Yes! A clear concise and possibly factual post including guidance on where to verify information that might actually help someone is way above the intellect of the mental midgets that inhabit this site.
Sorry, I thought my sarcasm was pretty obvious...I will remember to use the sarcasm font going forward.
It was an involuntary Chapter 7, meaning the secured creditors forced them into liquidation. As I explained in a previous post, an events company like LGS has almost no assets, and typically run with negative working capital, meaning they have a lot of liabilities (prepaid fees). Unfortunately, if you prepaid for a tourney, you’re still an unsecured creditor in this situation, and there is zero chance you will see a dime back. Someone could sue them for fraudulent conveyance (theft), but that’s hard to prove (what is a legitimate salary vs illegal payout to themselves), and in any case whatever you get out of them probably won’t even cover the senior creditors, let alone lawyer fees.
Sorry about this guys.
It was an involuntary Chapter 7, meaning the secured creditors forced them into liquidation. As I explained in a previous post, an events company like LGS has almost no assets, and typically run with negative working capital, meaning they have a lot of liabilities (prepaid fees). Unfortunately, if you prepaid for a tourney, you’re still an unsecured creditor in this situation, and there is zero chance you will see a dime back. Someone could sue them for fraudulent conveyance (theft), but that’s hard to prove (what is a legitimate salary vs illegal payout to themselves), and in any case whatever you get out of them probably won’t even cover the senior creditors, let alone lawyer fees.
Sorry about this guys.
Anyway, I did some googling and found the link: https://businessbankruptcies.com/cases/legacy-global-sports-l-p
Thank you
It was an involuntary Chapter 7, meaning the secured creditors forced them into liquidation. As I explained in a previous post, an events company like LGS has almost no assets, and typically run with negative working capital, meaning they have a lot of liabilities (prepaid fees). Unfortunately, if you prepaid for a tourney, you’re still an unsecured creditor in this situation, and there is zero chance you will see a dime back. Someone could sue them for fraudulent conveyance (theft), but that’s hard to prove (what is a legitimate salary vs illegal payout to themselves), and in any case whatever you get out of them probably won’t even cover the senior creditors, let alone lawyer fees.
Sorry about this guys.
Anyway, I did some googling and found the link: https://businessbankruptcies.com/cases/legacy-global-sports-l-p
Page 1 https://ibb.co/PYzJGFX
Page 2 https://ibb.co/DRygmdY
Page 3 https://ibb.co/9rhvVGB
Page 4 https://ibb.co/VHGKvs0
Page 5 https://ibb.co/sjPWyhM
Page 6 https://ibb.co/k1SpqZ4
Page 7 https://ibb.co/S0qPFBN
Figure they already got me for $6k what is another $.70.
Page 2 https://ibb.co/DRygmdY
Page 3 https://ibb.co/9rhvVGB
Page 4 https://ibb.co/VHGKvs0
Page 5 https://ibb.co/sjPWyhM
Page 6 https://ibb.co/k1SpqZ4
Page 7 https://ibb.co/S0qPFBN
Figure they already got me for $6k what is another $.70.
Doesn't this smell like the rat (Dubinsky) and his gang are trying to take over ?
Just got here after paying for a tournament from Legacy in Europe for my superstar elite AAAA bender. Did I lose money?
Athletes, Coaches and Families,
First, we hope you and your family remain safe and well during these unprecedented times. Thank you for your continued patience, and we sincerely apologize for the delayed response to date.
At this time, LEGACY Global Sports has approved the issuance of a 100% credit for any fees collected towards past, present, or future Hockey/Tour events impacted by COVID-19.
The credits can be used by anyone in your immediate family, for any LGS Hockey activities, including but not limited to, camps, clinics, teams, tournaments, and tours. Credits are non-transferable outside of the immediate family, and will expire effective 1/1/2022. This information has also been made available on our website at www.lgshockey.com/credit-information.
If you have questions relative to your credit please contact questions@legacyglobalsports.com.
While much remains uncertain right now, one thing is for sure: this crisis will pass. Our communities will recover and hockey will undoubtedly return. When that happens, we look forward to continuing to provide our customers with world-class, aspirational events and experiences.
Legacy Global Sports
First, we hope you and your family remain safe and well during these unprecedented times. Thank you for your continued patience, and we sincerely apologize for the delayed response to date.
At this time, LEGACY Global Sports has approved the issuance of a 100% credit for any fees collected towards past, present, or future Hockey/Tour events impacted by COVID-19.
The credits can be used by anyone in your immediate family, for any LGS Hockey activities, including but not limited to, camps, clinics, teams, tournaments, and tours. Credits are non-transferable outside of the immediate family, and will expire effective 1/1/2022. This information has also been made available on our website at www.lgshockey.com/credit-information.
If you have questions relative to your credit please contact questions@legacyglobalsports.com.
While much remains uncertain right now, one thing is for sure: this crisis will pass. Our communities will recover and hockey will undoubtedly return. When that happens, we look forward to continuing to provide our customers with world-class, aspirational events and experiences.
Legacy Global Sports