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Re: LGS Chapter 7

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.

Re: LGS Chapter 7

Anon
It was done Wednesday 20th. They screwed a lot of people.
Those guys really enjoyed ripping people off. Total chop shop. The lowest of the low employed there.

Re: LGS Chapter 7

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.

Re: LGS Chapter 7

Do they still have Google?

Re: LGS Chapter 7

Guest
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.
Sorry, man. The filing was done on 5/20. If you really want the document, you can open an account at Pacer and look for the docket in the US bankruptcy court - district of MA. Don’t waste your money or time though.

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.

Re: LGS Chapter 7

Anon
Guest
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.
Sorry, man. The filing was done on 5/20. If you really want the document, you can open an account at Pacer and look for the docket in the US bankruptcy court - district of MA. Don’t waste your money or time though.

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.
This might be the weirdest message I've ever read on here...

Re: LGS Chapter 7

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.

Re: LGS Chapter 7

Bishop
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.
https://businessbankruptcies.com/

Re: LGS Chapter 7

Sorry, I thought my sarcasm was pretty obvious...I will remember to use the sarcasm font going forward.

Re: LGS Chapter 7

Bishop
Sorry, I thought my sarcasm was pretty obvious...I will remember to use the sarcasm font going forward.
There's always going to be the 5%...

Re: LGS Chapter 7

anon
Anon
Guest
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.
Sorry, man. The filing was done on 5/20. If you really want the document, you can open an account at Pacer and look for the docket in the US bankruptcy court - district of MA. Don’t waste your money or time though.

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.
This might be the weirdest message I've ever read on here...

What makes it “weird?” That it contains actual facts?

Re: LGS Chapter 7

anon
anon
Anon
Guest
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.
Sorry, man. The filing was done on 5/20. If you really want the document, you can open an account at Pacer and look for the docket in the US bankruptcy court - district of MA. Don’t waste your money or time though.

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.
This might be the weirdest message I\'ve ever read on here...

What makes it “weird?” That it contains actual facts?
It was weird how formal and apologetic the message was. And it was like defensive too. Just very overall funny, the guy who wrote it is probably a huge tool.


Anyway, I did some googling and found the link: https://businessbankruptcies.com/cases/legacy-global-sports-l-p

Re: LGS Chapter 7

Thank you

Re: LGS Chapter 7

anon
anon
anon
Anon
Guest
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.
Sorry, man. The filing was done on 5/20. If you really want the document, you can open an account at Pacer and look for the docket in the US bankruptcy court - district of MA. Don’t waste your money or time though.

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.
This might be the weirdest message I\\\'ve ever read on here...

What makes it “weird?” That it contains actual facts?
It was weird how formal and apologetic the message was. And it was like defensive too. Just very overall funny, the guy who wrote it is probably a huge tool.


Anyway, I did some googling and found the link: https://businessbankruptcies.com/cases/legacy-global-sports-l-p
Lol your wife said you had a tiny tool. She told me you were the winner of the short sausage contest in high school 🤣🤣🤣🤣

Chapter 7 Filing - Images of 7 page filing

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.