Big Wave Updates
Titans of Mavericks and Cartel Management wish to continue the brand, event
Surfersvillage Global Surf News, 2 February, 2017 - Titans of Mavericks, LLC and its affiliate Cartel Management, Inc. filed voluntary Chapter 11 petitions in United States Bankruptcy Court this week.
According to a news release since 2014 up to $3 million has gone into developing the brand and staging the annual event. But despite running out of funding, they’d like to see the brand continue.
Titans and Cartel said the Chapter 11 filings are a strategic move to keep the assets and intellectual property of the annual big-wave event in tact and that bankruptcy offers certain protections.
To protect the brand both parties are initiating a process intended to "preserve value and accommodate an orderly going-concern sale of its business operations.”
“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.
"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.