Creditors Seek To Repo Sillerman's Helo

Creditors Seek To Repo Sillerman’s Helo

365 0


NEW YORK (CelebrityAccess) — New filings in the ongoing bankruptcy proceedings of former SFXE CEO Robert F.X. Sillerman offered some insight into the finances of the former music industry mogul.

Sillerman became famous in the industry for his roll-up of regional concert promoters in the late 1990s and early 2000s, forming the company that would eventually become Live Nation.

Sillerman tried to capture the same lightning in a bottle in 2012 when he began to collect electronic dance music promoters in the reincarnated SFX Entertainment.

Under Sillerman, SFXE acquired key festival and promoter brands such as Tomorrowland, Electric Zoo, and a 50% stake in Rock in Rio, as well as ancillary companies such as DJ music download service Beatport and digital ticketing service Paylogic.

However, the company’s meteoric growth was shadowed by financial turmoil and by 2016, SFXE had filed for bankruptcy after Sillerman failed to find a buyer for the company.

Sillerman himself filed personal bankruptcy in early 2018 after the founders of promoter React Presents filed legal action against Sillerman over the 2014 acquisition of the company by SFXE.

In March, Sillerman revealed that he had approximately $551 million in assets and $118 million in liabilities, with a monthly net income of $19,891.85. However, as of October 1st, 66 claims have been filed against him in the bankruptcy, totaling $283,722,481.46.

One of those claims comes from ECN Aviation Inc., an aircraft company with a claim on a luxury helicopter owned by Sillerman’s Aircraft Acquisition Corp.

As first reported by Billboard’s Dave Brooks, ECN is seeking the return of the aircraft, claiming that Sillerman hasn’t made required monthly payments on the aircraft for all of 2018.

According to ECN, Sillerman owes $43,810.97 per month for the helicopter and is also on the hook for regularly scheduled maintenance of the aircraft, which he primarily uses to fly between his homes in Long Island and Manhattan.

When he isn’t using the aircraft, he leases it through a tour and charter company, Zip Aviation.

According to ECN, Sillerman owes them $3,740,718.11 as of September 19th.

Related Post