CLIO, MI (CelebrityAccess MediaWire) — Hundreds of fans left holding worthless tickets after the Clio Area Amphitheater abruptly shut down and filed for bankruptcy mid-season in 2005 may finally see some restitution – but it may be less than they’d like.
A settlement with Global Payments Direct Inc., an international credit card processing agency used by the amphitheater, would return at least $35,000 to creditors, according to the Flint Journal.
The amount could be divided among the more than 400 claims filed by creditors, however, according to court papers.
“Pursuant to the bankruptcy code, there’s a whole complicated laundry list of how things are distributed,” bankruptcy attorney Kevin M. Smith told the paper.
“They will probably get some (of the $35,000 settlement). It’s likely to be a small percentage once it reaches unsecured creditors, which includes ticket holders. And it could be three to four months before the trustee has final distribution approved by the court.”
According to the paper, the Clio Area Amphitheater listed liabilities of nearly $850,000 and assets of about $258,400 when its board of governors filed for Chapter 7 bankruptcy and shut down operations nearly two years ago. –by CelebrityAccess Staff Writers