Blames sunless tanning!
Bankruptcy is a trendy surf thing right now. Very hip. Mavericks just declared. Lame. Later bros. And I’m busy on something else right now (you’ll see tomorrow!) so I’ll leave you with the San Francisco Chronicle.
The Bay Area big-wave surf competition Titans of Mavericks could be wiped out this year after its organizers filed Chapter 11 bankruptcy Tuesday amid a sell of their assets.
Titans of Mavericks LLC and Cartel Management Inc. filed separate petitions in the U.S. Bankruptcy Court for the Central District of California, but described the action as an effort to “ensure a smooth and swift transition of the business and operations.”
“The brand has seen explosive growth since its creation,” Griffin Guess, Titans of Mavericks founder, said in a press release. “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.”
Yet the bankruptcy filing comes after costly legal trouble for Cartel Management. Red Bull Media House North America Inc. filed a lawsuit against Cartel and Titans of Mavericks in the Superior Court of Los Angeles on Friday, just days before the bankruptcy action.
Red Bull Media House sought an unspecified amount in damages after paying Titans of Mavericks $400,000 for the rights to webcast this year’s competition — which hasn’t happened yet — then never receiving a refund after Cartel abruptly terminated the contract.
“After receiving Cartel’s purported termination letter, searching for a rationale for Cartel’s erratic behavior, Plaintiff found that Cartel is beset by financial and legal difficulties,” the suit states.
At the end of October, a jury in the Central District of California found Cartel and Marisa Miller, an international supermodel and wife of Guess, were liable to pay $1 million after breaching a contract with another company, Segler Holdings LLC.
The defendants had apparently violated a promotion deal with Segler Holdings’ Glissin sunless tanning products and salons.
Finish the story here but how good is it that part of the bankruptcy has to do with sunless tanning?
Fucking northern California.