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AVP's Chapter 11 Lists Nearly $5M In Liabilities, $180,000 In Assets
Published November 2, 2010
The Association of Volleyball Professionals' Chapter 11 bankruptcy, filed Friday in L.A., lists $4,974,130.33 in liabilities and $183,957.38 in assets for the beach volleyball circuit, which pulled the plug on its ‘10 season in mid-August. The top unsecured creditor listed was Beiersdorf at $1,059,333.34. Beiersdorf is the parent company of Nivea, which signed a five-year, $20M AVP title sponsorship deal in March. Omnicom's US Marketing & Promotions is the second-largest creditor at $570,946.68, while fellow marketing agency Leverage, which sold many AVP sponsorships, including the title deal, is listed as being owed $260,314. Most of the remaining top 20 creditors were former AVP sponsors, including Gatorade ($300,000); EJ Gallo for its Barefoot Wine brand ($260,417); and Johnsonville Sausages ($229,166.67). Other top unsecured creditors include ESPN Ad Sales at $300,000. Former AVP CEO Jason Hodell is listed as being owed $130,000 in severance. RJSM Partners, which took a controlling interest in the AVP last year, is owed $220,000 for "business expense reimbursement," according to the filing. The document details declining revenues in recent years for the AVP. Gross income is shown as $22,876,331.00 in ‘08; $17,601,080.00 in ‘09 and $6,544,203.02 through Oct. 24, 2010. An attached list of AVP shareholders makes for interesting reading, since it includes some big sports media companies in NBC, FSN and MLBAM. Among the individuals listed as holding AVP shares are Nets CEO Brett Yormark, former NFL Lead Exec for Marketing & Sales Phil Guarascio, Padres Vice Chair & CEO Jeff Moorad, USA Network Founder Kay Koplovitz, TBWA Global Dir of Media Arts Lee Clow, NFL agent Leigh Steinberg, A’s Owner Lew Wolff, Celtics C Shaquille O’Neal and music producer Quincy Jones.