AAF Files For Chapter 7 Bankruptcy Through Parent Company
The AAF, through parent company Legendary Field Exhibitions LLC, filed for Chapter 7 bankruptcy today. The 269-page filing listed assets of $11.37M and liabilities of $48.366M. The filing was made by co-Founder Charlie Ebersol’s corporation and was not made in conjunction with Tom Dundon, the Hurricanes owner who bought the league in mid-February. In a footnote, the filing says Dundon acquired 75% ownership of Ebersol’s company. Dundon Capital had not provided documentation about its capital security in time for this filing, the bankruptcy filing said. The AAF since the start of ’19 had $11.8M in revenue, the filings show.
Also disclosed in the filing: The AAF paid Ebersol a total of $302,083, including payment as recently as April 15, after the league had suspended operations. He earned $25,000 a month until mid-January, when his bi-weekly payment increased to $14,583.33, according to the documents.