Photo courtesy: KVRR
FARGO (KFGO-KVRR) – A motion has been filed to move former concert promoter Jade Nielsen’s bankruptcy case from Chapter 11 to Chapter 7 in United States Bankruptcy Court.
Instead of reorganizing the operations of Jade Presents and Tickets300, Chapter 7 would wipe out debts.
A plan of reorganization had been filed on September 4 projecting to pay just over $1 million on or before July 1, 2028 with proceeds from litigation against merchant cash advance entities.
They have also filed a liquidating plan.
Court documents reveal that Nielsen does not anticipate resuming operations.
The companies ceased operations in late May and a bankruptcy filings in June listed assets of around $393,000 and liabilities at nearly $2.9 million.
The filing estimated around 5,000 customers held tickets to canceled or uncertain events at the time.
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