SAN FRANCISCO, May 11, 2017 /PRNewswire/ -- Based upon expressions of interest from a diverse range of potential buyers, Titans of Mavericks has decided to proceed with an auction of its business-related assets. The decision to move forward with an open auction allows all interested and qualified parties the best opportunity to bid for the coveted brand. The company has aggressively pursued a transaction, and has attracted the attention of private equity firms, sports brands, media and internet companies, national television networks, and a handful of ultra high-net worth individuals that either own national sports teams or have a vested interest in media and culture. The company intends to effectuate the sale "free and clear" of all claims by way of procedures available under the Bankruptcy Code. On Wednesday May 10, 2017 the United States Bankruptcy Court for the Central District of California Los Angeles division approved the auction and bidding procedures for the auction.
"Having many connections and relationships spanning across a dynamic range of industries, and after substantive discussions with individual and corporate investors, I believe the auction process creates a level playing field designed to maximize the value obtained for the company's assets," said Griffin Guess, Titans of Mavericks founder.
Reputable insiders have evaluated the property and its related assets to be much greater than the opening floor price. The auction will be conducted on June 1, 2017 in Los Angeles, CA, with an opening floor price of $1,000,000. For details concerning the bid procedures and participation in the auction, interested parties should contact the company or the law offices of Levene, Neale, Bender, Yoo & Brill L.L.P. prior to May 25th.
About Titans of Mavericks.
TITANS OF MAVERICKS, LLC is a lifestyle brand and the world's premiere big wave surfing action sports event that takes place south of San Francisco, in Northern California. Thirty of the world's best athletes compete annually in the biggest conditions that can reach up 60 feet in wave height. TITANS OF MAVERICKS is an expansive brand that includes media, distribution, apparel, hard and soft goods, festival, and licensing.
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SOURCE Titans of Mavericks, LLC