Overview
- U.S. Bankruptcy Judge Scott W. Everett converted Merit Street’s case to Chapter 7 and ordered a trustee to oversee the sale of assets, including what remains of its media library.
- Everett called the Chapter 11 effort an “anomaly,” citing deleted messages, plans to favor some creditors, and concluding the business was “dead as a doornail” at filing.
- Court findings tied Phil McGraw’s new venture, Envoy Media, to plans to hire Merit Street employees and position assets, with reporting noting a recent Charter/Spectrum carriage deal for Envoy.
- Professional Bull Riders supported conversion and claims roughly $181 million, as Trinity Broadcasting pursues countersuit allegations of fraud and mismanagement tied to a purported $500 million, 10-year deal.
- Peteski Productions said an appeal is likely and disputed assertions about destruction of evidence, while the trustee-led liquidation and related lawsuits move forward.