Moldovan and Dakis Quoted in the Ongoing Coverage of Alleged Ticket Brokerage Ponzi Scheme

June 21, 2017 - In the evolving matter involving an alleged ticket brokerage Ponzi scheme, Joe Moldovan and Robert Dakis are quoted in the Law360 articles “Lender Blasted For Effort to Lift Ticket Reseller's Ch. 11 Stay,” that appeared on June 19, 2017, and “National Events Restructuring Put On Hold Again,” that appeared on June 20, 2017.

The matter is now proceeding in bankruptcy court, where the Firm is navigating the claims of many creditors in an attempt to recover monies for the investors.

On Monday (June 19, 2017), in bankruptcy court, our client Taly USA Holdings, and various other stakeholders of bankrupt ticket reseller and alleged Ponzi scheme vehicle National Events Holdings LLC, have pushed back hard against a recent attempt by one creditor, Falcon Investment Advisors LLC, to lift the automatic stay and liquidate the debtor's $5.8 million in remaining assets, calling the move premature and “grossly unfair.”

Joseph T. Moldovan of Morrison Cohen LLP, who represents Taly, told Law360 he hopes that the court will not allow, “in the infancy of these cases, a single party whose rights and claims are far from clear to seize assets that may very well belong to other or perhaps all creditors of these estates.”

On Tuesday (June 20, 2017), the restructuring of National Events Holdings LLC was put on pause when a New York bankruptcy court concluded there simply wasn't enough information to make a major ruling in the “hopelessly tangled case.”

Falcon told the court that that means Taly and Hutton don't even have direct claims against the debtor itself, but Robert K. Dakis of Morrison Cohen LLP, who represents Taly, countered that “this is an ongoing criminal enterprise, and each of the companies in the chain was a part of that.”

The Firm is representing investors Taly USA Holdings and SLL USA Holdings in a civil action against Jason Nissen and eight of his companies accused of running an alleged $70 million Ponzi scheme surrounding a ticket brokerage.