So Apparently, Now You Can’t Buy The Mavericks' Comp
A Cartel killing that doesn't involve gasoline or body bags!
If there’s one thing that’s more predictable than an afternoon west wind in Northern California it’s that the Titans of Mavericks and Cartel Management will continue to upstage their own absurdity.
At the beginning of May, Stab reported that due to bankruptcy issues and multiple pending lawsuits, Cartel was set to auction off their controlling stake and associated assets to the Titans of Mavericks big-wave contest. The auction was due to take place on June 1 at 10:00 am (today in the US). Interested parties were required to put down a $50,000 deposit just to get into the conversation.
Court papers filed on the last day of May have halted the auction and are asking for permission to withdraw their Sale Motion. So, apparently, now you can’t buy the Mavs comp. Bummer.
“Four parties expressed an interest in submitting a bid to the Debtors [Cartel] and participating in an auction. None of those parties submitted a qualified bid under the Bid Procedures Order,” reads the court document.
In other words, nobody took the bait. The document goes on to indicate that one of the interested parties has put forth a proposal that would allow for an “alternative transaction” in which Cartel would potentially be able to recapitalize their organisation and avoid a sale of their assets. We have no idea what that would look like in a real-world application.
“Additionally, two of the four parties have continued to express an interest in submitting a bid for the purchase of the Debtors’ assets related to ‘Titans of Mavericks’ and the Debtors are expecting at least one and possibly both of those parties to submit an offer involving an asset sale,” continues the document.
These latest court filings also formalise some longstanding rumours that there has been a falling out between Maverick’s pioneer Jeff Clark and Cartel. In 2014, Cartel acquired Clark’s company, Maverick’s Invitational, Inc., along with the permit to run the contest. It’s currently listed as a subsidiary of Cartel. Now Cartel is now contending that Clark’s group, which is also chaired by Clark’s wife, Cassandra, Mavs legend Ken Collins and businessman Brian Overfelt, interfered with the bankruptcy case and sale effort.
“Mavericks Invitational, Inc. asserts various frivolous claims in its proof of claim, including the frivolous claim that it ‘owns the surf event,” reads the document.
The San Mateo County Harbor District also remains an obstacle for Cartel. They’ve previously filed an objection to the sale of the contest’s assets and now Cartel is alleging that the San Mateo County Harbor District potentially interfered with the sale. They point to Harbor District Commissioner Sabrina Brennan, who they say, “engaged in what the Debtors perceive to be an illegitimate and untruthful smear campaign.” Brennan has spoken on the record to Stab in numerous stories regarding the Maverick’s contest.
From the outside looking in, these latest court papers appear to indicate that Cartel’s struggles continue. In cancelling the auction the day before it was to take place, and then firing back at Clark and the San Mateo County Harbor District, they’re painting themselves into a corner without many allies. The Half Moon Bay and Maverick’s surf communities deserve better. Hopefully, when this messy process is done playing out there’s a positive outcome for the people it impacts the most.
All of this leaves a lot of questions unanswered, but the big one is who are the parties that are interested in purchasing the Titans of Mavericks? Is the WSL at work quietly behind the scenes? Is there a Bay Area tech company looking to make a play? What about China? They’re a surfing superpower now, right? After this who wants piece of the Mavericks drama…and how bad do they want it?