Brooklyn Mirage Bankruptcy: $90K 'Services Provided' to Firm in Carone Corruption Probe
Oaktree Solutions Ltd., tied to ex-Adams chief of staff, filed claim in AGDP Holding Chapter 11 case
by Nina K. Malik
On January 30, The New York Times reported that a Brooklyn federal grand jury was hearing evidence related to Frank Carone’s business dealings.
Separate bankruptcy filings show Carone’s and Billy Bildstein's names as a signatory on documents submitted in the Brooklyn Mirage Chapter 11 case.Pacha New York's takeover of the Brooklyn Mirage site cleared a major hurdle this week when all parties in the venue's bankruptcy case announced a settlement. Most coverage treated the news as revival: Dubai-backed nightlife brand salvages East Williamsburg's troubled outdoor stage.
photo submitted anonymously. Brooklyn Mirage 2024
Mirage's Ownership & Board Timeline
"Image from Bondoro.com documenting Avant Gardner ownership (Aug 2025)https://bondoro.com/avant-gardner/
Jürgen "Billy" Bildstein, who co-founded Avant Gardner and owned 100% of the company's stock at Chapter 11 filing, oversaw Brooklyn Mirage's collapse alongside key associates Andrew Axelrod and Gary Richards.
Jürgen "Billy" Bildstein held 100% equity ownership of Avant Gardner at Chapter 11 filing while Axar Capital controlled 100% senior secured debt through board seats held by Gary Richards and Hooman Yazhari. Axar effectively controlled decision-making (2-1 board majority) as Bildstein oversaw New Mirage design and construction.
Bildstein—formerly of Swiss nightclub Alte Börse and Cityfox Records—led the 2017 permanent opening. As sole owner with Richards as director, the Bildstein + Richards + Yazhari board approved New Mirage construction before CEO Josh Wyatt came into the picture (later fired May 2025) and August 2025 bankruptcy.
Axar Capital, Avant Gardner's lender, acquired the complex post-bankruptcy via AG Acquisition 1 LLC—current owner. FIVE Holdings (Pacha / luxury lifestyle brand) set to handle operations after the court.
The same court filings reveal a quieter transaction that played out during the venue’s collapse: $90,000 in monthly retainers paid by Brooklyn Mirage’s parent company to a firm whose principal has been reported by The New York Times to be under federal investigation.
Oaktree and Frank Carone
U.S. Bankruptcy Court, District of Delaware. Case No. 25-11446 Proof of Claim #92
Oaktree Solutions Ltd. is associated with Frank Carone, Brooklyn attorney and former chief of staff to Mayor Eric Adams.
On January 30, The New York Times reported that Brooklyn federal prosecutors presented evidence to a grand jury investigating Carone's business dealings, including Oaktree clients in real estate and consulting. The investigation, active since 2024, recently heard testimony from a deputy chief of staff close to Carone during his City Hall tenure. Carone denies wrongdoing.
Adams administration scrutiny: Top aide Ingrid Lewis-Martin faces bribery trial (diamond earrings for regulatory pressure); ex-buildings commissioner also awaits trial. Carone led Adams's defense fund post-2024 indictment (later dropped).
No Mirage bankruptcy filings accuse Oaktree/Carone of misconduct—just confirms $90K owed.
The Claim Itself
In the Chapter 11 case for AGDP Holding Inc.—corporate parent of Avant Gardner and Brooklyn Mirage—Oaktree Solutions Ltd. filed a proof of claim asserting it was owed $90,000 for unpaid “monthly retainers” labeled only as “services provided.”
Neither the claim form nor attached invoices describe what work the retainers covered.
Settlement Context
This claim surfaced days before a pivotal turn. On February 2, debtors, the unsecured creditors’ committee, and Axar Capital—the hedge fund backing the Pacha-aligned buyer—filed a joint notice announcing an “agreement in principle” that resolved disputes over the liquidation plan, asset sale, and a contested contingent value right.
Creditors withdrew objections to the plan and sale structure, clearing a path for FIVE Holdings to operate the site as Pacha New York beginning in June.
Final Steps Pending
The settlement requires final documentation and judicial approval, expected at a February 12 hearing. Until the judge signs off, parties retain the right to raise new concerns based on docket information.
Demolition has begun at 140 Stewart Avenue. Pacha promoters speak of “global icons” and seasonal programming through October.
The bankruptcy record tells a second story—of advisors, retainers, and relationships that shaped Brooklyn Mirage’s final months. How those threads connect to politics and federal investigation remains a question for the filings themselves.
Footnotes & Sources
— U.S. Bankruptcy Court, District of Delaware
Case No. 25-11446
Proof of Claim #92
— Creditor Data of Claim #92 via veritaglobal
— The New York Times, Jan. 30, 2026 (Carone reporting) and Jan 27,2026 (Ingrid Lewis-Martin reporting)
— Part of Unmixed’s Brooklyn Mirage investigation. Earlier coverage: “Pacha Deal Blows Up”
U.S. Bankruptcy Court, District of Delaware. Case No. 25-11446 Proof of Claim #92
U.S. Bankruptcy Court, District of Delaware. Case No. 25-11446 Proof of Claim #9
