Brooklyn Mirage Bankruptcy Plan Fast-Tracked in 17-Minute Hearing
In a strikingly brief 17-minute, 46-second hearing today (Dkt. 587), U.S. Bankruptcy Judge Mary F. Walrath approved AGDP Holdings Inc.'s (f/k/a Avant Gardner) Chapter 11 plan of liquidation for Brooklyn Mirage–despite admitting on the record she had not reviewed the final version filed late on February 11 (Dkts. 581, 583).
Key Players and the Swift Confirmation
S. Alexander "Faris" from Young Conaway, representing AGDP (Axar Capital affiliate and plan sponsor), delivered an energizing recap of the case in a confident manner. Faris, appearing young and polished as Axar's longtime counsel, introduced key figures including Gary Richards (retained as Mirage CEO), Portage Point advisors, Verita Global's Michael Paque, and counsel from Orrick (creditors' committee) Joshua Nahas (the Trustee).
Faris lavished praise on Richards– electronic dance music industry veteran credited with rallying stars like Illenium, Tiësto, and the Chainsmokers to perform at the smaller Great Hall venue after Mirage's shutdown. His Richards ode ran longer than the revised plan rundown. Judge Walrath, however, remained stone-faced, offering no comment on Richards or the praise.
Procedural Fog and Awkward Moments
The Verita Global creditors' committee rep–appearing much older on Zoom–repeatedly circled one technical point, its substance remaining unclear to Unmixed even after multiple attempts. No formal objections emerged, met only by awkward silence, paving confirmation via pre-filed briefs (Dkt. 531) and declarations (Dkts. 532, 486).
TBT parties' counsel clarified a $2M+ contingency reserve beyond the F&B reserve–confirmed as agreed by Faris (Dkt. 581 ¶¶75-76). With consensus, the judge ruled: "I'm happy to confirm the plan," without live walkthrough (Dkt. 588).
Plan Structure and Next Steps
Gary Richards: Stays on as CEO of the go-forward entity.
Hooman Yazhari: Appointed plan administrator to handle wind-down, including TVT adversary proceeding.
Joshua Nahas (Credence Advisors): Confirmed as liquidating trustee at ~$15K/month, prioritized ahead of unsecured creditor distributions.
Global settlement mods: CVR trigger slashed to $90M monetization threshold + $3.5M guaranteed from Axar (Exhibit A). Artists/classes 3-4 voted yes; opt-in releases/exculpation standard.
Path Forward
Axar/AGDP touts "remarkable" result post-$110M asset sale (Oct. 2025). Pacha New York targets June relaunch amid demolition. But unsecureds face claims fights; liquidity woes that sparked August filing linger.
Unmixed Take
Overnight plan (Dkt. 583), un-reviewed judge, minimal scrutiny: Transparency alarm in $100M+ dance music empire wind-down? Verita's fog persists. Creditors, recoveries TBD.
Full docket: PACER Dkts. 581-589.
