Axar Capital, a private equity firm, has been previously accused of wrongdoing by MCA funders and a committee overseeing the Avant Gardner venue in Brooklyn. Yet, despite these allegations, Axar has managed to secure deals and is now on a fast track to exit all legal liabilities. The torch is now being passed to PACHA, owned by Five Holdings, with Kabir Mulchandani - a person once accused of real estate fraud and who spent 140 days in jail who’s been making quite a comeback and will have a decisive voice the future of the Brooklyn nightlife scene.

How Brooklyn Mirage Became a Financial Asset: Inside the Bankruptcy and $120M Axar Loan

In the wake of Electric Zoo's recent bankruptcy announcement, eligible ticket holders are now seeking clarity on the refund process. Although a similar plan was proposed in June 2024, the focus has shifted to the timing and availability of funds for these refunds. As Electric Zoo navigates this challenging situation, the community anxiously awaits updates on how much money will remain after previous claims have been processed. With fans eager for answers, the festival's commitment to transparency will be crucial in maintaining trust and engagement.

In just 17-minutes, Judge Walrath approved AGDP's late-night plan (Dkt. 583)–admitting she'd not reviewed it. Faris (Young Conaway/Axar) hyped CEO Gary Richards endlessly; Verita's older rep stumbled on foggy technical point. No objections. Confirmation done.

Key Roles: Richards (CEO), Yazhari (plan admin), Nahas ($15K/mo trustee ahead of unsecureds). CVR now $90M trigger + $3.5M guaranteed.

Pacha eyes June relaunch post-demo–but NYC DOB permits? Unrealistic timeline. Creditors wait. Transparency alarm sounded harsh.

By the time most New Yorkers heard the word “bankruptcy,” the real work on Brooklyn Mirage was already done. The dog had been buried years earlier–under term sheets, political favors, and construction shortcuts that never cleared daylight.

"The Liquidating Trustee's fixed fee doesn't just tick up—it jumps from a token $3,000 a month to a $15,000 monthly retainer, on top of hourly billing and contingent upside tied to new recoveries. According to the confirmed plan filed at Docket 575, Joshua Nahas of Dundon Advisers LLC becomes the single most powerful actor in Brooklyn Mirage's estate afterlife—paid first, indemnified heavily, and armed with broad discretion over which claims to pursue or drop."

From Avant Gardner's bankruptcy documents, the math looks brutal: every month the case drags on, $15K comes off the top before vendors, contractors, or artists see a dime. Unmixd has reached out to Gary Richards, CEO and public face of Brooklyn Mirage, for comment on what this means for unsecured creditors still waiting. No response by press time.

Oaktree Solutions Ltd., tied to ex-Adams chief of staff, filed $90K claim in Brooklyn Mirage bankruptcy.

Court docs show Frank Carone & Billy Bildstein signatures. Pacha takeover advances despite federal probe ties.

Key revelations:

• Billy Bildstein owned 100% of Avant Gardner at collapse

• Axar Capital now owns site; FIVE Holdings (Pacha) to operate if court approves.

• $90K owed to Oaktree for mysterious "services provided"

• Frank Carone signatures appear on claim docs

• NYT (Jan 30): Brooklyn grand jury probes Carone's business dealings

On January 27, 2026, the Official Committee of Unsecured Creditors filed a statement withdrawing its support for the plan. The document was surgical and quite frankly, very ‘techno’ in spirit. Point by point, the committee laid out how Axar had:…

On New Year’s Day, outlets announced Brooklyn Mirage had been sold to the group behind Pacha. Three weeks later, the creditors’ committee told a Delaware judge the deal they were promised had been quietly gutted by Axar — and that without that very press leak, no one in the courtroom would have known.

In an industrial stretch of East Williamsburg, Avant Gardner emerged in 2017 under the vision of Jürgen “Billy” Bildstein. What began as a fleeting pop-up concept found permanence with the opening of the Brooklyn Mirage - a sprawling outdoor venue whose ambitious production and scale set it apart from the outset. Over the next two years, additional halls rose beside it: The Great Hall, cavernous and versatile, and Kings Hall, intimate and subterranean. Together, the complex offered a new blueprint for year-round nightlife. But the by early 2025 the venue saw its first needles in coffin and by August 4, Avant Gardner, LLC (“Avant Gardner”), the operator of Brooklyn Mirage, together with its affiliated entities filed for bankruptcy.