ESSAYS & CRITIQUES
Brooklyn Mirage Bankruptcy Plan Fast-Tracked in 17-Minute Hearing
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.
Deeper Dive: Where the Dog is Buried in the Brooklyn Mirage Case
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.