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

If prior Mirage related issues were attributed to problems with initial drawings or plan sets, what specifically were those deficiencies and how were they identified? And if the February 3 2026 New Work filing has been submitted under the same ownership entity and Architect of Record, what ultimately prompted continuity in the design team and what if anything has changed in the plans now moving forward?

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.

"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.

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.