After filing for bankruptcy protection, organizers of the annual Titans of Mavericks surfing event are putting the well-known surfing contest up for auction.
After filing for bankruptcy protection, organizers of the annual Titans of Mavericks surfing event have announced that they are putting the well-known contest up for auction.
Cartel Management Inc. and Titans of Mavericks have planned a public sale for June 1 in Los Angeles, Calif., with bids starting at $1 million.
The invitation-only contest brought elite surfers from around the world to ride some of the largest ,most furious waves at Mavericks, a rocky shoreline south of San Francisco. Titans of Mavericks filed for Chapter 11 bankruptcy on Jan. 31 after legal and financial problems.
Titans of Mavericks founder Griffin Guess says the auction “levels the playing field” for potential buyers that are interested.
“Having many connections and relationships spanning across a dynamic range of industries, and after substantive discussions with individual and corporate investors, I believe the auction process creates a level playing field designed to maximize the value obtained for the company’s assets," Guess said.
The auction will take place at the law offices of Leven, Neale, Bender, Yoo and Brill in Los Angeles on June 1.