The promotion company hired to put together this year’s canceled Three Rivers Regatta has filed for bankruptcy.
LionHeart Event Group filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court for the Western District of Pennsylvania.
Chapter 7 provides for liquidation — the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.
LionHeart has between $500,001 and $1 million in estimated liabilities, but less than $50,000 in assets, according to the company’s bankruptcy petition filed Friday and signed by company President Derek Weber.
According to the filing, no funds will be available to unsecured creditors after any administrative expenses are paid.
The company has less than 50 employees.
In July, officials said they were forced to cancel the regatta, scheduled for the first weekend of August, because LionHeart misled the regatta’s board and the city about payments, insurance and other details.
It was the first time the regatta had been cancelled since 1978.
The city planned to launch a criminal investigation into the company.
The Allegheny County Sheriff’s Office is suing LionHeart in county court, claiming the company owes nearly $33,000 for security services it provided during the 2018 regatta and the EQT Flashes of Freedom Celebrate America fireworks display on July 4.
The regatta was conducting an audit to determine how LionHeart spent event revenue provided mainly by corporate sponsors.
Weber’s attorney, Brian C. Thompson, could not be reached for comment Monday. Weber has not previously responded to repeated attempts to contact him.
