Three Rivers Regatta promoter files for bankruptcy | TribLIVE.com
Allegheny

Three Rivers Regatta promoter files for bankruptcy

Brian C. Rittmeyer
1680368_web1_gtr-TK-regatta-02-080119
File photo
Crowds line the riverbank to watch the F1 Powerboat Races at the EQT Pittsburgh Three Rivers Regatta.

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.

Brian C. Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, [email protected] or via Twitter .

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.