The rise and fall of SFX Entertainment has been very well documented. It is no secret just how miscalculated Robert Sillerman’s move was to bring a large swath of the EDM industry into one company in a short period of time, at an inflated price and go public with the company. Now in the ruins of bankruptcy, the proceedings are still under way and two of his creditors, React Presents and Clubtix are coming after him personally, seeking bankruptcy for him to get money promised in a 2014 deal.
According to Reuters, React and Clubtix are seeking a $7.36 million judgment against Sillerman to force him into bankruptcy. They filed an involuntary Chapter 7 bankruptcy petition against Sillerman in U.S. Bankruptcy Court in Manhattan last week.
They want to collect part or all of the $10 million promissory note that was part of the deal when SFX acquired both companies in 2014.