Merchant cash advance lenders for bankrupt New York City live music venue owner Avant Gardner sued three board members and distressed debt fund Axar Capital Management LLC over alleged misrepresentations of the company’s financial condition.
Axar, its CEO Andrew Axelrod, and the directors persuaded the merchant cash advance lenders to provide $11 million to Avant Gardner while omitting key information about its financial condition, construction projects, and regulatory compliance, the lenders told the US Bankruptcy Court for the District of Delaware in a complaint Monday.
The merchant cash advance companies are TVT Capital Source LLC, Insta Funding LLC, and Pinnacle ...
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