The Ticket Reserve, Inc. Receivership
April 6, 2018
Notice to Ticket Reserve Investors
The Receiver has entered into a tentative agreement to resolve the debt owed to Skelly Capital Partners (SCP). In 2011, TTR borrowed approximately $1.6 million from SCP secured by a first lien on all of TTR’s assets. The parties increased the principal amount of the debt to $1.754 million in March 2013. As of the date the receivership was instituted, principal and accrued interest owed SCP exceeded $2,954,000 and currently exceeds $4,000,000. The Receiver and SCP have agreed that:
I. At closing, the Receiver will convey TTR’s intellectual property, the ShooWin License, the OptionIT settlement and the ShooWin Series A-1 shares (collectively, the Assigned Assets) to SCP and SCP will:
A. release the Receivership Entities from the SCP debt, including all accrued but unpaid interest;
B. pay $30,000 in cash;
C. deliver a note in favor of the Receiver in the amount of $70,000 bearing interest at a rate of 10% per annum, payable on December 15, 2018 and secured by the Assigned Assets.
D. waive, relinquish, and disclaim any debt from, equity in or other claims against the Receivership Entities, including any rights to participate in any future distributions therefrom.
II. The Receiver shall provide SCP’s counsel with a release of any security interests within 15 days of satisfaction of the Settlement Note.
III. The Receivership Entities shall waive, relinquish and disclaim any claims of any nature against SCP, except those referred to in the Letter of Intent and the subsequent Definitive Agreements
IV. The Assigned Assets will be delivered “as is, where is” with all faults, with no representations or warranties expressed or implied with the exception of (i) marketable title and (ii) authority to convey; provided that the Assigned Assets shall be free and clear of all liens and claims.
The agreement is subject to the Court’s approval. On April 6, 2018, the Receiver filed a motion with the Court seeking approval of this agreement. A copy of the motion is available here. In addition, a copy of the motion has been sent by e-mail to all parties who are the Receiver’s e-mail list.
You have the right to object to the settlement with SCP. You can do so by filing a paper with the Court stating that you object and why you object. Instructions for filing papers with the Court can be found below under Contacting the Court. If you have an objection, you should act quickly as the Court’s rules require that an objection be filed within 21 days of the date the motion is filed.
INVESTOR CONTACT INFORMATION
The Receiver is creating a mailing list of investors, creditors and others who have a stake in the Ticket Reserve or Forward Market Media. If you are an investor or other stakeholder in Ticket Reserve or Forward Market Media and have not received an e-mail from the Receiver, please send your name and contact information (physical address, phone number and e-mail address) to the Receiver at email@example.com.
Welcome to the receivership website for The Ticket Reserve, Inc. a/k/a Forward Market Media, Inc. This website was established to provide information regarding the status of the case as well as our efforts to recover assets for the investors' benefit. If you have questions that are not answered by the website, please contact the Receiver's office directly. His contact information can be found on the Contact Information page.
SEC Settles with Ash Narayan
The SEC has reached a tentative agreement with Ash Narayan to settle its claims against him. Under the proposed agreement, Narayan will pay the SEC $1,498,000, which represents the net amount paid to Narayan by TTR. The SEC has agreed to pay the proceeds of the settlement to the estate. In return, the Receiver has agreed not to seek repayment of the $1,498,000 from Narayan. The settlement must still be approved by Commissioners of the SEC; a process that will take several months.
RECEIVER FILES INITIAL REPORT
On June 23, 2016, the Receiver filed his Initial Report with the Court. Copies of the Report may be also obtained on the Court Documents and/or the Investor Communications pages. In the report, the Receiver describes his activities, the initial results of his investigation and a plan for administering the estate. The report, issued 30 days after the start of the receivership, was required by the Court. A copy of the Report may be found on the "Court Documents" and "Investor Communications" pages.
CONTACTING THE COURT
Please do not call or write the Judge directly. If there is something that you wish to bring to the Judge's attention, you must file a motion with the Court Clerk for the United States District Court, Northern District of Texas, Dallas Division at the following address:
United States District Court Clerk
Northern District of Texas, Dallas Division
1100 Commerce Street
Dallas, TX 75242
Documents filed with the Court must identify the case by its title and cause number: Securities and Exchange Commission v. Ash Narayan, The Ticket Reserve, Inc. a/k/a Forward Market Media, Inc., Richard M. Harmon, and John A. Kaptrosky, Civil Action No. 3:16-cv-01417-M, filed in the United States District Court for the Northern District of Texas.