Michigan ticketholders who were left holding worthless ducats after the unexpected closure of the Clio Area Amphitheatre in 2005 may soon see checks in the mail, but the question remains as to just how much will be reimbursed.
According to court documents, a settlement with Global Payments Direct, the former shed’s credit card processing agency, would return at least $35,000 to creditors, the Flint Journal reported.
But claims filed by customers and creditors reportedly totaled about $200,000, which could mean that not everyone will be getting a full refund.
"Pursuant to the bankruptcy code, there’s a whole complicated laundry list of how things are distributed," Kevin Smith, the attorney handling the settlement case, told the Journal.
"They will probably get some [of the $35,000 settlement]," Smith said. "It’s likely to be a small percentage once it reaches unsecured creditors, which includes ticketholders. And it could be three to four months before the trustee has final distribution approved by the court."
While Ticketmaster, which accounted for roughly 15 percent of sales, granted some customers refunds, others have yet to receive compensation for their canceled tickets.
Pending court approval and the absence of objections from creditors, the court could rule on the settlement soon, the Journal said.
The shed is apparently being governed by a new board, Tacoma Productions, and hopes to start promoting events again this summer.