Looking for money.
In the don’t call us, we’ll call you department, Legendary Field Exhibitions, the parent company of the Alliance of American Football has told creditors don’t bother filing any claims against us looking for money. We have none but if we do, we will call you. The Alliance of American Football filed for Chapter 7 status. For those who don’t know what Chapter 7 is, the explanation is reasonably simple. You have gone out of business and filed the notice with a court. The next step is the court appointing a trustee to take a look at what you have in assets and what your creditors want. The trustee will figure out how to sell those assets, like players contracts. The AAF management signed a bunch of players to longer term contracts and has decided a few can go to the National Football League but none to the Canadian Football League. Apparently the players’ contracts, not the real human beings who played in the AAF, are sellable assets. There are lawsuits aimed at getting those players free of their AAF commitments. There is no AAF anymore so in theory the players should be able to pursue other football opportunities. There are more people who have been impacted by the league’s failure than just the players. The AAF departed the world with at least $48 million in debt.
The AAF had someone put out a statement expressing sorrow. “We are deeply disappointed to be taking this action. The AAF is committed to ensuring that our bankruptcy proceeds in an efficient and orderly manner. Pursuant to the bankruptcy laws, a trustee will be empowered to resolve all matters related to the AAF’s remaining assets and liabilities, including ongoing matters related to player contracts.” But now the AAF’s parent company Legendary Fields Exhibitions is telling creditors forget about getting any money from us.