It’s not going to surprise anyone to hear that Supafest organisers Paper Chase Touring And Entertainment Pty Ltd and its top dog Dwayne Cross are in the midst of a financial calamity, but legal documents obtained by Tone Deaf have shed light on just how dire the situation has become.
Paper Chase Touring And Entertainment Pty Ltd is reportedly $17 million in debt and as a result, affiliated companies have started to to go broke, with ticket holders yet to receive refunds, yet they continue to talk up their projects.
The documents reveal that Paper Chase are currently under the control of an external administrator, David James Hambleton. A meeting of the creditors has been called for Friday, 27th September with the goal to “fix or determine” a process by which everyone will receive compensation. So far, in the wake of the bungled 2013 event, at least 3 other companies associated with Supafest have gone into administration as the real-world implications begin to play out.
The documents show a culture of playing it fast and loose with appropriation from Camp Supafest. Realistically, organisers haven’t had a leg to stand on financially since 2011, when an application was filed to have the company dismantled. They continued to push forward with their brand regardless.
Liquidators have gone through the company’s books on numerous occasions with the latest taking place in September of this year, finding an extra $10,000,238.22 worth of debt to add to the $8,033,008.85 uncovered from the years before.
Of that sum, just $20,000 has been paid back with all but $2,681.10 left after legal fees and other costs. However none of this seems to have deterred the promoters. A statement issued to Tone Deaf insists the show will go on, saying organisers have found some financial backing and are once again off on another money-making scheme. You can read the full statement from Cross below.
(Via TD)
Dwayne Cross Full Statement
“We are Pleased to announce that Chase Records is In the final negotiations with a loyalty rewards and payment solutions company, and an Ip tv company that is listed on the Australian stock exchange to assist Chase records with the relaunch of SUPAFEST festival with the new dates to be released in the upcoming weeks this new venture will also establish SUPAFEST.TV in conjunction with Chase Records which will bring a programming schedule that consists of a blend of the urban scenes a list including music videos, exclusive footage, exclusive events, new artists and a variety of other urban content.
This is supported by a platform that is preloaded in every LG tv in the world so this will reach no less than 40 million household tv’s [sic] around the globe. Chase Records is extremely excited about this development and will be able to disclose the full details of this transaction in the coming weeks along with the new SUPAFEST dates”
